Task guide
Bank accounts
Opening a bank account or mobile money wallet with its opening balance, accounts held for one client, changes to where an account is held that somebody else approves, and retiring an account.
Each account is a record
Every account the firm keeps, at a bank or as a mobile money wallet, is listed under Finance, Banking, Accounts and under Settings, Firm, Bank accounts. Each opens its own page. The page leads with what the books hold today, the last statement, how far the account is reconciled and how many statement lines are unmatched, and for a client account the client ledgers against the books. Its tabs hold the account's book line by line, its statements, reconciliations, receipts, payments, transfers, cheques, the client money it holds by matter, and everything done to it.
Each account has its own ledger account, made with it under the bank heading of its fund. The account's details name that ledger account, and the ledger account's page names the bank account it is the book of.
Opening an account
- Choose Open an account.
- Give the name the firm calls it, the fund (office money or client money), the channel (a bank or mobile money), the currency and the day it opened.
- Say where it is held: for a bank, the bank, the branch, the account number, the SWIFT code and the holder's name; for a wallet, the network, the wallet number and the registered name. Networks are kept under Settings, Mobile money.
- Where it already holds money on the day the firm starts keeping it here, turn on It already holds money and give the amount and the day. An office account may be overdrawn. A client account names the matters whose money it holds and how much each, and those amounts must add up to the balance.
- Choose Open the account. The page moves on to the new account.
An office account's opening balance is posted against capital and reserves. A client account's is posted to the named matters' client ledgers.
Accounts held for one client
A client account may be held for one client on one matter, such as a deposit held on a sale until completion. Turn on Designated to one client and matter when opening it, and choose the client, the matter and the interest terms the bank pays on. The account's page then names who it is held for, and its Client money tab holds that one matter.
Changing where an account is held
The name, the day it opened and the interest terms change from Edit. Where the account is held, its number, its SWIFT code and the holder's name change only on a second person's approval, because bills print them and money is paid into them.
- Choose Change where it is held from the account's actions, change the details and say why.
- The change waits on the account's page and under Banking, Changes, with each detail before and after. Nothing changes yet.
- Somebody other than the person who asked chooses Approve, or Reject with the reason. The person who asked may Withdraw it instead.
Signatories and the mandate
The account's page lists who may sign on it and from when, and the mandate the bank holds: any one signatory, any two, or two above an amount, and whether one must be a partner. Name a signatory, End and Set the mandate each ask for the password again. A payment from the account is not carried out until its mandate is met.
Retiring an account
Choose Retire from the account's actions and give the reason. The system refuses while the books hold money in the account, a reconciliation of it is being worked, a statement line is unmatched or a money route sends money to it, and says which. A retired account keeps its history and may be brought back with Reinstate.
Was this helpful?
Read next
- Reconciling the bankImporting each bank's statement, matching it to the books, the reconciliation one person prepares and another reviews, the three way reconciliation of a client account, and the month close it holds.
- Cheque booksRecording each cheque book the bank issues, who holds it, spoiled and cancelled numbers, and the register of every cheque with those still unpresented or gone stale.
- Money routesWhich of the firm's accounts receives each office's money, fund by fund and currency by currency, and the firm's own route where an office has none.
- Transfers between the firm's accountsMoving money between two of the firm's own accounts of one fund, signed as the paying account's mandate asks and carried out as one journal.
- Move client moneyTransfer client money to office against a bill, refund it by payment voucher, pay a disbursement from it, or move it to another of the client's matters, each asked for, approved by somebody else and carried out.