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  • Bank Setup
  • nishitD
  • 2015-05-15 13:48:16
A bank is any financial institution with which your organization, your supplier or your customer maintains a banking relationship. You must define banks and bank accounts in the system to do AP payment and AR receipt in system.
A bank in inoERP represents a specific entity such as Bank of America or Citi Bank. A bank site specifies the location of the bank. Bank sites are also called bank branches. A bank account represents a specific account of an organization/person with the bank. A bank account can be a supplier bank account, a customer bank account or an internal bank account.

Supplier Bank Account:
You can create supplier bank account to make direct electronic transfer to the supplier account from your organization bank account.

Customer Bank Account:
You can create customer bank account to request fund transfer against customer invoices.

Internal Bank Account:
You can use internal bank account information to transfer money to your supplier. You can also use internal bank accounts to receive payments from customers. Internal bank account also stores all the financial and accounting information such as the cash account, bank charge account, etc.

A bank master record contains the name, number, alternate name (can be used to store non-English bank name) as well as data such as:
• Country of registration of the bank
• Tax registration details
• Corporate addresses of the bank

Bank contacts are maintained only in bank site level.

A bank master record consists of three levels of information:
1. Header Level Data
These are mostly corporate level information for the bank and the data applies to each bank site and bank account.
(Ex: Bank Name, Bank Number, Alternate Name, Address, Tax Information, etc.).

2. Site Level Data
A site represents a specific bank location.
(Ex: Bank Site Name, Bank Site Number, Address, Contact & Tax Information, etc.).

3. Bank Account
Bank account represents a specific banking relationship of an entity (internal org, supplier, customer) with a bank site.
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