Creating Accounts

In reconciliation, these could be bank accounts, cash accounts, receivable or payable accounts, etc. An account is created to verify transactions aligned with internal records and external statements.

There are two ways to add an account. You can either manually add an account or you can link an account automatically.

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Manually Adding Accounts

To manually add an account, you would need to provide the following information:

Country: Select the country where the bank account is held. This determines the currency options and banking formats relevant to that country.

Currency: Choose the currency for the account. This is often set based on the selected country, ensuring that transactions align with the local currency standards.

Account Type: Specify the type of bank account, such as Savings, Current, or Checking. This information is crucial as different account types may have different transaction rules and limitations.

Bank Name: Enter the name of the bank where the account is held. This helps identify the institution managing the account.

Account Name: This is the official name associated with the bank account. It typically matches the account holder’s name and is used for verification purposes.

Account Number: The unique identifier for the bank account. This number is essential for accurately linking the account to the platform.

Routing Number (optional): The routing number is an optional field that identifies the specific branch or location of the bank. It’s especially important for processing payments in certain countries, like the United States.

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Automatically Adding Accounts

Automatically adding an account typically refers to connecting a bank account to the system via an integration that pulls transactions directly from the bank. This process bypasses the need for manual entry and can save time while reducing errors. To automatically link an account, you can view the connections page here