How do I set up a new bank account in Cash Management?
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Before you start the bank account setup, verify that you have your accounts set up in General Ledger. If you need to set up a new account, see How do I create a new full account in General Ledger?

Creating new accounts is simplest when no transactions exist, and the account balances are zero. Consider starting the bank before creating transactions.

Use Setup Assistant to set up your Cash Management bank accounts.  

 

Go to CM Setup, Setup Assistant:

  1. Introduction
    Review the introduction and click Next.
  2. Specify CM Settings
    Click CM Settings to review your Cash Management settings. Click OK and then click Next.
  3. Set up Bank Accounts
    1. Click Bank Account to open the Bank Accounts window.
    2. If you previously set up this bank account, select your bank account from the Bank account list and skip to step 3.e (below). If you are a new user, or if this is a new bank account, click the button with the * (asterisk).
    3. Type a bank account ID (up to 10 characters) for the new bank account and then click Insert.
      Note: If you use the AvidXchange (formerly Piracle Create-a-Check) application, do not use commas, spaces, dashes, periods, or any other special characters for your Bank ID. 
    4. Enter the full name of your bank account or a description in the Description box.
    5. Select the GL Cash Accounts tab.
    6. From the General cash account list, select the General Ledger cash account that you want to use for this bank account.
    7. Select the check boxes corresponding to each of the interfacing applications that want to use this bank account.
    8. If you want your applications to use separate cash accounts when they use this bank account, select the Use separate cash accounts per application check box. You can then specify a specific full or base account to use with your interfacing applications.
    9. Note: The General cash account is the only box that requires entry before continuing through Setup Assistant. You can enter more information on the bank account record at this time, or you can finish entering the set-up information later in Setup, Bank Accounts. For more information on a specific item in this window, right-click the item and select What's This?
    10. If Accounts Payable (AP) or Payroll (PR) will be using this bank account, select the General tab, then select the appropriate AP check format and/or PR check format to be used with this bank. For information about the check formats, see Where are the AP check formats stored?, and/or What are the differences between the three default Payroll check formats?
    11. Click Close to return to the Setup Assistant process.
    12. Click Next.
  4. Select Bank Account
    Select your new bank account and click Next.
  5. Enter Balances
    • NOTE: For Cash Management to report accurate bank account balances, each bank must "Go Live" with a beginning balance as of a specified time. Setup Assistant (CM Setup menu) walks you through the steps to set up Cash Management and establishes the beginning balance and starting point for the bank account. Balances entered directly to Cash Management must correspond with the Future balance(s) of the cash account(s) in General Ledger.
    1. Locate the statement ending balance on the most recent bank statement you have for this bank and enter that amount in the Last statement ending balance box (unless the future balance in GL for the cash account is $0.00). If the account does not have a balance, enter 0.00. (A new bank account would have a 0.00 last statement ending balance as all deposits/withdrawals would be brand new and part of the next statement).
    2. Enter the date of your most recent bank statement in the Last statement date box. If this is a new account, you can use the date you opened the account as the last statement date.
    3. Leave the prefilled General cash account.
    4. In the Cash Account column, enter each cash account associated with the bank. Include the same cash account that appears in the General cash account box above.
    5. Enter the General Ledger future balance for each cash account in the Amount column.
      • Note: If this bank is replacing an existing Cash Management bank account and using the same GL account as that existing bank, enter 0.00 here rather than the actual future balance. Then after going live on this bank, enter a bank transfer in Cash Management to move the balance from the existing bank to this new bank account. You can find the future balance in the General Ledger Account inquiry as follows:
      1. In General Ledger, from the Inquiry menu, select Account.
      2. Select Current, and then click OK.
      3. Note the appropriate Future Balance.
    6. Click Next.
  6. Enter Open Transactions
    1. Enter your open transactions.
      NOTE: These should be transactions that are already accounted for in General Ledger. No transactions will be sent to General Ledger for these transactions.
    2. Cash transactions already entered to this bank account from other applications such as Accounts Payable or Accounts Receivable appear here. If you have never used this bank account in any other application, no transactions appear.
    3. Click Next.
  7. Go Live
    1. If your Last Statement ending balance (Setup Assistant step 5) plus your open transactions (Setup Assistant step 6) equals the General Ledger future balance (Setup Assistant step 5), select Yes under Do you want to go live with bank account "<bank account ID>"?

Notes:

 

Sage My Assistant can notify your admin users when new accounts are created, ensuring that the right people in your organization are aware of these types of changes. Contact our Sales team at 1-800-858-7095 or [email protected] for more information on how Sage My Assistant can increase visibility within your business.

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