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

Overview

When creating a new General Ledger (GL) account for general or trust bank, selecting the appropriate bank branch is a mandatory step. Certain fields will also be used to generate printed cheques from the associated bank/trust GL account. This guide walks you through accessing, managing, and defining the key details for bank branches.

Accessing Bank Branches

To view or manage bank branches:

Navigate to:
Environment → Bank Information → Bank Branches
The Bank Branches Form will open.

From this form, you can:
- New: Create a new bank branch.
- Select/Properties: Access and edit the properties of existing branches.
- Delete: Delete unused bank branches.

Field Definitions for Bank Branch Properties

The following fields are available when defining or updating a bank branch. These fields are organized under two tabs: Details and Other.

Fields marked with an * are mandatory for bank GL accounts that will be used to issue printed cheques.

Field Name	Definition
*Name	Enter the bank institution’s name. This will print on the physical cheque.
Other Name	Enter any alternative name for the bank.
*Transit Number	Enter the transit number and bank code for the branch, separated by a dash (e.g., `00011-010`) This will be included in the MICR line on printed cheques.
Fractional Transit Number	Enter the fractional transit number (primarily used for U.S. organizations). This appears in fractional form at the top of cheques.
Description	Provide a brief description of the bank (for reference purposes only).
*Address	Enter the branch address associated with the physical bank account. This will appear under the institution name on printed cheques.
Telephone	Enter the branch’s general phone number (for reference purposes only).
Fax	Enter the branch’s general fax number (for reference purposes only).

Other tab

Bank Contact/Recipient	Enter the contact name of the bank representative in the format: `Last Name, First Name Middle Name (if any)`. This information can be used when generating purchase letters in the Investment module.
Swift Code	Enter the Swift code if required. This is used if wire/transfer remittance information is printed on client documents.
ACH no	Enter the ACH number if required. This is used if wire/transfer remittance information is printed on client documents.
ABA Routing NO	Enter the ABA number if required. This is used for wire/transfer remittance information on client documents.
Language	n/a
Currency suffix	n/a
Report Footer	n/a

Additional Information on Key Fields

Transit Number

A transit number is a unique identifier for a bank branch, represented as XXXXX-YYY, where:
- XXXXX is the branch number.
- YYY is the institution code.
This number is essential for cheque processing and appears as part of the MICR line.

Swift Code

The Swift code is an internationally recognized identifier for banks, facilitating international wire transfers.
It consists of 8 to 11 characters:
- The first 4 characters represent the bank code.
- The next 2 represent the country code.
- The following 2 represent the location code.
- An optional 3 characters represent a specific branch.

ACH Number

The ACH (Automated Clearing House) number standardizes electronic payment processing in the U.S., including direct deposits and bill payments.

ABA Routing Number

The ABA (American Bankers Association) routing number is a nine-digit code used to identify banks in the U.S. for electronic payments, including direct deposits, checks, and wire transfers.

RELATED DOCUMENT:

Setting-Up a New General or Trust GL Bank Account