Knowledge BaseBankingManaging TransactionsManage Your Bank Accounts

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Manage Your Bank Accounts

The Banking section enables you to monitor your firm’s transactions and execute various banking-related functions.

Add a Bank – Operating

  1. From the left navigation panel, click Banking.
  2. In the top right, click +Add Bank.
  3. Choose the Account Type: Operating Account
  4. Enter the following:
    • *Bank Name: Enter the name of your bank.
    • *Account Name: Enter the account name, such as ‘John Doe Attorney Account’. Account names must be unique.
    • Branch Name: Enter the branch name.
    • Branch Address: Enter the branch address.
    • Active: The default setting for a newly added account is to be marked as active.
  5. Click Save at the top.

Add a Bank – Trust Account

  1. From the left navigation panel, click Banking.
  2. In the top right, click +Add Bank.
  3. Choose the Account Type: Trust
  4. Enter the following:
    • *Bank Name: Enter the name of your bank.
    • *Account Name: Enter the account name, such as ‘John Doe Attorney Account’. Account names must be unique.
    • Branch Name: Enter the branch name.
    • Branch Address: Enter the branch address.
Advanced Settings Section:
    • Bank/CC Acct # (Last 4 Digits): Enter the last four digits of your account number. This is for your internal reference.
    • General Ledger (COA) Number: Input the four-digit number assigned to the bank. This is solely for accounting purposes. The system-generated Chart of Accounts (COA) account number falls within the 1000 asset number range. In the case of creating a credit card account, you might need to modify the account number to a liability account number.
    • Default Trust Transaction Account: This will be visible if you have chosen Trust as your Account Type. From the drop-down menu, choose the Trust Transaction Account that you want to set as your default. Only 2300 and 2310, along with their respective sub-accounts, will be listed in this drop-down.
    • Allow bank error tracking during reconciliation: Check the box to allow bank error tracking. This will help you track bank errors when reconciling your account.
    • Match Import/Bank Feed Transactions Section: 
      • Option 1: By Amount: Tick the box to incorporate transactions with the same amount but different dates, transactions with the same date and amount, those with a reference number and amount for withdrawal types, and transactions marked as checks with the method set to bank feed/import in the match detail screen.
      • Option 2: By Date and Amount: Select the checkbox to encompass existing transactions based on date and amount, and/or reference number and amount for withdrawal types, and transactions marked as checks with the method set to bank feed/import in the match details screen.
    • Active: The default setting for a newly added account is to be marked as active.
Trust Safeguards Section:

This is only applicable for Trust Accounts. 

  • Duplicate Check # Allowed: Check the box to allow duplicate check entry. Overrides built-in trust accounting safeguards.
  • Negative Balance Allowed: Check the box to allow a negative balance in your trust account. Overrides built-in trust accounting safeguards.
  •  Separate Sub Accounts: Check the box if your bank assigns a separate sub-account number to each client.
  • Interest Allowed: Check the box if your bank credits interest in trust accounts and it is shown on bank statements.

5. Click Save at the top.

Add a Bank – Credit Card Account

  1. From the left navigation panel, click Banking.
  2. In the top right, click +Add Bank.
  3. Choose the Account Type: Credit Card Account
  4. Enter the following:
    • *Bank Name: Enter the name of your bank.
    • *Account Name: Enter the account name, such as ‘John Doe Attorney Account’. Account names must be unique.
    • Branch Name: Enter the branch name.
    • Branch Address: Enter the branch address.
Advanced Settings Section:
    • Bank/CC Acct # (Last 4 Digits): Enter the last four digits of your account number. This is for your internal reference.
    • General Ledger (COA) Number: Input the four-digit number assigned to the bank. This is solely for accounting purposes. The system-generated Chart of Accounts (COA) account number falls within the 1000 asset number range. In the case of creating a credit card account, you might need to modify the account number to a liability account number.
    • Allow bank error tracking during reconciliation: Check the box to allow bank error tracking. This will help you track bank errors when reconciling your account.
    • Match Import/Bank Feed Transactions Section: 
      • Option 1: By Amount: Tick the box to incorporate transactions with the same amount but different dates, transactions with the same date and amount, those with a reference number and amount for withdrawal types, and transactions marked as checks with the method set to bank feed/import in the match detail screen.
      • Option 2: By Date and Amount: Select the checkbox to encompass existing transactions based on date and amount, and/or reference number and amount for withdrawal types, and transactions marked as checks with the method set to bank feed/import in the match details screen.
    • Active: The default setting for a newly added account is to be marked as active.
  2. Click Save at the top.

Edit a Bank

To edit bank details:

  1. From the left navigation panel, click Banking.
  2. Single-click the bank to highlight it. Click the three dots located to the right of the account, and then choose the Edit option.
  3. Make any necessary edits.
    • Important: You can change the bank account type only if your entered transactions comply with the rules associated with the account and you have not reconciled the account.
  4. In the top right corner, click Save.

Deactivate a Bank

To deactivate a bank:

  1. From the left navigation panel, click Banking.
  2. Single-click the bank to highlight it. Click the three dots located to the right of the account, and then choose the Edit option.
  3. Scroll to the bottom of the screen, and uncheck the Activebox.
    • Note: It is not possible to deactivate the default bank account.
    • To change the default Trust bank account, please navigate to Set up > Firm settings > Firm preferences >
  4. In the top right corner, click Save.

Delete a Bank

Important:

  • You have the option to delete a bank account only if there are no transactions linked to it. Otherwise, the alternative is to deactivate the bank account.
  • It is not possible to delete the default bank account. To change the default Trust bank account, please navigate to Set up > Firm settings > Firm preferences >

To delete a bank:

  1. From the left navigation panel, click Banking.
  2. Single-click the bank to highlight it. Click the three dots located to the right of the account, and then choose the Delete option.
  3. You’ll be prompted with “Are you sure you want to delete the selected Bank?, click Delete.
  4. The bank account will be deleted.
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