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You are here: Ajera Help (A-Z) > Bank accounts > Setting up a bank account

Setting up a bank account

About bank accounts

  1. From the Company menu, click Bank Accounts.
  2. Click the New button.
  1. Enter the following information:
For Do this

Name

Required. Type the name of the bank.

Branch

Type the name of the branch servicing this account.

Account number

Type the account number for this bank account.

Description

Type a description for the bank account to be used internally at your company. For example, you might type Payroll Account to indicate that you use this account for paying employees.

Last check number

Type the last check number you used for this account. Ajera starts printing checks with the next number.

Company

Multi-company only.

Required. Identify this account with a company in your organization.

Account type

Identify this account as a bank account or a credit card.

Credit limit

If this account is for a credit card, enter the current credit limit for the credit card.

Vendor

If this account is for a credit card, select the vendor that you set up for the financial institution associated with this account.

By selecting a vendor here, you are linking the account to a vendor so that you can then pay the financial institution as you would any other vendor.

Payroll direct deposits

unavailable in ajeraCore unless you have the Payroll add-on

For in-house payroll only.

Select this check box if you want to pay employees from this bank account using direct deposits.

Phone numbers

Type up to three phone numbers for bank contacts associated with this account. Type a description to the right of each number; for example, you might type something like: Call this number before sending a fax.

Fax

Type the fax number and any description to the right of it.

Email

Type the email address to use for correspondence related to this account.

Website

Type the website address for the bank.

  1. Click the Address tab. In the address box, enter the bank's address information in the first line and additional information in the other lines, as needed. For example, you might enter the street address in the first line and a building number and suite number in the remaining two lines.
  2. If the bank's mailing address is different from the address you just entered, in the Mailing Address box, clear the Same as address check box and type the mailing address.
  3. Click the Accounts tab and enter the following information:
For Do this

Department

unavailable in ajeraCore unless you have the Departments add-on

If you chose to use departments when setting up company preferences, identify the department that reflects the expenses for bank charges and interest income for this bank account.

Bank (for bank accounts only):

Cash account

Required. Identify the current asset account to use for entries made to this bank account.

Bank charges account

Required. Identify the expense account to use for bank charge entries made to this bank account.

Interest income account

Required. Identify the income account to use for interest income entries made to this bank account.

Interest expense account

Required. Identify the expense account to use for interest paid entries made to this bank account.

Credit card (for credit cards only) :

Payable account

Identify the liability account to use for payments made with this credit card.

Late charges account

Identify the expense account to use for late charge entries made to this credit card.

Interest charges account

Identify the expense account to use for interest charge entries made to this credit card.
  1. unavailable in ajeraCore unless you have the Payroll add-on - If you are processing payroll in-house and selected the Payroll direct deposits check box on the General tab, click the Direct Deposit tab.

To transmit direct deposits to your bank, Ajera produces a file in the format required by your bank, which you then send to your bank. You now specify the way Ajera constructs that file. Depending on the way your bank processes direct deposits, it requires information in one of the following ways:

  • If your local bank processes the direct deposit ASCII file, you enter your company as the source and your bank as the destination (most common method).
  • If your bank instructs you to enter its name and routing number in the file header of the direct deposit ASCII file, you enter your bank as the source, and the ACHClosed operator as the destination.
For Do this

Source and destination:

ID is a routing number

Origin name

Origin ID

Destination name

Routing number

To enter your company as the source and your bank as the destination:

  1. Select the ID is a routing number check box.
  2. Type the name of your company in the Origin Name field.
  3. Type your company's Federal ID, or other ID provided by your bank, in the Origin ID field.
  4. Type the name of your bank in the Destination Name field.
  5. Type the routing number of your bank in the Destination Routing Number field.

To enter your bank as the source and the ACH institution as the destination:

  1. Ensure that the ID is a routing number check box is cleared.
  2. Type the name of your bank in the Origin Name field.
  3. Type the routing number of your bank in the Origin ID field.
  4. Type the name of the ACH operator in the Destination Name field.
  5. Type the routing number of the ACH operator in the Destination Routing Number field.

Descriptive date

Type a description (up to 6 characters) as requested by your bank. This date appears in the direct deposit ASCII file in the exact way that you enter it here.

File options:

Transaction type

If your bank requires a special code in position 14 of the File Header for the bank, type that code. Otherwise, leave this field blank.

This code identifies the type of transaction (such as, direct deposit, electronic fund transfer, and so on.) Contact your bank for information regarding its requirements for this item. 

Allow unbalanced file

If you do not want to generate the offsetting debit entry to your company's checking account, select this check box. If you select it, you may need to handle this entry manually with your company's bank. This option is normally used when the origin ID type is the routing number. 

File modifier type

Select a file modifier type, which is included as part of the header for the direct deposit ASCII file. It is used to distinguish files if your company submits more than one direct deposit ASCII file on any one day to the same bank.

File modifier types are:

Alpha

This default is most commonly used.

The letter A is automatically assigned as part of the header for the direct deposit ASCII file. If you submit more than one ASCII file to the same bank on the same day, the next letter in the alphabet is used for subsequent direct deposit ASCII files.

Numeric

If your bank requires the file modifier to be numeric, select this option.

The number 0 is automatically assigned as part of the header for the direct deposit ASCII file. If you submit more than one ASCII file to the same bank on the same day, the next number is used for subsequent direct deposit ASCII files. (0-9 are valid entries, starting with 0).
  1. Click the Contacts tab. Enter up to five contacts related to this bank account. In the field directly below each contact name, type a description or any notes about the contact. For example, you might enter something such as: Call this bank rep about daily balances and wire transfers.
Note: See Setting up contacts to learn about entering specific contact information.

  1. Click the Attachments tab and add attachments, by linking to related files. A linked file must be in a shared location for other people to open it (for example, on a shared network or a website).

  2. Click the Notes tab, and type any notes about the bank account.
  3. Click Save.

 

 

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