When your account is first created you will need to set up a bank account.
How to set up a bank account
Once logged in, navigate to the banking tab and click on create my bank account.
Enter the account details
then click Add bank account
If you have more bank accounts to set up, such as a credit card account, deposit or savings account, click add new account on the banking page.
Add in your accounts details including the sort code, account number and the account name. The account no and account name are mandatory. Therefore, if the account does not have a sort code then you should leave this blank.
If the account is a credit card with a long number then it is advisable to enter the last 4-8 digits from the card number. This will help you easily recognise the account on the account list. Choose the type of account
A normal bank account type will be added by default (as these are the most frequently used). However, if the account is a loan or directors loan account then choose that option from the list. Note, the account is either a loan account or a directors loan account, it cannot be both.
Treat a loan account as money owed to a bank or other loan beneficiary. The directors loan account is your personal loan account with the company.
Adding an opening balance
If you are a new business and intend to use Clever Accounts from the beginning you can ignore this section.
However, if you are transferring across from another system or you do not intend to use Clever Accounts from the beginning, you will need to enter a starting balance for the bank account. Put in the balance of your bank account as at the start of the day you wish to use Clever Accounts from.
It's normally good practice to start using Clever Accounts from the first day after the year end, VAT period or the first day of the month.
Once you have updated all the various required information, click on Update Bank Accounts (if updating) or Add Bank Account (if adding a new one), or Cancel to close without creating (or updating) the bank account.