Add, edit or delete bank accounts

You can add as many bank accounts as needed to manage your business’s transactions and cashflow. For example, you may add accounts for your business’s petty cash, savings, credit cards, and loans.

You cannot change the account type (for example, from Savings to Checking), 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.

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.”

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, the live exchange rates are used to convert the transaction amount to your base currency. For example, from US Dollars to British pounds.

To add a bank account

Watch how

  • 1. Go to Banking, point to New then click Bank Account.
  • 2. In the Add Account window, complete the following information:
Account Type * Select the bank account type. For example, Checking.
Account Name * Enter the name of the account, as you want it to appear on the Banking page and on reports.
Sort Code If the account type is a Current, Savings, or Loan, enter the bank sort code (excluding dashes) in the Sort Code field.
Account Number Optionally, enter the account number.
Last 4 digits of your credit card number This field displays only if the 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.

Note: 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, is overdrawn, or you can indicate an overpayment balance (for credit cards and loans) and then enter the amount.
  • 3. Click Save & Connect Bank to create a secure connection to your bank or:
  • Click Save to save it without connecting to your bank.

We recommend connecting the bank account you add to your bank. Doing so allows Accounting to automatically download your bank transactions saves you the time of manually entering transactions. It also ensures that the account is always up to date and simplifies statement reconciliation. Bank Feeds save you time and ensure accuracy.

To edit a bank account

  • 1. Go to Banking, then click on the relevant account you want to edit.
  • 2. Amend the details as required, then click Save.

To delete a bank account

  • 1. Go to Banking, then click Delete under the account name.
  • 2. When prompted, 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.