Setting up a bank account
To set up a bank account
- From
the
> Setup menu, click Company > Bank Accounts.
- Click
the New button.
- Enter
the following information:
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.
|
Direct Deposit
|
Select this check box if you want to pay employees or vendors from this bank account
using direct deposits.
Note: |
The direct deposit file format created supports US bank NACHA format only. |
|
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.
|
- 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.
- 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.
- Click the Accounts
tab and enter the following information:
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.
|
- If this account is a credit card, select the Import tab.
Import setup |
Select an import setup from the list.
See setting up credit card import to learn more.
|
Expense item |
Select the default expense item to be used in the Expense report for expense rows created from imported credit card items. This can be changed on the expense report. |
Credit card charges account |
Select the default account to use for credit card charges in the bank register for register items created from imported items. This can be changed. |
Credit card charges department |
Select the department to use for credit card charges created from credit card register items created from imported items. This can be changed. |
- Select the Direct Deposit tab if you select the Direct Deposit check box on the General 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 ACH
Stands for Automated Clearing House. ACH is a nationwide batch-oriented, electronic funds transfer system governed by NACHA (the Electronic Payments Association) operating rules, which provide for the interbank clearing of electronic payments for participating depository financial institutions. The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financial institutions transmit or receive entries. operator as the destination.
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:
- Select the ID
is a routing number check box.
- Type the name of your company
in the Origin Name field.
- Type your company's Federal
ID, or other ID provided by your bank, in the Origin ID field.
- Type the name of your bank
in the Destination Name field.
- 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:
- Ensure that the ID
is a routing number check box is cleared.
- Type the name of your bank
in the Origin Name field.
- Type the routing number
of your bank in the Origin ID field.
- Type the name of the ACH
operator in the Destination Name field.
- 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.
|
Use individual identification number |
If this check box is selected and you are using vendor direct deposits, the Individual identification information entered in Setup > Vendor will print on the direct deposit NACHA file.
If this check box is selected and you are in-house payroll, the Payroll service employee ID entered in Setup > Employees > Pay Information tab will print on the direct deposit NACHA file.
|
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).
|
- 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.
-
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).
- Click
the Notes tab, and type any notes
about the bank account.
- Click Save.
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