How do I add a new Bank Account?

Modified on Tue, 24 Sep, 2024 at 10:23 AM

PRO TIP: Do not create the bank account(s) COA(s) as it's simultaneously created with the bank account when following the steps below. It is recommended that you first navigate to Accounting > Chart of Accounts to write down which UNUSED COA(s) in "Assets" you'd like to use for the new accounts you're adding.

To set up a Bank Account:

In Accounting, if you need to create a new bank account, start by going to the Accounts tab on the left navigation. Select an HID from the drop down.

In Accounting, select the Accounts page, then select a hotel from the top left drop down menu.

From there, on the top-right, click Add Account.

Then, select the Account Type: Operating, Miscellaneous or Payroll.
1. Operating should be the most commonly used type of account.
2. Miscellaneous is typically used for a smaller bank account with hand written checks. You cannot print a check from Inn-Flow for this type of bank account. This is not a commonly used type of account.
3. Payroll are accounts that are used strictly for processing payroll.
Enter the Bank Account Number.
Enter a Nickname to differentiate this from other Accounts. Examples of a nickname would be Depository, if this account is mostly used for credit card and cash deposits. Disbursement is used for accounts only used to pay invoices. If the bank account is used for deposits and payments, you can use the Nickname: Hotel ID and the Bank Initials. If the hotel ID is ABCDE and the account is through Wells Fargo, the Nickname would be ABCDE-WF.
Enter the Bank Code, Bank Name, and Bank Address.
In the COA field, you can only enter a COA that has not yet been used. Please visit Accounting > Settings > Chart of Accounts to find the next available COA number in line with your other accounts. Enter this COA. Typically the chart of accounts start with 01001 for bank accounts, then 01002, 01003, 01004, etc.
Enter the Account Name that you would like to Print on the Check. This is usually the hotel's legal name or DBA name.
Select if this is considered the primary account. Each location must have one primary account.
Select the Opening Date, preferably the 1st of a month.
Select Next.
On the Check tab, enter the remaining details to print on the check. These details include the Routing Number, Starting Check Number, Check Series, and Account Address.
Select a Positive Pay Format if necessary. If your bank is not listed, please reach out to support to have this added.
If a digital signature should be added, please complete this process. Instructions can be found in the following article. Adding Digital Signature
Save.
You will be prompted to print a sample check each time an edit is made to the bank account to ensure the check prints correctly.

IF PRO TIP: Do not create a COA for the new bank account. This is simultaneously created when following the steps above.

IF PRO TIP: If you need help creating an account, you can open a new tab and use an existing bank account's set up as an example.

IF PRO TIP: All bank accounts and credit card accounts must have their own unique Chart of Account (COA). Review your current Chart of Accounts to pick the next account in sequence. For example, if the bank account COAs end at 01054, you would use 01055 as the next COA for the bank account.

Interested in ePay?: Here is an article on how to begin the setup process: New Account - ePay