The Bank Accounts functionality allows you to set up custom bank account types, for example, current or savings bank accounts, and connect these to your bank accounts. Thereafter, you can perform actions such as import bank feeds or statements, reconcile between BrightBooks balance and bank feeds and more. BrightBooks provides a few bank account types by default. The default and custom bank account types you define are all listed in the Chart of Accounts.

The steps for the various actions you can perform with the Bank Accounts functionality are given below.

• Defining Custom Account Type for Your Bank
• Connecting Custom Bank Account Type to Bank Account
• Viewing Available Bank Account Types
• Recording Business Transactions
• Viewing Statements
• Viewing Bank Accounts
• Reconciliation

Defining Custom Account Type for Your Bank

To add a custom bank account type, complete the following steps.

1. Log in and click the required business.
2. The Customers page appears. On the left panel, click Banking > Bank Accounts.
3. The Bank Accounts page appears. To set up your custom bank account type, click Add Bank Account.
4. The Add Bank Account page appears. You can just enter the following details.
5. Click Save.
6. The custom bank account type is set up on the Bank Accounts page.

Connecting Custom Bank Account Type to Bank Account

Note: BrightBooks is an agent of Plaid who connects to your bank account.

1. On the Bank Accounts page, click Connect to My Bank for the corresponding custom account type you had set up.
2. BrightBooks now seeks your consent to connect to your bank account. Click Continue.
3. The Select your bank window appears. A few icons representing banks are shown by default. If those are not you want to connect to, you can just search for your bank in the search box. After successful validation, you will be required to log in to your bank account so it is connected to BrightBooks.
4. Validate the captcha.
5. In the window that appears, click Continue.
6. Log in to the bank account and it is connected.
7. Note that after the connection, the Load Bank Feed button will appear. Click the button.
8. The New Bank Feed page appears. From the Automatic Bank Feed tab, you can load and import bank feed directly from the bank account.

Note: If you already have connected accounts and attempt to connect another account to a bank account, you will be given the choice of the selected accounts or a new account.  To connect to a different account, select Other.

Recording Business Transactions

When you select a bank account type while recording a customer invoice receipt or paying a supplier invoice, you record a transaction which you can view on the bank account type.

When you record a customer invoice receipt or pay a supplier invoice, select the bank account.

The example below shows the selection of the bank account while creating a customer invoice receipt. The transaction is recorded with the bank account type.

The recording date of the transaction must be in the same financial year as that set in settings.

Viewing Available Bank Account Types

You can view both default and custom bank account types available.

1. Log in. The Business page appears.
2. On the Business page, click to open the required Business. The Customers page appears.
3. On the left panel, click Banking > Bank Accounts.
4. The Bank Accounts page shows the default and custom if any, bank account types.
5. To view the transaction summary of a specific bank account, click on the amount on the Bank Accounts page.
6. The account page displays the transaction summary on that account. To customise the period range for viewing transactions, select Custom
7. Specify the custom period and click Run.

Viewing Statements

To view the bank account statement, complete the following steps.

1. View the default bank accounts page.
2. On the Bank Accounts page, click the 'drop-down' icon for the required bank account and click Statement.
3. The statement is shown.
4. To view the details of a particular record, select the record and click Open.
5. The record details are shown.

Viewing Bank Accounts

BrightBooks allows you to access and view your bank accounts. To view, complete the following steps.

1. View the default bank accounts page.
2. On the bank accounts page, click the 'drop-down' icon for the required bank account and click Open.
3. The Edit Bank Account page appears. Update the details, if necessary and click Save.

Reconciliation

You can reconcile a bank account as many times as required. To reconcile, complete the following steps.

1. View the default bank accounts page.
2. On the Bank Accounts page, click the 'drop-down' icon for the required bank account and click Reconcile.
3. The Bank Reconciliation page appears. On the Bank Reconciliation page, in the New Bank Reconciliation window, click Save. The Bank Reconciliation page appears.
4. The Bank Reconciliation page shows the reconciled balance under the heading Reconciled Balance.
5. To complete reconciliation, select Bank Reconciliation Complete and click Save.
6. The Bank Accounts page shows the date the account was last reconciled. Post the current reconciliation, you can reconcile as soon as new transactions are recorded on the account.