Banking

Overview

Manage your bank accounts, process payments, and reconcile bank statements with your accounting records.

Accessing Banking

1. Click on "Accounting" in the main menu
2. Select "Banking"
3. You will see the banking dashboard

Adding Bank Accounts

Step 1: Create New Bank Account

1. Go to "Accounting" > "Banking"
2. Click "Add Bank Account"
3. You will see the bank account creation form

Step 2: Enter Bank Details

• Account Name: Name for your bank account (e.g., "Main Operating Account")
• Bank Name: Name of your bank
• Account Number: Your bank account number
• Account Type: Checking, Savings, Money Market, etc.
• Currency: Currency of the account
• Opening Balance: Starting balance of the account

Step 3: Configure Account Settings

• IBAN/SWIFT Code: International banking codes (if applicable)
• Bank Code: Bank routing number
• Branch Code: Branch identifier
• Default Account: Check to make this your default account

Step 4: Save Bank Account

• Review all entered information
• Click "Create Bank Account"
• The account will be added to your banking module

Bank Reconciliation

What is Bank Reconciliation?

Bank reconciliation is the process of comparing your accounting records with your bank statement to ensure they match and identify any discrepancies.

Starting Reconciliation

1. Go to "Accounting" > "Banking"
2. Select the bank account to reconcile
3. Click "Reconcile Account"
4. You will see the reconciliation form

Reconciliation Process

1. Enter Bank Statement Details:
   • Statement Date
   • Opening Balance
   • Closing Balance
   • Bank Charges
   • Interest Earned
2. Match Transactions:
   • Compare bank statement transactions with your records
   • Check off matching transactions
   • Identify outstanding items
3. Identify Discrepancies:
   • Look for transactions in your records but not on the bank statement
   • Look for transactions on the bank statement but not in your records
   • Check for amount differences
4. Record Adjustments:
   • Record bank charges
   • Record interest earned
   • Record any corrections needed
5. Complete Reconciliation:
   • Verify the reconciliation balances
   • Click "Complete Reconciliation"
   • The account is now reconciled

Reconciliation Tips

• Reconcile your accounts monthly
• Keep your bank statements organized
• Record all transactions promptly
• Look for timing differences (checks not yet cleared, deposits not yet posted)
• Investigate any discrepancies immediately

Processing Payments

Recording Payments

1. Go to "Accounting" > "Banking"
2. Click "Record Payment"
3. Select the payment type (Check, Transfer, Credit Card, etc.)
4. Enter payment details
5. Click "Record Payment"

Payment Details

• Payment Date: Date of the payment
• Payee: Who you're paying
• Amount: Payment amount
• Payment Method: Check, Transfer, Credit Card, etc.
• Reference Number: Check number, transaction ID, etc.
• Description: Purpose of the payment
• Account: Account to charge the payment to

Payment Status

• Draft: Payment not yet recorded
• Pending: Payment recorded but not cleared
• Cleared: Payment cleared by the bank
• Cancelled: Payment cancelled

Bank Feeds

Automatic Transaction Import

Connect your bank account for automatic transaction import:

1. Go to "Accounting" > "Banking"
2. Select the bank account
3. Click "Connect Bank Feed"
4. Follow the bank's authentication process
5. Authorize Quick Accounting to access your account
6. Transactions will be automatically imported

Supported Banks

Quick Accounting supports connections with major banks and financial institutions. Check the banking module for a list of supported banks in your country.

Benefits of Bank Feeds

• Automatic transaction import
• Faster reconciliation
• Reduced manual data entry
• Real-time account balance updates

Multi-Currency Banking

Managing Multiple Currencies

• Create separate bank accounts for each currency
• Set exchange rates for currency conversions
• Track foreign exchange gains and losses

Currency Conversion

1. Go to "Accounting" > "Banking"
2. Click "Currency Conversion"
3. Select source and target currencies
4. Enter the exchange rate
5. Record the conversion

Bank Account Reports

Available Reports

• Bank Account Summary
• Bank Reconciliation Report
• Payment History
• Bank Charges Report
• Interest Earned Report

Generating Reports

1. Go to "Accounting" > "Banking"
2. Click "Reports"
3. Select the report type
4. Choose the date range
5. Click "Generate Report"
6. Export or print the report

Best Practices

• Reconcile your bank accounts monthly
• Record all transactions promptly
• Use bank feeds for automatic transaction import
• Investigate discrepancies immediately
• Keep bank statements and supporting documents
• Review bank charges and interest regularly
• Maintain accurate account information

Troubleshooting

Reconciliation Won't Balance

• Check for timing differences (outstanding checks, pending deposits)
• Verify all transactions are recorded
• Look for duplicate entries
• Check for data entry errors
• Review bank charges and interest

Bank Feed Not Updating

• Check your internet connection
• Verify bank credentials are correct
• Re-authorize the bank connection
• Contact your bank for technical issues

Next Steps

After setting up banking:

1. Create invoices
2. Process payments
3. Generate financial reports