Why this matters
Setting up cash accounts is essential for tracking your financial transactions and maintaining accurate records. This process allows you to connect bank accounts, credit cards, and other financial instruments to your entity for comprehensive financial management.
Prerequisites
- You must be logged in as an Owner or Administrator
- Have an entity created in the system
- Gather account details (BSB, account number, bank information)
- Understand the difference between direct bank connection and manual entry
Steps
1. Navigate to Accounts
Go to Accounts → Select your entity from the tabs
2. Add New Account
Click the Add Account button in the top-right corner of the accounts section.
3. Choose Account Creation Method
Select how you want to add the account:
Option A: Direct Bank Connection (Recommended)
- Secure Bank Connection - Connect directly to your bank
- Automatic Import - Account details and transactions imported automatically
- Real-time Sync - Transactions update automatically
- Secure - We never see or store your banking passwords
Option B: Manual Entry
- Traditional Method - Enter account details manually
- File Import - Upload bank statements and transaction files
- Full Control - Complete control over account setup
4. For Direct Bank Connection
If you chose direct bank connection:
- Click Connect Bank Account
- You'll be redirected to your bank's secure login page
- Log in with your banking credentials
- Select the accounts you want to connect
- Grant permission for read-only access
- Account details and recent transactions will be imported automatically
5. For Manual Entry
If you chose manual entry, fill in the account details:
Required Information:
- Account Type - Select from dropdown:
- Bank Account
- Credit Card
- Broker Account
- Loan Account
- Mortgage
- Term Deposit
- Savings Account
- Investment Account
- Account Holder - Name on the account
- BSB Number - 6-digit bank code (e.g., 123-456)
- Account Number - Your account number
Optional Information:
- Nickname - Friendly name to identify the account
- Group - Group name for organizing accounts
- Starting Balance - Current balance of the account
6. Set Starting Balance (Optional)
If you want to set a starting balance:
- Check the Set Starting Balance checkbox
- Enter the current balance amount
- Select the balance date
- Add any notes about the balance
7. Configure Account Settings
Set up additional account properties:
- Interest Rate - If applicable, set the interest rate
- Interest Calculation - Choose how interest is calculated
- Payment Frequency - For loan accounts, set payment schedule
- Account Status - Active, dormant, or closed
8. Review and Save
Review all entered information and click Save Account to create the account.
Expected Results
- New account appears in your Accounts dashboard
- Account details are saved and validated
- If using direct connection, recent transactions are imported
- Account is ready for transaction management and reporting
Example
Setting up a Business Bank Account:
- Account Type: Bank Account
- Account Holder: Smith Family Trust
- BSB: 062-000
- Account Number: 12345678
- Nickname: Business Operating
- Starting Balance: $15,000.00
- Balance Date: 2024-01-01
Troubleshooting
- BSB format errors → Ensure BSB is 6 digits (spaces and dashes are auto-removed)
- Bank connection fails → Check your internet connection and bank credentials
- Account not appearing → Refresh the page and check the correct entity tab
- Validation errors → Ensure all required fields are completed
What Can Go Wrong
- Incorrect BSB/Account Number → Transactions may not match properly
- Wrong starting balance → Reports will be inaccurate
- Missing account type → May affect categorization and reporting
- Duplicate accounts → Can cause confusion in transaction matching
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