Create Bank / Cash Account Definition – A summary of the activity

This activity allows you to assign a posting account to a Bank / Cash code. The purpose of having a separate posting account number to each bank code is to facilitate easy identification of the bank in which the transactions take place and also to make bank reconciliation easier. A company can have many bank accounts for its transaction. Each bank account has to be mapped to the finance book. You can define separate bank accounts in a finance book. Each bank code is mapped to a posting account number that is defined in “Accounting Setup” business component. If the transactions are to be performed in one particular bank account then the entries are passed in the mapped posting account, which in turn affects the finance book. The posting accounts are “Active” and open for transaction during the effective period. Similarly the bank charges accounts are also mapped for each Bank or PTT codes.

The system updates the status of the bank cash PTT code for the finance book from “Fresh” to “Active”. The system stores the login ID of the user and the system date along with the account details.

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