Add and manage bank accounts

Adding a bank account is quick and easy. You can add as many bank accounts as needed to manage your business’ transactions and cash flow. For example, you may want to add accounts for your business’ petty cash, savings, credit cards, and loans.

When you add a bank account, a general ledger account is automatically created for it with account type-appropriate settings. For example, the general ledger account for a checking account is set as an asset and is visible in areas such as journals and reports. Later, you can review and edit the general ledger account as needed in your chart of accounts.

You cannot change the account type (for example, Savings to Chequing), general ledger account assignment, or delete an account after a transaction is created. If you choose to enter an opening balance when adding an account, it is automatically posted to the general ledger account as a transaction.

To add a bank account

  • 1. Open Banking and then click New and select Bank Account.
  • 2. In the Add Account window, complete the following information:
  • 3. Complete the following information:
Account Type * Select the bank account type you want to create. Chequing, Savings, Credit Card, Loan, or Other.
Account Name * Enter the name of the account as you want it to appear on the Banking page and on reports.
Account Number Optionally, enter the number of this bank account.
Last 4 digits This field displays only if the selected Account Type is Credit Card. Optionally, enter the last four digits of the credit card number.
Add an opening balance Click if you want to enter an opening balance for the account. Before entering an opening balance, specify your accounts start date in your financial settings.
Opening Balance Date * Enter (or select) the opening balance date.
|Balance or Other
Select if the bank account has a positive opening balance or is overdrawn (or you can indicate an overpayment balance for credit cards and loans), then enter the amount.
  • Indicates a required field.
  • 4. Click Save & Connect Bank to create a secure connection to your bank or Save to save it without connecting to your bank.

We recommend creating a connection between the bank account you add and your bank. Doing so allows your bank transactions to automatically download, saving you the time of manually entering transactions. It also ensures that the account is always up to date and simplifies statement reconciliation.

Managing bank accounts

After adding a bank account, you may want to add additional details about it such as address or contact information. You may also want to review reconciliation details or delete an erroneous account.

Also, you cannot delete a bank account after you have used it to process transactions. To prevent confusion, we recommend changing the account name to “Do not use.”

To edit or delete a bank account

  • 1. Open Banking.
  • To delete an account, click Delete under the account name and then click OK to confirm the deletion. You cannot delete bank accounts with posted transactions (which includes opening balances); therefore, the Delete option will not display on these accounts.
  • To edit an account, click it to open the Bank Accounts page and then continue to step 2.
  • 2. Edit the account details as needed. You can also click the Address & Contacts tab at the bottom of the page to add more information.
  • 3. Click Save.

Trading with foreign countries

While you cannot add foreign bank accounts, you can process foreign currency transactions such as invoices and credit notes. Before recording a foreign currency transaction, live exchange rates will be used to convert the transaction amount to your base currency. For example, from United States Dollars (USD) to Canadian Dollars (CAD) or Euro (EUR).