3.5.9 Group Bank Accounts

3.5.9 Group Bank Accounts

Accessed via Workbench -> Settings


This tab allows you to create 'group' bank accounts/funds. These are funds where money is collected into from more than one block. They need to be created here first so that the transactions are pulled through correctly and then it allows you to reconcile the fund properly as well. 
A useful feature is that our system will automatically check the Sort Code and Account Number you enter if you wish to create a Fund with ‘real world’ bank linked to it.
If you enter a Sort Code or Account Number that is not valid i.e. does not exist in the ‘real world’ then the system will throw an error. 
There is also an option here to turn one group fund into a 'Clearing Account'. You can only have one clearing account and it can only be a primary service charge account. 
The Clearing Account works in conjunction with the Supplier Invoice Approval Process (more info on this KB article: 4.5.7 Supplier Invoice Approval Process).
It allows you to create 'Clearing Batches' when payments are bulk recorded against supplier invoices in the system from the Bulk Supplier Payment Run screen.
This then allows you to generate a BACS file which pays all the supplier invoices from the 'Clearing Account'. 

As an example:
If you have 5 blocks and a supplier does work on all 5 blocks, they may invoice separately for each block. 
Instead of making 5 separate payments to the supplier, the 'Clearing Account' allows you to aggregate all the payments for the invoices into one overall payment. 
The screen also gives you the details for transferring the invoice amounts from each block's account to the 'Clearing Account'.



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