Bank records are used to record transactions that affect your cash (bank) accounts. Bank records are created automatically by the system when accounts payable disbursements (checks or wire transfers) are processed using the Accounts Payable System. Bank records are also created automatically by the Accounts Receivable system when summary deposit transactions and customer refunds are processed.
Bank transactions that are not related to accounts payable or receivable documents can be entered into the system using the programs in the Bank Management system. The Bank Management program allows you to record miscellaneous deposits and charges such as interest income, interest expense, and bank charges, and to handle other situations that are not related to accounts receivable or payable activity, such as payroll, bank transfers, and capital distributions.
The following sections describe the various programs or program options which can be used to create or update bank records.