Adding Bank Accounts

Adding Bank Accounts

Bank accounts in EquiBillBook allow you to track and manage all your banking transactions, including deposits, withdrawals, transfers, and bank reconciliations. This guide will walk you through the process of adding a new bank account to your system.

Understanding Bank Accounts

Bank accounts in EquiBillBook are used to:

• Track bank balances and transactions
• Record bank deposits and withdrawals
• Manage bank transfers between accounts
• Perform bank reconciliation
• Generate bank statements and reports
• Link banking transactions to your accounting records

Prerequisites for Adding Bank Accounts

Before adding a bank account, ensure you have:

• Access to the Banking module with appropriate permissions
• Bank account details including account number, bank name, and branch information
• IFSC code (for Indian banks) or routing number (for international banks)
• Opening balance information if starting mid-period
• Currency information if dealing with multiple currencies

Accessing the Bank Account Module

To add a new bank account:

1. Navigate to the Banking module from the main menu
2. Click on Bank/ Credit Card List or Accounts
3. Click the "Add New" or "Add Bank Account" button

Entering Bank Account Information

Fill in the essential bank account details:

• Account Name: Enter a descriptive name for the account (e.g., "HDFC Current Account - Main Office")
• Account Number: Enter the bank account number
• Bank Name: Enter the name of the bank
• Type: Select the account type (Bank or Credit Card)
• Currency: Select the currency for this account (if using multi-currency)
• Opening Balance: Enter the opening balance if starting mid-period (optional)
• Notes: Add any additional notes or remarks about the account

Adding Branch Information

For complete bank account setup, you may need to add:

• Branch Name: The name of the bank branch
• Branch Code: The branch code provided by the bank
• IFSC Code: Indian Financial System Code (for Indian banks) or equivalent routing information
• Branch Address: Physical address of the branch (if required)

Account Details (Custom Fields)

You can add custom account details if needed:

1. Click "Add Detail" or "Add Field"
2. Enter a Label (e.g., "Account Type", "Contact Person", "Phone Number")
3. Enter the corresponding Value
4. Add multiple details as needed

Account Activation

After entering all information:

• Ensure the Active status is enabled to make the account available for transactions
• If the account is not yet ready for use, you can save it as inactive and activate it later
• Inactive accounts will not appear in transaction dropdowns but will be preserved in the system

Saving the Bank Account

Once all information is entered:

1. Review all entered details for accuracy
2. Verify the account number and bank name are correct
3. Check that opening balance is accurate (if entered)
4. Click "Save" or "Submit" to create the bank account

Best Practices for Adding Bank Accounts

• Use clear, descriptive account names that identify the bank and account type
• Include branch information for better organization, especially for multi-branch businesses
• Enter accurate IFSC codes or routing numbers for proper bank identification
• Set opening balances accurately if starting mid-period to ensure correct account balances
• Add notes for any special conditions or important information about the account
• Keep account details updated when bank information changes
• Use consistent naming conventions across all bank accounts for easy identification

What Happens After Adding a Bank Account?

After successfully adding a bank account:

• The account appears in your bank account list
• You can start recording bank transactions (deposits, withdrawals, transfers)
• The account is available for bank reconciliation
• You can generate bank reports and statements
• The account can be linked to payment transactions
• Opening balance (if set) is reflected in account balances

Editing Bank Account Information

You can edit bank account details after creation:

• Navigate to the bank account list
• Click on the account you want to edit
• Update the required information
• Save the changes
• Note: Some fields may be restricted from editing if transactions have been recorded

Related Topics

• Bank Account Details - Learn about viewing and managing bank account information
• IFSC Code and Branch Information - Understand how to configure branch details
• Opening Balance Setup - Learn how to set opening balances for bank accounts
• Bank Account Activation - Understand how to activate and deactivate bank accounts
• Bank Transactions - Learn how to record transactions for bank accounts

Adding bank accounts in EquiBillBook is the first step in managing your banking operations. Ensure all information is accurate and complete for effective banking management and reconciliation.