Bank Code
Bank code can be numeric or alpha.
For details on the use of “codes”, see The Role of “Codes” in Online Advantage
Bank Name
Enter the name of the bank. This is used to describe the bank itself and is used when choosing the bank in transaction entry and on report filters.
For more details on descriptions, see The Role of “Names & Descriptions” in Online Advantage
BSB Number
Enter the BSB number. The BSB number is the financial institute and branch number relating to the bank account and is used/printed on the bank deposit slip and in Bank Transfers when payment files are exported for use in your banking system/portal.
Bank Account Number
Enter the bank account number. This is the unique account number your bank has allocated to your account. It is also used/printed on any bank deposit slip generated for this account and in Bank Transfers when payment files are exported for use in your banking system/portal..
Branch Name
Enter the branch name of the bank. This is usually the branch where the account was opened.
Name of Account
Enter the name of account. The name of the account is the name that the bank uses to identify this account.
Currency
Select the currency. The Online system supports both “local” bank accounts in the “system’s currency” as well as any bank accounts where you hold funds in another currency. This feature allows you to receive and hold foreign currency payments from customers in the currency they are made in, as well as making payment to suppliers from your foreign currency bank account rather than purchasing the currency required via your local currency bank accounts at a nominated exchange rate.
Overdraft Limit
Enter the maximum overdraft limit arranged with this bank account if one exists. This is used in available cash calculations. Leave this input blank if you have no overdraft or draw-down facility.
Close Account
Select this if you would like to tag the bank account as being ‘closed’. With this option selected, you may not use the bank in transaction functions such as Cash Receipts or Supplier Payments. You may choose to set the account to closed rather than delete it so you can still access any transaction history on the bank account.
General Ledger Account
Bank Balance Account/Branch/Division
Enter the chart of account, branch and division to be used for the GL bank balance value. Whenever cash is received or payments made to this bank, the account entered here is used to post to GL. Typically to the “Current Assets” section of the Balance Sheet.
Note: If you want to be able to easily reconcile the Bank Balance to the GL Account Balance then you should NOT use the same account specified here for more than one Bank account. If the account is present on two or more Bank accounts the OA system generated Ledger Report will always report a variance between the ledgers as it assumes a “one to one” relationship.
Bank Reconciliation
Statement Format
If you are going to perform bank reconciliation by uploading your banking transactions, then select the electronic statement format to use for this bank. The Electronic Statement Format must exist.
See related topics: Electronic Statement Format and Bank Reconciliation for more details.
Default Bank Charges/Fees Account
Account/Branch/Division
Enter the account, branch and division for default bank charges/fees posting. This is used as a default GL posting account when entering bank charges in bank reconciliation. The account posting can be varied if required during the bank rec process.
Default Interest Received Account
Account/Branch/Division
Enter the account, branch and division for default interest received posting. This is used as a default GL posting account when entering interest in bank reconciliation. The account posting can be varied if required during the bank rec process.
Summarise Deposit Summary by Reconciliation Code
Select this option if you want the ‘deposit summary’ on the bank ‘Deposit Details’ report to be sub-divided by the bank reconciliation code that is nominated on the transaction tender type.
Batch Cash Deposits until Banked
This setting causes cash payments to accumulate under one deposit reference until you print a Deposit Slip and take the cash to the bank. This means that there will be one entry in the bank reconciliation system to match the one physical deposit made at the bank. Leave this option unset to create an entry in the bank reconciliation ledger for each days’ cash takings.
Bank Transfers (exporting payments to bank)
This group of fields relate to generating export files for bank transfer payments. The entries here allow the system to create a payments file that can be exported from Online Advantage and then imported into your Bank application/portal. The system provided by your bank might be in the form of a web site login over the internet or via some banking software.
There are some standards for bank file formats. For instance in Australia the main banks have adopted a de-facto file format called an ABA or Direct Entry file. Online Advantage supports this file format which can be used to generate an upload file for an unlimited number of supplier or sundry payments made through the system.
The ABA payment file when uploaded to your bank will instruct the bank to debit your account with the total of the payments in the file, and to credit each suppliers account as per the individual BSB and Bank Account details you have recorded in the file. This makes it a very easy and efficient way to process multiple Accounts Payable payment transactions at one time.
Using Online to create an EFT payment file means that you no longer have to maintain a list of suppliers and their banking details in your bank software. You simply record the banking details for EFT suppliers in Online and let the system create the payment file for uploading to the bank.
User ID
Enter the user ID for electronic funds transfer. This is a user ID provided by your bank.
User Name
Enter the user name for electronic funds transfer. This is the name of your account at the bank.
Bank Abbreviation
Enter bank abbreviation for electronic funds transfer. Refer to your bank for the correct abbreviation.
Remittance Name
Enter the remittance name for electronic funds transfer. This is your bank account name.
Do not add Self Balancing total to ABA file
Select this option if the export file is a non-self balancing file. If unchecked, the export file will contain an additional total line that equals the sum of the transaction lines (but reverse sign) I.E. ‘self balancing’. If checked, this total line is omitted (a requirement of some banks).
Export Format
Choose the format the bank requires for uploading bank transfer payments.
If you are making payments via ‘Bank Transfer‘ you may wish to export the payments from Online Advantage and upload to your bank. The format of the upload file for banks varies between banks and sometimes even between countries for the same bank. If your bank format is not available on the current list, you would need to speak to your bank to get technical details about their required file format and pass that through to the Support Help Desk to request a change to accommodate the bank’s format.
Receiving Payments (via Merchant Bank for eCommerce)
This group of fields relate to E-commerce payments.
Merchant Bank ID
Enter the merchant bank id. The Merchant Bank is used in the E-commerce payment gateway.
Merchant Bank Password
Enter the merchant bank password. This password is used in E-commerce payment transaction to connect to the Merchant Bank account for payments.