Set up default bank account

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Overview

The default bank account is the main account for the entry of receipts and payments.  You may however wish to set up a new bank account for the Job and use this as the insolvent entity’s main trading account.

Setting up a default bank account

1.    To set up a new bank account click Financials > Accounts.

2.    Click Add Account.

3.    Select Bank from the Account Type drop-down box.

File:test/insolvency/120_10+Accounts/030_Set+up+default+bank+account/Bank_setup_1.png

4.    Fill in the following details as shown below.

File:test/insolvency/120_10+Accounts/030_Set+up+default+bank+account/Bank_set_up_2.png

Bank set up 3.png

Note

There is no selection on the Advanced tab for Default Bank Account if a default bank account has already been selected.

Editing bank account details.

1.    Click Financials > Accounts.

2.    Right-click the Cash at Bank account and select Edit Cash at Bank.  The Cash at Bank window appears

Edit_Bank_Account1.png  

You will note that this view is specific to an account which is nominated as a Bank Account.

3.    In the Account Name field and enter “Liquidation Current Account” in the Account Name field.

Edit_Bank_Account2.png  

4.    Click on the Bank Details tab and enter the following details:

Edit_Bank_Account3.png  

If you don’t provide all the information requested by the system, you will receive a warning similar to that shown below when you exit the Edit Bank Account (the actual warnings will depend on the missing information).

 Edit_Bank_Account5.png 

5.    Click the Advanced tab and confirm the 'Default Bank Account' checkbox is selected.

Edit_Bank_Account4.png

6.    Click [OK] to Save.

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