Efficiently Managing Business Transactions with Empress Bank Accounts

Guides & Tutorials
1

Introduction

Welcome to our guide on how to manage Bank Accounts in Empress. As a business, it’s crucial to keep track of your financial transactions. Empress makes it easy for you to store and manage your bank account information, including those of your Company, Customers, and Suppliers. This feature ensures accurate recording of all bank transactions for efficient accounting.

Introduction to the Bank Account Feature

The Bank Account feature in Empress is an essential tool for managing your business transactions. It allows you to add Bank Accounts for various parties involved in your business operations. Once added, you can select these Bank Accounts as Modes of Payment in your Payment Entries.

Accessing the Bank Account Feature

You can find this feature by following this path:

Home > Accounting > Bank Statement > Bank Account

Creating a Bank Account

Before you create a Bank Account, it’s recommended you establish a Bank in the system. Once you’ve done this, you can follow these steps to create a Bank Account:

  1. Enter an Account Name.
  2. Link to the General Ledger account, which is set in ‘Bank Accounts’ in the Chart of Accounts.
  3. Select a Bank.
  4. Click Save.

Additional Options When Creating a Bank Account

While creating a Bank Account, you have a few extra options to customize your account:

  • Is the Default Account: Enable this option to make this the default bank account for all journal transactions.
  • Is Company Account: If the Bank Account is a Company account, enable this option.
  • You can also set an Account Type and Account Subtype for further classification in reports.

Exploring the Features of Bank Account

The Bank Account feature offers several functions to help you manage your accounts better:

Party Details

The party details section allows you to specify the account holder if it’s not a company account. You can choose from different party types such as Customer, Employee, Member, Shareholder, Student, and Supplier.

Account Details

In this section, you can record specific details about a Bank Account including IBAN, Bank Account No, Branch Code, and SWIFT number.

Address and Contact

You can add information about the bank’s branch address, contact person, and website in this section.

Integration Details

For banks that support Plaid Integration, you can set a Last Integration Date. This initiates synchronization on the set date, creating Bank Transaction entries.

Conclusion

The Bank Account feature is a valuable tool in Empress for managing your business financials effectively. It offers a comprehensive platform to record and track banking transactions, enhancing your business process efficiency. For further assistance or resources, feel free to reach out to our support team.