Bank and Bank Account Information

In this process, you will be creating your bank account information, assign default bank accounts for deposits and expenses, and update bank account balances.

If you have bank account-related records from your previous system, you can print or export them if you want to use them as references. Otherwise, you will need to gather and organize your latest bank or credit card statements.

Connected Business supports OFX, a service that retrieves the latest bank account information and downloads them as OFX documents. You will need to confirm with your bank if they allow OFX data streaming and get the information to enable OFX in Connected Business.

At the end of this session the bank and bank account information with opening balances,will be set up along with your preferences.

Prepare All Bank Account Related Documents

Gather Bank Documents

To complete this task, do the following:

Prepare the Necessary Documents You Need

1. If you are using any accounting or business software prior to Connected Business, you can collect all the bank account records and have them either printed or exported into a file.
   
   
2. You need to have your latest bank account and credit card statements dating from the start of the current fiscal year or current period depending on how far you want to include in Connected Business.
   
   
3. You need to have your latest balance sheet and financial statement reports ready.

Gather the OFX Information For Your Bank Institution (If Enabling OFX)

1. Verify with your bank if they allow data streaming and OFX download. While most banks in the US allow their client to use OFX and retrieve real time bank statements, most bank in Canada and Australia do not allow them.
   
   
2. Go here to view an extensive list of financial institutions with OFX information. Enter your bank’s name in the search box to look for your bank. Click on the link that has the bank’s name. A page will display the OFX details that you will need.
   
   
3. You can either print or copy this information and save.

Create Bank and Bank Accounts

Create Bank Information

To complete this task, do the following:

1. Go to the Bank Detail page of the New company Wizard. If you chose to use the default, you will find the following default bank and bank accounts.
   
   

   Default Banks	Details
   Google	Default bank used in Google Checkout with the default checking account, Google Checkout Bank Account
   Paypal	Default bank used in PayPal Checkout with the default checking account, PayPal Checkout Bank Account.
   Your Bank	Default bank used in regular bank processes with the default checking account, Bank Account 1.

   
   
   
2. To create a new bank, click on the New button to bring up the Bank Setup Wizard.
   
   
3. Set up the bank information first. If the bank allows streaming and downloading data through OFX, you can set up the OFX settings for the current bank.
   
   
4. Create the first bank account information e.g. Savings. Bank accounts can be set up for checking or savings account as well as credit card accounts. You can create additional bank accounts later.
   
   

   Each bank account or credit card account you set will require its own account code. You may not use the same account code for 2 different account codes.

5. Continue to the last step in the wizard and clickFinish to exit the wizard. ClickNew to add another bank.
   
   
   
6. Continue adding bank accounts if you have more than one account type in the bank e.g. Checking.
   
   
   
7. Go to the Bank Account Detail page of the New Company Wizard. Switch to the Banks tab and select the bank in the list.
   
   
   
8. Click on the New button to bring up the Bank Account Detail form.
   
   
   
9. Create the new bank account information.

Assign Bank Default Accounts

Assign Banking Defaults

To complete this task, do the following:

1. Go to the Preferences page under the Bank Setup category of the New Company Wizard.
   
   
2. Click on the Edit button to bring up the Preferences form.
   
   
   
3. Select a bank account for depositing customer payments.
   
   
   
4. Select the default revenue account for bank receipts/deposits or accept the default.
   
   
   
5. Assign the default expense accounts for bank payments/withdrawals or accept the default.
   
   
   
6. Click OK to apply changes.

Update Bank Account Balances

Enter Bank Account Opening Balances

To complete this task, do the following:

1. Have your previous bank records, bank or credit card statements and financial statement reports ready.
   
   
   
2. Take note of the bank account you assigned as default for customer payment deposits. You may skip creating the opening balance for this bank account if you plan to create historical invoices and payments.
   
   
   
3. Enter bank account opening balances for bank and credit card accounts. Follow the next few steps in creating bank account opening balances. Below is an example of how a bank account opening balance is created:
   
   

   Bank Account Opening Balancess
   Bank Account/Description	Type: Payment (-) Receipt (+)	Date	Amount	Currency
   e.g. Bank One – Savings Account	Receipt	e.g. default current date	35,000	USD

   
   
   

   You can enter account balances as total balances or create an entry for each amount.

4. Review the account balances. Go back to the Bank Account Detail page of the New Company Wizard. Click on the Refresh button. To review the account balances, double-click on the bank account from the list from the list to bring up the Bank Account Detail form.