Managing Bank Accounts

Overview

The bank accounts module in CloudOnex Business Suite helps you track and manage all your business bank accounts, cash accounts, and financial transactions. This guide covers everything from setting up accounts to reconciliation and reporting.

Setting Up Bank Accounts

Creating a New Account

1. Navigate to Accounting → New Account
2. Fill in the account details:

   Required Fields:
   - Account Title/Name
   - Initial Balance (current balance as of today)
   
   Optional Fields:
   - Account Number
   - Bank Contact Person
   - Bank Phone Number
   - Internet Banking URL
   

Understanding Account Types

CloudOnex supports various account types:

• Checking Accounts
• Savings Accounts
• Credit Cards
• Cash Accounts
• Petty Cash
• Investment Accounts

Balance Management

Initial Balance Setup

Current Balance = (Initial Balance + Total Income) - Total Expenses

Example:
Initial Balance: $1,000
Total Income: $500
Total Expenses: $300
Current Balance = ($1,000 + $500) - $300 = $1,200

Balance Tracking

The system automatically calculates:

• Opening balance
• Current balance
• Available balance
• Pending transactions
• Cleared transactions

Recording Transactions

Adding Deposits

1. Go to Accounting → New Deposit
2. Required information:
   • Date
   • Amount
   • Description
   • Category (optional)
   • Payer (optional)
   • Reference number (optional)

Recording Expenses

1. Navigate to Accounting → New Expense
2. Enter:
   • Date
   • Amount
   • Description
   • Category (optional)
   • Payee (optional)
   • Reference number (optional)
   • Attach receipts (optional)

Account Transfers

To transfer between accounts:

1. Go to Accounting → Transfer
2. Select:
   • From Account (source)
   • To Account (destination)
   • Amount
   • Date
   • Description

Account Reconciliation

Monthly Reconciliation Process

1. Gather Documents

   • Bank statements
   • Transaction records
   • Receipts and invoices

2. Compare Transactions

   Step 1: Mark cleared transactions
   Step 2: Identify pending items
   Step 3: Note discrepancies
   Step 4: Investigate differences
   Step 5: Make adjustments
   

3. Balance Verification

   • Compare statement balance with system balance
   • Account for outstanding checks and deposits
   • Document any adjustments

Reporting

Available Reports

1. Account Summary

   • Current balances
   • Transaction history
   • Income vs expenses

2. Transaction Reports

   • Daily transactions
   • Monthly summaries
   • Category-wise breakdown

3. Cash Flow Reports

   • Income trends
   • Expense patterns
   • Net cash flow

Generating Reports

1. Navigate to Reports → Financial Reports
2. Select:
   • Report type
   • Date range
   • Account(s)
   • Categories (optional)

Multi-Currency Management

Setting Up Multiple Currencies

1. Go to Settings → Currencies
2. Add currencies:
   • Currency code
   • Symbol
   • Base conversion rate