How To: Create a New Bank Account

Table Of Contents

Introduction
Prerequisites
Creating the Bank Account
Bank Account Fields
CT Accnt Notes
Important Notes
Additional Information


WARNING icon
WARNING: Do not rename or reuse existing bank accounts or change the currency of an existing bank account.

Introduction

Before you can use a bank account in Khaos Control, you must first create a corresponding nominal account and then link the bank account to that nominal.
This article explains how to create both elements and configure the bank account correctly.

Prerequisites

Before creating the bank account, you must create a nominal account with the System Type set to Bank Control Account.
For guidance, see How To: Create Nominal Accounts.

Creating the Bank Account

  1. Create the required nominal account as described in How To: Create Nominal Accounts, ensuring the System Type is set to Bank Control Account.
  2. Open a System Data screen (show me how).
  3. Open the Bank Accounts section.
  4. Press Alt+E or click Edit to enter edit mode.
  5. Press F3 or click Add to create a new bank account.
  1. Complete the required fields:

Bank Account Fields

  • Account Name
    Enter the name or description of the bank account.
  • Credit Acc
    Tick this option if you are creating a company credit card account. This affects how the balance is displayed on the Balance Sheet, showing it as a liability.
  • Currency
    Press F4 and select the appropriate currency.
  • BNominal
    Press F4 and select the nominal account created in Step 1.
  • Account Number
    Enter the bank account number for reference.
  • Sort Code
    Enter the bank account sort code.
  • Debt Factor %
    Used with Cash Flow reporting. Only this percentage value will be included in the Cash Flow statement.
  • HQ Only
    Tick this option to restrict access to users with HQ-level permissions.
  • CT Accnt
    Enter the Card Transaction Account number (between 1 and 20). Transactions processed through this bank account will use the selected credit card integration account.

CT Accnt Notes

  • If no account is specified, the default value of 0 will be used unless:
    • A different Card Transaction account has been configured against the currency, or
    • The account is manually changed on the sales order.
  • If both a currency-level Card Transaction account and a bank-level Card Transaction account are configured, the bank account setting takes priority.
  • If you use PayPal, this field should be configured to ensure PayPal payments are posted to the correct bank account.
  1. Press Ctrl+S or click Save to save the bank account.

Important Notes

  • Once payments have been recorded against a bank account, you cannot change its currency.
  • If you want specific payment methods to post into specific bank accounts, you must configure the mapping in System Data | Accounts | Payment Types.
    For example, you may have a dedicated bank account for credit card transactions.

Additional Information

Each bank account must be linked to a valid Bank Control Account nominal. This ensures transactions are posted correctly within the general ledger and financial reports. Configuring bank accounts correctly also helps ensure payments, cash flow reporting, and card transaction integrations operate as expected.

See Also


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