Bank Account
Aedon can have an unlimited number of Bank Accounts. Bank Accounts are Company specific.
Each Bank Account has a Source Currency which cannot be changed. All Ledger Entries and Bank Statement Lines are calculated both in the Source Currency and the Company Base Currency. The Bank Account Source Currency cannot be changed.
Revaluation of Bank Accounts is a manual process, which can also update the Currency Exchange Rate. Currency Exchange Rates are Company specific.
Each Bank Account is matched to a Nominal Ledger Code.
Tip
We recommend that you keep Nominal Code Names and Numbers unique across Companies to avoid potential confusion.
We suggest that you use the convention Bank Purpose last 4 characters of Bank Account Number such as NatWest Current 1234 for both the Bank Account Name and the corresponding Nominal Ledger Account.
Bank Transactions
All Bank Transactions are carried out within each Bank Account, so you select the required Bank Account before starting any Transactions or Reconciliation activities.
Bank Transactions are:
- Bank Receipts
- Bank Payments
- Bank Transfers
- Bank Revaluations
Reconciliation Activities are:
- Reconcile
- Reconciliation Report
- Import Bank Statements
- Bank Statements
- Nominal Transactions
Bank Details
The Bank Account contains the following information.
| Field | Required | Explanation |
| DETAILS | ||
| Name | Mandatory | Unique Name for the Bank Account. |
| Nominal Code | Mandatory | Corresponding Nominal Account (which must have Category equal to) Bank. |
| Currency | Mandatory | Source currency for the Bank Account. |
| Overdraft Limit | Optional | Overdraft Limit agreed with your Bank. |
| Purpose | Optional | Use for the Bank Account. |
| Reconciliation Frequency | Optional | How often do you plan to reconcile the Bank Account. |
| BANK DETAILS | ||
| Bank Name | Optional | Name of your Bank. |
| Account Name | Optional | Account Name given to your Bank Account by the Bank (now used as part of automated validation checks). |
| Account Number | Optional | 8-character number. |
| Sort Code | Optional | 6-character number with or without hyphens as you wish. |
| Bank Contact | Optional | Email contact at the Bank. |
| Bank Account Type | Optional | Bank Type such as Current, Savings, etc. |
| IBAN Number | Optional | International Bank Account Number. The IBAN consists of up to 34 alphanumeric characters comprising a country code; two check digits; and a number that includes the domestic bank account number, branch identifier, and potential routing information. The check digits enable a check of the bank account number to confirm its integrity before submitting a transaction. |
| BIC Number | Optional | 8 or 11-character alphanumeric number, the Business Identifier Code is also known as the SWIFT code identifies the Bank branch. |
| BANK ADDRESS | ||
| Street | Optional | Self-Evident |
| County/State | ||
| Country | ||
| City | ||
| Post Code | ||
Bank Status Fields
The Bank Status fields summarise the activity on each Bank Account; they are updated automatically.
| Field | Explanation |
| Name | Bank Account Name |
| Bank | Bank Name |
| Currency | The Source Currency of the Bank Account (this cannot be changed) |
| Source Currency Statement Balance | The sum of the Bank Statement Lines in the Source Currency |
| Source Currency Balance | The sum of the Nominal Ledger Entries in the Source Currency |
| Base Currency Balance | The sum of the Nominal Ledger Entries in the Base Currency |
| Last Reconciled | The date on which the last Bank Reconciliation took place. NOT the effective date of the Bank Reconciliation. |
| Last Revalued | The date on which the last Bank Revaluation took place. NOT the effective date of the Bank Revaluation |
