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Table of Contents (Online Help)

Company's Bank Accounts

Loan Performer allows you to add, modify or delete company bank accounts.

How to Add the Company's Bank Accounts

To add the company's bank accounts you go to System\Configuration\Banks\Our Company's Bank Accounts. The Our Company's Bank Accounts page is displayed and looks as follows:

• Bank: Select the name of the bank from the drop-down list. This is the bank where you want to create bank accounts.
• Branch: Select the branch name from the corresponding drop-down window. The branch should have been defined at Bank's Branches.

• IBAN Branch code: IBAN is the International Bank Account Number that has to be used for international transactions. Each country has a specific country format for the country and branch codes of an IBAN number. In this field, Enter the IBAN Branch code

• Note that the width of the branch codes are determined by the number of bb letters in the IBAN country format under Support files/Nationality. The same with the branch codes. In case user has already entered any branch codes as BIC No (Bank Identifier Code) some times referred to as the SWIFT Code as it was in the old format, they can be retained provided they match the width of the branch in the country format. 

•  GL Acc.: All bank accounts must be linked to General Ledger accounts. If you have already added your bank GL accounts to the Chart of Accounts, then click on the drop down arrow and select the appropriate account from the list.
• New GL Account: If you need to add a new bank GL account to the Chart of Accounts then click on the "New GL Account" command button. It is advisable to enter a bank account into the Chart of Accounts with the name of the bank, branch name and the bank account number, e.g. "Stanchart, Soroti branch, a/c 12345". After the new account is created click on the "Return" button on the "Chart of Accounts" screen and then select the GL account you have just created from the list in the "GL Acc." drop-down.
• Currency: This is the currency in which the transactions on this bank account will be recorded. Note that this currency was specifically defined at Chart of Accounts
• For each bank account you have to indicate whether it is a Savings Only, a Loans Only, an Operations Only or a Mixed account. For better accountability it is advisable to separate the purpose of the account. Then it is easier to implement the following controls at every end of month:

  • Loan Revolving Fund = Loans Outstanding + Balance Bank Account Loans (if no cash)

  • Savings Deposits = Balance Bank Account Savings (if no cash)

  • If at the end of a month this is not the case, any differences have to be explained.

  • However, not all organizations have 2 or 3 bank accounts. That's why there is "Mixed" account as well.

Click on the Add command button to add the new bank account and on the Close command button to exit the menu.

Note: You can View/Print the parameters of the Company;s Bank Accounts configurations and keep them for future reference by clicking on the Print command button. If you need to change or delete the details of an existing bank account, click on the name of the account that you want to change, make the necessary changes and click on the "Modify" / "Delete" command button respectively.

Please note that you have to be careful when deleting/modifying bank account. If there are transactions on these accounts your reports may become inaccurate after modification.

And, please, have in mind that when you delete a bank account, you only delete the link between the General Ledger and the bank account. The account remains in the General Ledger and can be reassigned. If you want to delete the account from the General Ledger, see the topic Chart of Accounts.

Related Topics

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