Professional Documents
Culture Documents
Accpac - Guide - Checklist For Bank Setup PDF
Accpac - Guide - Checklist For Bank Setup PDF
Completed by
Approved by
Install the System Manager, following instructions in Chapter 3 of the System Manager
Administrator Guide.
During installation, select Bank Services as a component to install.
Activate Bank Services, using Data Activation in Administrative Services.
If you use multicurrency accounting, install the Sage Accpac ERP Multicurrency module,
and add currency information if needed.
If you need to limit access to various tasks, define security groups for Bank Services, then
assign user authorizations.
Note: The best time to set up Bank Services is at the end of a fiscal period.
Include manual records or printed listings and reports from other accounting software, such
as your General Ledger bank accounts, transaction types, your latest bank reconciliations
and bank statements, outstanding bank transactions, physical check stocks, and deposit
slips.
Add the accounts you need for your bank data, including a General Ledger account for
each bank account, and accounts for bank income, bank expenses, bank errors, credit
card charges, and exchange gains and losses.
Double-click the Bank Setup icon in Bank Services, then double-click the Options icon.
Make your choices in Bank Options as follows:
Transfer Adjustment G/L Account. Use the Finder to select an account number to
which transfer adjustments will be posted.
Next Transfer Number. Enter a number identifying your next bank transfer. The default
is 1.
Next Posting Sequence. This field is for display purposes only. It shows the posting
sequence number that Bank Services will assign to the next bank transaction batch (or
group of batches) that you post.
To print a list of the options you selected, double-click the Options icon in the Bank
Reports folder, then click the Print button, or, while still in the Options form, click File/Print.
Double-click the Transaction Types icon in the Bank Setup folder, then, for each
transaction type, complete the following:
Transaction Type. Type a unique code to identify the type, using up to six
alphanumeric characters.
Description. Type a description (name) for the type, using up to 60 characters.
G/L Account. Type or use the Finder to select the number of the General Ledger
account to which offsetting entries for this transaction type are made. For example, if
the transaction type is interest income earned on deposits, the General Ledger
account would be Interest Income.
Bank Setup Checklist.pdf (bank-setup.pdf) Page 1 of 4
Bank Services Setup Checklist Date
Completed by
Approved by
Double-click the Banks icon in the Bank Services folder, then change the following:
Bank. Type a unique code to identify the bank, using up to eight alphanumeric
characters.
Description. Type the name of the bank, using up to 60 characters.
Profile tab Inactive. Select this option if you want this bank record to be set to inactive. The date
when it was set as inactive appears to the right of the field. You can select the option
at any time.
Transit Number. Type the banking industry code that identifies this bank. (This is
optional unless you will be reconciling downloaded bank statements, in which case,
the number is required.)
Bank Account Number. Type the number of the bank account (assigned to the
account by your bank), up to 22 characters. (This is optional unless you will be
reconciling downloaded bank statements, in which case, the bank account number is
required.)
Multicurrency. If you select this option, the bank can accept deposits and issue
checks in currencies other than your companys functional currency. Once you
add the bank, you cannot change the multicurrency setting.
If you select the Multicurrency option, the Statement Currency field appears. The
functional currency is displayed as the default currency.
Statement Currency. Select the currency in which transactions are reported on
the bank statement. This is the currency of the bank account and the currency in
which transactions are reconciled.
Next Deposit Slip Number. Type the number that you want Bank Services to assign
to the next deposit batch for this account. When you create a deposit batch in
Accounts Receivable or in another subledger, the Bank Services program assigns this
number to the batch, as a means of differentiating between deposit batches.
Errors/Write-off Spread. Type the maximum error amount that you will accept
without investigating the cause of the error.
Credit Card Charges Spread. Enter an amount in this field to specify the highest
amount of possible credit card charges that can be written off.
Exchange Rate Difference Spread. Enter an amount in this field to specify the
highest amount of possible exchange rate differences for multicurrency transactions
that can be written off.
Account tab Bank Account. Select the General Ledger account for the bank.
Write off Account. Select the General Ledger account to which you want to post
small discrepancies between the bank statement and the General Ledger.
Credit Card Charges Account. Select the account to use for credit card charges.
Address tab Enter the following:
Address City State/Province Country
Zip/Postal Code Contact Phone and Fax Numbers
Check Stocks Add data to the Check Stocks tab, in the following columns. (Press the Insert key to add
tab lines for additional check stocks.)
Check Stock Code Description Next Check Number
Check Form Advice Form Stock Type
Advice Lines Per Page Language
Currency tab If you use multicurrency, enter information in the following fields on the Currency tab:
Exchange Gain Account Check Rate Type Deposit Rate Type
Exchange Loss Account Currency Code Rounding Account
Press the Insert key to add lines for additional currencies.
Balance tab Click the Balance tab to view last statement/reconciliation dates and balances.
When you have finished adding bank records, save the information. For a printed record
of the banks youve added, choose the Banks icon in the Bank Reports folder.
Check data integrity and back up your data.
If your bank account does not have a balance or any outstanding bank transactions at this
time, you can skip this step. Bank Services is ready for use.
Gather your most recent bank reconciliation for the bank account, including the bank
statement and lists of outstanding checks, deposits and other items.
From Bank Services, double-click the Bank Reconciliation icon, then the Reconcile
Statements icon. Use the Finder to select your bank.
Summary tab On the Summary tab, enter the most recent statement date and balance, and the fiscal
year, period, and date of the reconciliation. Click Save.
Entries tab On the Entries tab, enter transactions that havent been already reconciled.
Withdrawals On the Withdrawals tab, enter outstanding checks and miscellaneous items that reduce
tab the bank account balance. Click Save.
Deposits tab On the Deposits tab, enter outstanding deposits and miscellaneous items that increase
the bank account balance. Click Save.
Returns tab Enter returned items in the fields of the Returns tab. Click Save.
Print the Bank Reconciliation Status report to keep a record of your setup entries.
Summary tab Go back to the Summary tab, and click the Calculate button.
When balances on the Summary tab equal the General Ledger balance for the bank
account, close the form, check data integrity, and make a backup of company data.
Print the Withdrawals Status and Deposits Status reports.
To post the bank reconciliation, double-click the Post Reconciliation icon in the Bank
Reconciliation folder, select the range of banks (or select All Banks), then click Post.
Print the Reconciliation Posting Journal and the Bank Reconciliation reports.
Print the G/L Transactions report.
Double-click the Create G/L Batch icon in Bank Reconciliations to transfer the setup
reconciliation to General Ledger.
Repeat the above steps for each bank account.
General In General Ledger, double-click the Batch List icon in the G/L Transactions folder, then
Ledger select bank services batches, and press Delete.
Delete setup transaction types.
Change options choices (optional), and file the setup reconciliation records together.