The bank account summary shows the up-to-date position of your finances in the business represented by cash in the bank, credit cards, loans and petty cash.
The bank accounts are grouped into two sections:
Bank accounts: these will show normal bank, petty cash, credit card, paypal, savings and any other bank type of account you may have.
Loan & director loan accounts: any loans or director loan accounts you have with the company will be displayed separately underneath.
From this summary screen, you can:
- Add or edit bank accounts.
- Add a payment or receipt.
- Make a transfer between bank accounts.
- Import a csv file from online banking.
- Match your imported entries to the accounts.
- Create recurring entries within the accounts
There are two dropdown menu's on the page. The menu on the top right side of the page provides more general actions that may not be bank account specific.
- Add new bank account
- Make a transfer
- Find a transaction
- Add/ view recurring entries
- Import bank statements.
There is also a drop down menu against each bank account. This will allow specific work on that particular bank account selected.
- Add payment
- Add receipt
- Make transfer
- View entries
- Import entries
- Edit details
- Delete account
Difference between manual and imported
Whether you import bank entries from online banking or manually add transactions into Clever Accounts you will normally need to match or reconcile the transaction in order to complete the process.
If you have imported bank statements from your online banking facility, you will need to ensure they are fully "explained" and an appropriate nominal code is allocated to them. Until they are explained, they will not show up on any reports or be taken into account on any calculations.
The reference against each bank account will display how many you will need to explain.
If you have entered payments and receipts into the system manually (for example you do not use the bank import facility) then it is advisable to reconcile them against your paper bank statements to ensure you have accurately recorded them.
The reference against each bank account will display how many manually entered transactions remain reconciled.