Creating a Bank Account - Sage Intacct

David Tinnion
David Tinnion
  • Updated

Introduction

As businesses grow, or due to fluctuating markets, it may be required to create new Bank Accounts within Sage Intacct.  To achieve this, there are two steps to achieve this.  They are

  1. Create the GL Code - This is the GL Code that will hold the Balance of the Bank.
  2. Create the Bank Account - This will create the Bank, holding the account number and allow for connection to Bank Feeds and Payment Processes.

You will also need to make sure that Account Groups are updated if required for reporting purposes.

 

Create the GL Code

  • At the Top Level, go to the Application Selector and then General Ledger>All>General Ledger Accounts.
  • In the General Ledger List, click Add.
  • Enter the required GL code and Sub code, if needed, the name and then select the following.
    • Account Type as Balance Sheet Account
    • Normal Balance - Debit.
    • Period End Closing Type - Non-Closing Account.
  • Add any required dimensions and Save when happy.

Create Bank Account
 
Note:  
When creating the Bank, the recommended approach is creating a Bank, specific to an Entity.  You can create a Bank which can used over multiple Entities, however, this will cause inter-entity transactions, between the relevant Entities.  For further information on this, please contact ION Support.

  • In the Application selector, go to Cash Management>All>Current Account.
  • Click Add in the Bank Account List.
  • Within the Bank Creation screen, enter the required information, the ID (which is normally the Account Name), Currency and the GL Account you created in the previous step.
  • In the Restrictions Tab, you can specify one of 3 options.
    • Unrestricted - Available in any Entity.
    • Restricted to Top Level Only - Can only create transactions at Top Level
    • Restricted - Only specified Entities can be used.  If selected, you can choose by clicking Select, then adding the required Entites that can access the Bank Account.
  • When happy, Save.

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