These are your company's own cash and bank accounts, the "payment methods" your money flows through. Each one becomes a ledger in your books. When you record a payment or a receipt, you choose the cash or bank account it went through.
When to use it
At setup, to enter your cash box and each company bank account. After that, add one whenever you open a new bank account.
Where to find it
Masters > Account Master > Cash/Bank Account.
The fields on this screen
| Section | Field (on screen) | What to enter | Required |
|---|---|---|---|
| Ledger Details | Ledger Name | Name of the account as it should appear in your books and reports. Keep it unique. | Yes |
| Ledger Details | Ledger Group | The group this account sits under. It decides where the balance appears in the Balance Sheet or P&L. | Yes |
| Ledger Details | Ledger Type | What kind of account this is, such as Cash, Bank, Sundry Debtors or VAT. | Yes |
| Costing Effect | Is Cost Element | Tick to treat this ledger as a manufacturing cost element. Set its type and behaviour under Cost Element Ledgers. | No |
| Configuration | Intercompany - represents org | Set only when this account stands for a sister company. Its balances drop out of group reports. | No |
| Payment Method | Payment Method | Name you will pick when paying or receiving, such as Cash in Hand or NIC Asia Current. | Yes |
| Payment Method | Site | Branch or site this account belongs to. | Yes |
| Payment Method | Bank Name | The bank this account is held with. Leave it blank for cash. | Yes |
| Payment Method | Account Number | The account number as printed on your bank statement. | Yes |
| Payment Method | Account Name | Name the account is held in, exactly as the bank has it. | Yes |
| Payment Method | Branch | The bank branch this account is held at. Leave it blank for a cash account. | No |
| Payment Method | Color Code | (not explained yet) | No |
Adding a record
- Open Masters > Account Master > Cash/Bank Account.
- Click Add / New.
- Enter a name, pick the Site and the Bank, and enter the Account Number and Account Name (all required).
- Click Save. The account is also created as a ledger in your books.
Starter accounts
Your demo company comes with Cash in Hand, plus bank accounts at Everest, Global IME, Machhapuchhre, Nepal Bank, NIC Asia and Standard Chartered.
Tips and common mistakes
- Each account becomes a ledger, so do not delete one that has transactions against it.
- This screen is for your own accounts. A vendor's bank account goes on the Customer/Vendor screen.