How-to: Set up a new bank account

Created by Erik Åkerlund, Modified on Mon, 20 Feb 2023 at 02:29 PM by Erik Åkerlund

In this article we will show you how to set up a new bank account from scratch.

Here's how it works:


  1. Go to Register > Portfolio Codes > Portfolio Codes Details
  2. Choose the Entity to which you would like to add a bank account (Code field). Move to the tab Bank accounts, click on a bank account row and then click Create new and enter information regarding the bank account.


Default bank accounts

If you have more than one account with the same Currency, you need to specify which account should be default. Use the default checkbox to the right of the account.
Also see related article: How to: Set up default bank accounts

Below you can find definitions and explanations for all the bank account related fields.


Label
Description
Account No

Enter the number of the account. If not applicable enter ’N/A’. Maximal characters is 20. If more is needed please use 

IBAN field even if it is not an IBAN No.

Currency

Enter the account's currency.
Bank

Enter the name of the bank. Unique codes if different branches within the same bank is recommended.
Account name

Defaulted to bank + currency but you can choose your own name. Within the same legal entity it is not possible to
have the same account name. Note! Include a part of the Legal Entity name in the Account  name to make it unique. For example if the Legal Entity name is Treasury -> TRESEBUSD, TRESHBUSD, TRECITUSD......
Receiver SWIFT

BIC code for the receiving bank.
Corresp SWIFT

BIC code for the corrensponding bank.
Approve

Used if four eye control is activated.
Default

Check the default account used by the entity per currency.
IBAN
IBAN number or other type of clearing no (for example ABA no). If IBAN is completed then this "account no" is
used in the payment file, otherwise Account No is used.
ABA No

ABA , Sort code or other typ of clearing no. It is not automatically included in payment files.
Cbankcode
Central bank code.
Transfer Type

Defines payment type.
The transfer type is bank specific.
Advice transaction

Check to include advice transactions for this bank account in payment function.
Internal account

Check if the account is an internal account.
Hide account

 The bank account is hided in the list in Deal input forms.
Cash pool ID

 If a cashpool structur has been set up within CRM the top account ID should be entered here.
Cashpool mirror account

 N/A
Include reconciliation

 If the transactions on the account shall be reconciled against bank account statement check this box the get the
account included.
Import bank account balance

 If the balance of the account should be matched with the bank account statement check this box.
Inhouse bankaccount

 Used for call account.
Coding

 Identify general ledger account. Used in special cases.
Revaluation

 Use for revaluation of bank account.
Comments

 Free text.
Alias

 Used for example if the account is stated in a different way in the bank account statement.  
Export translation

 Used for clearing number when using Handelsbanken as payment service.
Include bank account

 Check if the bank account should be included in the forecast transaction form. Use for cashflow forecast.
Include manual bank account balance

 Check if include bank account balance in cashflow forecast.
Bank account for forecast transactions

 Check if include bank account for forecast transactions.

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