How-to: Set up a new bank account

Created by Erik Åkerlund, Modified on Mon, 20 Feb, 2023 at 2:29 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:

Go to Register > Portfolio Codes > Portfolio Codes Details
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.