RisingERP - Bank & Bank Accounts

Bank Management

In RERP, managing various banks is facilitated by allowing users to upload an Excel sheet and align transactions with the ledger. These transactions are then categorized as Bank Transactions, offering a comprehensive overview for reference and reporting purposes, achieved through the process of Bank Reconciliation.

To access the Bank functionality, follow these steps:

Home > Accounting > Bank Statement > Bank

Bank Management

1. How to Create a Bank

Creating a Bank is a straightforward process. Navigate to the Bank list, click on New, and provide a suitable name for the bank.

1.1 Configuring Data Import for a Bank

1. Under 'Field in Bank Transaction,' select the field to be updated in the 'Bank Statement Transaction Entry' form.
2. In 'Column in Bank File,' enter the corresponding column in the Excel file exported from the bank.

By configuring these settings, the management of bank-related transactions can be seamlessly executed.

Bank Account Management

Within RERP , Bank Accounts can be established not only for a Company but also for other entities such as Customers, Suppliers, etc. This practice ensures the accurate recording of all bank transactions, contributing to overall accounting precision.

Bank Accounts can be added in RERP for various entities involved in transactions, including Companies, Suppliers, Customers, or any other party. Subsequently, these Bank Accounts can be selected in Payment Entries, serving as a designated Mode of Payment.

To access Bank Account features, follow these steps:

Home > Accounting > Bank Statement > Bank Account

Bank Account

1. Prerequisites Before creating and utilizing a Bank Account, it is recommended to first create the following:

1. Bank

2. How to Create a Bank Account

1. Enter an Account Name.
2. Link the General Ledger account set in 'Bank Accounts' within the Chart of Accounts.
3. Select a Bank.
4. Save.

2.1 Additional Options when Creating a Bank Account

1. Is the Default Account: Enabling this makes the Bank Account the default for all journal transactions.
2. Is Company Account: Enable if this Bank Account is a Company account.
3. An Account Type and Account Subtype can be set for further classification in reports, etc.

3. Features

3.1 Party Details

1. Party Type: If this is not a company account, specify who this account belongs to. Options include Customer, Employee, Member, Shareholder, Student, and Supplier.
2. Party: Select the specific Customer/Supplier, etc.

3.2 Account Details For reference, the following details about a Bank Account can be stored in RERP:

1. IBAN
2. Bank Account No
3. Branch Code
4. SWIFT Code

3.3 Address and Contact

1. Address: Specify the bank branch address.
2. Contact: Link a Contact Person, often dedicated to corporate accounts.
3. Website: Include the bank's website for additional information.