Bank Accounts are used to record your cash receipts, vendor payments and bank reconciliations.
Separate accounts must be defined for each bank account. These accounts are set up with a single Organization selected for use with the bank account.
The types of bank accounts include:
- Bank Account: An actual bank account. The user can optionally specify the bank with which they have the account and the Bank Account and Routing numbers of the account. This is for informational purposes only at this point. Only Bank Account Types can be designated as a checking account and only checking accounts can be used in the Check Printing process.
- Undeposited Funds: A holding account into which the users can record payments received prior to depositing them into the bank. This type of account is also necessary if the user must accumulate multiple checks in the same deposit in order to match the deposit amounts that show up on the bank statement (e.g., two checks for $100 and $150 respectively are deposited into the bank in a deposit for $250).
- Other: Can be used to reconcile non-cash accounts to external statements. Examples include payroll clearing, credit card statements, subcontractor bills, etc.
Navigate to Admin > Setup > Accounting > Bank Accounts.
While it is possible to identify a specific bank account based on the account/organization combination (e.g., Account = Checking, Organization = Dulles Office), it is preferable to have a 1:1 relationship between actual bank accounts and General Ledger accounts (e.g., Account = Bank of America Dulles Checking; Organization = Company Default).
Care should be taken to make sure that transactions are entered at the same level of detail in Unanet as they are shown in the statements to which the Unanet balances will be reconciled. For example, if you are bundling checks together when making the physical bank deposit, do not enter the checks as individual deposits in Unanet.