GL Bank Account - Setting-Up a New General or Trust GL Bank Account

Scope and Purpose  

This document outlines the requirements and processes for creating and managing GL bank accounts in Acumin. It covers GL accounts and their relationship with bank properties, ensuring proper functionality within the system.

Prerequisites

Before working with GL bank accounts, ensure the following:

1. Bank Branch: Verify that the bank branch is listed in the Bank Branch form. If not, create it.

2. Bank Account: Confirm that the bank account is listed in the Bank Account form. If not, create it.

Accessing G/L Accounts

1. From the Accounting sidebar on the left side of the screen, select the G/L option.

   • The General Ledger Inquiry form will appear.

2. Click on the G/L Accounts button to display the list of existing accounts in Acumin.

   • The Manage General Ledger list will launch.

Viewing General or Trust Bank G/L Accounts

1. Click on the "+" icon next to the General or Trust G/L Account you want to view.

2. Select a specific account and click on Properties to open the GL Bank Account Properties window.

   • If the required account doesn’t exist, it will need to be created.

Creating a New General or Trust Bank G/L Account

1. In the Manage General Ledger form, right-click on the bank G/L Account and select New to create a new bank account.

   • The Bank GL Properties form will open.

Key Fields in the Account Properties Tab:

Other Tabs:

• Miscellaneous Tab: No configurations are required here.

• Availability Tab:

  • Select each firm and double-click to make this account available for that firm. A green checkmark will indicate availability.

2. After completing all required fields, click OK to save changes.

3. A Properties - Notices form will appear, prompting you to add recipients for notifications about this new GL account (e.g., adding it to Financial Statement Reports). Click OK to confirm.

Non-Base Currency Bank Accounts

If you need to create a bank account in a currency other than your base currency (e.g., USD vs. CAD), follow these additional steps:

1. Create the non-base currency bank account as usual, selecting a currency other than your base currency.

2. Access the Availability Tab, and assign firms that can use this account.

3. Click OK to save changes.

4. A warning message will indicate that an Exchange Account is required—this will be addressed in the next steps.

Creating an Exchange Account

An Exchange Account acts as a placeholder for currency differences in transactions between currencies (e.g., USD vs. CAD). Acumin automatically calculates these differences based on exchange rates (which must be updated regularly).

For example, I receive a cheque for 100$ USD. My base currency is Canadian and based on the exchange rates in Acumin, it worth 150$ Canadian dollars. The amount appearing in the Exchange account is the difference between the amount in USD and the amount in Canadian. In this case, $50.

1. Using the G/L Bank Accounts form, create an exchange account:

   • Do NOT enter Bank Account Properties (e.g., no Bank or Account number is required).

   • Provide a G/L Account Number and a descriptive name (e.g., "Exchange Account").

   • Set it as an Asset account that does not allow cheques.

   • Ensure the currency matches your firm's base currency.

2. Assign availability of this account to one or more firms as needed.

Associating the Exchange Account:

1. Reopen the non-base currency bank account created earlier.

2. In the last field of the form (Exchange Account), either type the name of your Exchange Account or use the ellipsis button to select it.

Either type the name of the account in the Exchange Account field or use the ellipsis to select the exchange account created.

Once the account is selected, click on OK to save the changes.

RELATED DOCUMENT:

GL Bank Account - Setting Up Bank Accounts for General or Trust Bank GL Accounts

GL Bank Account - Setting Up Bank Branches for General or Trust Bank GL Accounts