Purpose

Use this option to setup and configure your bank & cash accounts. The default bank account will be printed on invoices. All accounts are used to reconsile customer payments and payments to Suppliers.

Procedure

  • If you want to change a bank account use Edit icon on right hand side.
  • To add new account enter data in lower part of the screen and click "Add New".
  • Account code must first be created and then assigned to the bank Account.
  • Logical reason for having separate GL accounts for each bank account: It would be extremely difficult to reconcile bank statements with the GL if accounts are intermixed in one GL account. Having separate GL accounts would be much easier to manage/reconcile in the long run.

Tips and Tricks

FrontAccounting enable one General Ledger Account to be associated to more than one Bank Accounts. Ensure that the association between General Ledger Account and Bank Account is what you intent it to be or else just let one General Ledger Account to be associated to only one Bank Account to avoid confusion.

Every currency bank account can have one default mark. This account will then be selected when doing payments / deposits to suppliers / customers. Also this default account will be stamped on the sales invoice. Remember to fill out the Bank Name and Bank Account no.

Credit Cards Bank Account

Assign a bank account to a liability GL account to solve credit card accounting.

  • Create the GL liability account for the credit card
  • Create the bank account to link to the liability account created above
  • Enter your supplier details like pay them using the bank account which is actually the credit card
  • Do a bank transfer to pay the credit card
  • Ref: Forum Post
  • Ref: Forum Post: At the moment (FA v2.3), the following hold good:
    • GL Account Code should not have any transactions for it to be assigned to a Bank Account (or a Credit Card Account).
    • Bank Account cannot be created by assigning a GL Account that has existing transactions. Begin with an empty GL Account.
    • Bank Account can be edited to be assigned a GL Account Code that has existing transactions, but Reports=>Bank Statements will not include any of those pre-existing transactions.
    • Once assigned to a Bank account (or a Credit Card Account), the GL Account cannot be deleted within FrontAccounting.

XRPL Crypto Multi-currency Account Setup and Use

Pre-requisites

  • Xaman wallet app from Apple or Google store
  • Setup your XRPL account using the Xaman App

FA Setup

  • New ledger bank account for the XRP Account
  • Bank name for this new account must be XUMM XRP
  • Bank account must be your XRPL ledger account (format is similar to rhotcWYdfn6qxhVMbPKGDF3XCKqwXar5J4)
  • Setup new currency being XRP (used only for when issuing invoices in XRP)

XRP Account stable coin setup

  • Setup new ledger account for each stable coin intended to be used (either USD or EUR presently)
  • Setup new bank account for each stable coin intended to be used
  • Bank name for each bank account is either XRPL USD or XRPL EUR
  • Bank Account number for each XRPL USD or EUR account must be the XRPL stablecoin issuer, issuer account and currency code
    • To get the stable coin issuer account and currency code, create a payment request link of the stablecoin within Xaman app and extract the details from the payment request link. For example USD$10 RLUSD payment request link is
    • https://xaman.app/detect/request:rUp2dWgULK9uFb7ijRGTcYTrRZcZqkUsvf?amount=10&network=MAINNET&issuer=rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De&currency=524C555344000000000000000000000000000000
    • The issuer account will have the same format as an XRPL account. For example, RLUSD issuer account is rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De and the RLUSD currency code is 524C555344000000000000000000000000000000
    • The bank account number field format is a combination of XRPL issuer account and the (truncated) currency code separated by colon : Thus the bank account number to be inserted is rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De:524C555344
    • Note: Truncate the currency code where the 0's starts. FA setup will not work with currency codes that are in USD EUR format, thus some Gatehub stable coins will not be able to be used.