What Bank Accounts Do I Need To Set Up?

In your system you can set up and maintain as many bank accounts as you have in your business.

Even for the smallest of businesses, it is not unusual to have more than one bank account:

• Current Account – for day-to-day business receipts and payments.
• Deposit Account/Reserve Account – to maintain short-term deposits – possibly accruing interest.
• Credit Cards – All credit card transactions can be posted through a bank account.
• Petty Cash – Although not a bank account – the postings are the same.

A bank account is otherwise a regular nominal ledger account for which extra reports and functions are assigned. These include:

• Perform a Bank Reconciliation
• Receive money from a Customer
• Pay money to a Supplier
• At-a-Glance drill down
• Cash Book listings etc

The software is pre-installed with one nominal ledger bank account: CA04 CURRENT ASSETS – BANK, and the installed parameters configuration reflects this.

You may wish change this, but we suggest you keep this as the default bank account and add others as you need them.

To add an extra bank account, first you must identify or create the new nominal ledger bank account – see Add & Edit Nominal Accounts.

Then you must identify this as a bank account by checking the field in on the Nominal Maintenance Form Or through the parameters – In Prelude Desktop see Nominal & Cash Book – Control Accounts Page and in Prelude Cloud see – VAT and Nominal Page .