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Use AccountRight’s banking features to record your bank and cash transactions and keep on top of your finances. You can:
- record the money that goes in and out of your bank accounts and credit card accounts
- manage money that you deposit in a batch, such as customer payments made by cash, cheque or credit card
- record cash payments and purchases, such as petty cash expenses
- reconcile transactions shown on your bank statement with the information you’ve recorded in AccountRight, to check that your records are up to date
- prepare payments to process electronically using your internet banking software or website.
Bank feeds help you keep up to date
If you’re subscribed to AccountRight, you can sign up to the bank feeds service and have all of your bank transaction details automatically fed into your company file. You’ll just need to check and approve the information before it’s committed to your file.
Using bank feeds is the easiest way to keep your financial records up to date and accurate. Because you’re approving transactions as you go, bank reconciliation is largely done for you.
If you’re not using bank feeds...
If you haven’t signed up to the bank feeds service, or you have bank or credit card accounts that don’t work with the service, you can still keep your information up to date in AccountRight.
Most of your transactions can be entered from the one window (see Entering transactions in the Bank Register window) and there are smart features that will help you speed up your data entry too (see Recurring transactions).
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All businesses have money coming in and money coming out. The easiest and fastest way to make sure your software matches your bank is to set up bank feeds. You need an AccountRight subscription for this.
Bank feeds lets you compare your bank account and credit card transactions with the information you have in AccountRight and easily add transactions.
If you want, you can use your AccountRight software to pay your suppliers and employees electronically. By setting up electronic payments, you can make payments by preparing an electronic payment file for your bank to process.
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It’s simple to work with bank feeds. It works by matching transactions from your bank to those recorded in AccountRight.
You can approve a bank feed by:
approving the matched transactions or
using the information in the feed to find a matching transaction or create a new one.
Approved a match by mistake? Simply undo the approval.
If you have transactions that regularly appear in your bank feeds, you can set up rules to automatically create matching transactions in AccountRight, or to help match payments to invoices and bills.
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Need to record money that’s not related to an invoice or bill you’ve entered?
Use Spend Money to record the payments you make for things such as petrol, office stationery, and phone bills.
Use Receive Money to record amounts you've received, such as interest payments or capital injections.
You can enter transactions with less detail, by using the Bank Register window.
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The cash and cheques have been piling up, so it’s time to go to the bank to make a deposit.
To make this easier, you can record sales to the Undeposited Funds account. This will temporarily hold the money received by cash, cheque and credit card, until you’re ready to prepare a bank deposit. This allows you to track the individual payments that have made up the total deposited amount, making reconciliation easier.
If you want, you can use your AccountRight software to pay your suppliers and employees electronically. You need to set up electronic payments to do this.
You can transfer money between bank accounts, including bank and credit card accounts. For example, if you have a petty cash account set up as a bank account, you can transfer funds to it to top up the balance of your petty cash float.
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Even if you use bank feeds to bring your bank account and credit card information into AccountRight, you still need to reconcile your accounts. This ensures that the bank account balances in your company file match your bank’s records.
But if things don’t go to plan, it could be that your accounts don’t balance or you might even need to undo a previous reconciliation.
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