Set up accounts for payments

An account is a core financial entity used for posting transactions. It can represent a bank account, a cash drawer, or a special-purpose miscellaneous account. When you create an account, the setup adapts to the type you select to make sure you provide the right details.

Create an account

Follow the steps below to create an account: The account creation process is a two-step wizard. The first step is to provide a name and select the main account type, which will determine the configuration options available in the second step.

1. Navigate to Finance Manager, expand the Configuration menu item, and select Accounts.
2. Click Create account. to open the Create account modal.
3. In the Create account modal enter the following information:
   1. Name: a clear, recognisable (for example, Main Corporate Bank Account, Front Desk Cash Drawer).
   2. Select the Account type. This choice determines which fields you see in the next step.
      1. Bank: for standard bank accounts.
      2. Cash: for physical cash, such as drawers or petty cash.
      3. Miscellaneous: for special-purpose accounts.
      4. Other types: Giro, Purchase, Sale (for specific cases).
   3. Click Next step.
   4. Enter a Description of the account’s purpose.
   5. Select the Journal for postings (for example, General Miscellaneous).
   6. Select the general Ledger account.
   7. Set the account’s Currency.
   8. Link the account to one or more business Locations.
   9. Check Numbering restarts every year if numbering should reset annually.

Depending on the selected Account type, different additional information and settings are available.

Bank account

In addition to the common fields, a Bank account requires:

• Admin organisation: the administrative part of your company this account belongs to.
• IBAN: the International Bank Account Number.
• Bank type and Account number: Specific details for the bank.

Cash account

A Cash account has a unique sub-type and requires a Company link.

• Cash Account Type:
  • Cash: a standard cash account.
  • Reception: a cash account specifically for a reception desk.
  • RoundOff: an account used for rounding differences.
• Company: the legal company entity the cash account belongs to.
• Cost center: assign a cost centre for tracking. This is optional.

Miscellaneous account

A Miscellaneous account allows for more specific behavioural rules.

• Admin organisation: the administrative part of your company this account belongs to.
• Miscellaneous account type: defines the account's special function. See the section below for a full explanation of each type.

After adding all the required details for the chosen account type, click Finish to create the account.

Understand miscellaneous accounts

When creating a miscellaneous account, you must assign it a type. Each type applies specific rules that define the account’s purpose. The available types and their meanings are:

• Account unassignable payments: this serves as a suspense or clearing account. It is used to temporarily hold payments that the system cannot automatically match to an invoice, guest, or other entity. This allows you to isolate and later reconcile these funds manually.
• Account without end balance check: a standard account that is exempted from end-of-day or end-of-period balancing procedures. Useful for accounts where a zero balance is not expected or required.
• Account with end balance must be 0.00: the opposite of the above. This account type enforces a rule that its balance must be zero at the end of a reporting period. It is often used for clearing or transitory accounts.
• Account for credit card payments: an account for processing and recording actual credit card payments and settlements.
• Account for credit card authorization: an account used specifically to hold temporary credit card pre-authorizations. It tracks funds that are held but not yet charged.
• Account for internet payments: an account designated for handling payments made through online portals or payment gateways.
• Account invoice reservation to debit card: This account is used to process payments for work orders that are directly chargeable to an owner. It records the settlement of an "invoice reservation" and corresponds to a direct debit from the owner's main account to cover the cost.
• Account invoice reservation to maintenance fund debit card: Similar to the above, this account is used to process payments for work orders. However, the costs are charged to a designated maintenance fund instead of an individual owner. It records the settlement of an "invoice reservation" via a direct debit from the maintenance fund's account.
• Account for cheque incoming / Account for cheque outgoing: separate accounts for tracking incoming (received) and outgoing (issued) cheques, helping to manage their clearance status.
• Transfer payments: used for recording fund movements between accounts or entities, such as internal bank transfers.

Edit and delete an account

1. Navigate to Finance Manager, expand the Configuration menu item, and select Accounts.
2. Select the account to be edited or deleted from the Accounts page.
3. Click the kebab menu on the same line as the selected account.
   1. To Edit: select Edit option. Edit the required details in the Update account modal displayed and click Update.
   2. To Delete: select Delete.