How to create Bank Accounts
Because you may have more than one office bank account (e.g. a general office bank account and a credit card account) and more than one client bank account, Migration Manager allows you to set up multiple bank accounts and record accounts transactions against these bank accounts. Bank accounts must be set up before you can create disbursements, receipts or payments.
1. Open the Bank Accounts window
To create a new Bank Account you can either use the Accounts Setup Tool or launch from the main menu.
If you haven't yet completed the Accounts Setup tool, you can create your Bank Accounts from the Accounts Setup tool. To access this click the Accounts button in the main toolbar and then select 'Accounts Setup'. For instructions on how to use the Accounts Setup tool please see: How to use the Accounts Setup Guide.
When the Accounts Setup tool opens, click 'Create Bank Accounts'.
3. Enter Bank Account Details
The New Bank Account window will now appear. Enter all of the Bank Account information.
The following fields are essential to be completed:
- The Display Name is the name that will be used to identify the bank account within Migration Manager and should allow users to easily distinguish between different bank accounts. E.g. you may wish to use ‘Main Office Account’ and ‘Credit Card Account’ as the display names for your office bank accounts.
- The Account Name is the name your bank uses to identify this account - this information will appear on Invoices and Deposit Requests so ensure that it is correct.
- BSB and Account No - These are the details your account details that your bank has provided to you.
- The Account Number for this Bank Account.
- Institution - this is the name of the Bank the Account is held with.
- The Account Type can be either Client, Office or Controlled Money. It is important to select the correct account type as client bank accounts can only be used for client account receipts and payments, while office bank accounts can only be used for office receipts and disbursements.
The following fields are not essential for the setting up a of the bank accounts (though may be needed for other optional functionality to work)
- Swift Code - this the international bank code that banks use world wide to identify your bank
- The GL Account Code is the GL Code used for the bank account in your accounts system (such as Xero)
- BPAY Biller Code - If you have BPAY set up for your bank account with your bank, then the BPAY Biller Code is code is required to be entered in order for Migration Manager to generate Invoices and/or Deposit Requests that show BPAY details. See: BPAY Settings
- Reason. If the Account Type is Controlled Money. enter the reason for the establishment of the controlled money account.
4. Click 'Save & Close'
To finish setting up the Bank Account, click Save & Close.
The Bank Account will now appear in the Bank Accounts list.