3.4.2 Agent Bank Account

3.4.2 Agent Bank Account

Group Bank accounts is a term used to describe one client account which is linked to multiple blocks. This is often the case when all the funds are put into the same account for all blocks so only one account is managed and reconciled. If a group bank account needs to be set up then please provide us with:
  1. Bank Account Name
  2. Bank Name
  3. Sort Code
  4. Account Number
  5. Last Statement Date
  6. Last Statement Balance
Info
You can setup Group Accounts/Funds in the Settings screen within the Workbench -> Group Bank Accounts tab.


Once it is set up and you need to link it to a block, you can go simply go into the block -> finance -> set-up accounts -> bank accounts and when clicking on add, it will give you the option to choose the group bank account from the drop down menu. 


Info
If you have several Group Bank Accounts then you can record the transfer of funds between these accounts on the Inter Account Transfer screen. 
Access via the Workbench menu -> Finance -> Agent Bank Account -> Inter Account Transfer


Info
You can perform a bank reconciliation of a Group Bank Account in the Reconcile Bank Account screen. 
Access via the menu option: Agent Bank Account -> Reconcile Bank Account

  1. Select the bank account you wish to reconcile and enter the Statement closing date and the closing balance.
  2. The difference between the system and the physical bank statement is shown at the foot of the screen as the ‘Unreconciled Amount’. Once this amount is £0.00 then you can complete the reconciliation by selecting the Confirm option. For each item that appears on the bank statement you can ‘tick’ the item on the screen. 
  3. At any stage you can pause the reconciliation process by selecting the Postpone button. You can then return to the reconciliation at a later stage. There is also a failsafe if you do navigate away from the screen by accident where the system keeps the ticked transactions as partially reconciled. 
  4. To confirm the reconciliation, you have to click on Reconcile. 
  5. You may Clear All transactions if you ticked multiple and want to start over again. 

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