Zikpro - Bank Account

The Bank Account function in ERPNext helps you construct and manage bank accounts for your business, as well as for your customers, suppliers, and staff. This is very useful when you send or receive money through a bank transfer. For instance, integrating an employee's or vendor's bank account to the system makes ensuring that the payment is recorded appropriately.

ERPNext can automatically retrieve the proper bank account when you enter a payment by giving each party a different bank account. This keeps your financial data neat, organised, and easy to find. This is also helpful when you need to match up transactions or make reports.

Note: Before you enter a bank account, ensure that you've already entered the Bank itself (such as Meezan, HBL, Standard Chartered, etc.) in the system.

1. Prerequisites

Before creating and using Bank Account, it is advised to create the following first:

Bank

2. Where to Find It?

To access Bank account, go to:

Home > Accounting > Bank Statement > Bank Account

3. How to Create a Bank Account

1. Account Name: This is merely a name to identify the account.

Example: "Imprest", "Salary Account", or "Standard Chartered Current A/C."

2. Company Account: Select the account from your Chart of Accounts where this bank account will be attributed.

Example: "Bank Account – AD."

3. Bank: Pick the bank name from the list.

Example: "Standard Chartered"

4. Click Save: That's it! Your bank account is now added in ERPNext.

3.1. Extra Options You Can Use (If Needed)

1. Is Default Account: Mark this if you prefer that ERPNext should always use this bank account by default when paying.

2. Is Company Account: Mark this if the account is for your company (and not for a customer or supplier). This is useful for bank reconciliation.

3. Account Type / Subtype: These columns assist you in classifying and grouping accounts more effectively in reports. You can leave them blank if you are not sure.

4. Other Useful Information You Can Provide

4.1. Party Details

If the account does not belong to your company, you can indicate whose account it is. For instance, is it a Customer, Supplier, Employee, etc.?
Then, select the very specific person or business name.

4.2. Account Info

You can save bank information here such as:

IBAN
Account Number
Branch Code
SWIFT Code

This is useful if you wish to refer to it afterwards.

4.3. Address & Contact

You can fill in the branch address, a contact person for the bank, or even the bank's website if you like.

4.4. Integration (Optional)

If your bank allows it (such as with Plaid), you can link ERPNext to your bank. It'll automatically retrieve your transactions, so you don't have to manually enter them.