Banking Setup

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Table of Contents#System Administrator's Guide | Implementation | Banking Setup | Business Partner Setup

It is important to setup banking information correctly so that payments can be effectively tracked and reconciled.

Banking Setup

Before you begin with the setup of the banking information, please read the page on Banking.

Bank information is identified in the System Admin » Organizational Rules Bank Window. The Bank Tab is used to identify the bank and branch where the account information is held. This includes items such as the address, routing number and SWIFT code.

The Account Tab is used to identify information about the account including the currency and account type.

Subordinate to the Account tab are the following:

  • Bank Account Document Tab where the specific documents related to payment types can be defined. The payment rules are the standard:
    • Check
    • Credit Card
    • Direct Debit
    • Direct Deposit
    • On Credit
The definition includes the print format for the document. For cheques, this is the print format for the cheque.
The next number to use in the sequence can also be set here.

When establishing the banking information, you will need to define a bank account in ADempiere for each actual bank account. You will also want to setup a bank account for each payment processor you use, regardless of whether you use them on-line or not. Each bank account will require an asset account and an in-transit account. The asset account should always match your bank statements. The in-transit account balance will represent the outstanding cheques and payments in the system.

Setup a different bank account for each type of card processed by your payment processor(s). You will want a one-to-one relation between a particular card type and the bank account used to track the transactions. It will be much easier to reconcile.

In the Payment Processor Tab, check off one and only one type of card that will be tracked by that bank account.

Image:Note.gif Note:

There is no harm in selecting multiple card types. In the reconciliation window, all payments will be appear without reference to the card type. It can be easier to reconcile a payment processor account when you can differentiate the card types - hence the recommendation to use a separate account for each type.

So for an example, ACME Co. has a checking account with RBC and uses Moneris as a payment processor. They accept Visa, MasterCard and American Express. In the Bank window, there are two banks defined, RBC and Moneris. The RBC bank has a single account. The Moneris bank has three accounts. The chart of accounts includes eight accounts - 4 bank accounts and 4 in-transit accounts.

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