Bank and Cash Accounts

The Bank and Cash Accounts tab in ESMERES CLOUD displays your business's bank and cash accounts. It serves as the central hub for managing all financial transactions that enter or exit these accounts.

If you do not see the Bank and Cash Accounts tab, you need to enable it.

Adding a New Bank or Cash Account

To add a new bank or cash account, click on the New Bank or Cash Account button.

When you create your first bank or cash account, two essential accounts are added to your Chart of Accounts:

Cash and cash equivalents: This account appears in the Assets section of your Balance Sheet. It shows the total balance across all your bank and cash accounts.
Inter Account Transfers: This contra account appears in the Equity section of your Balance Sheet. It's used to categorize transfers between your bank and cash accounts, ensuring that corresponding transactions are correctly recorded in both accounts.

Setting Starting Balances

If you have created a bank account that has existing balances, you can set starting balances under Settings, then Starting Balances.

Control Accounts for Bank and Cash Accounts

By default, all bank or cash accounts are created as subaccounts of the Cash and cash equivalents control account. This means that on financial statements, such as the Balance Sheet, you will not see balances of individual bank accounts but the total balance of all your bank accounts under the single label Cash and cash equivalents.

If you wish to group your bank or cash accounts differently (e.g., credit cards, bank loans, term deposits), you can create multiple control accounts and assign each bank account to its control account. This is useful for showing bank loans and credit cards, which are typically liabilities, under their own label in the Liabilities section of your financial statements.

If you'd like to show each bank account directly on your financial statements, you need to create a custom control account for each bank account.

Importing Bank Statements

Importing bank statements saves time by avoiding manual data entry. To import your bank statements, click the Import Bank Statement button located in the bottom-right corner.

Connecting to a Bank Feed Provider

You can also connect your bank account to a Bank Feed Provider, which allows you to retrieve transactions directly without importing. Columns in the Bank and Cash Accounts Tab

The Bank and Cash Accounts tab features the following columns:

Code

Shows the optional Code field associated with a bank or cash account.

Name

Displays the Name field for a bank or cash account.

Control Account

Shows the control account in which a particular bank or cash account is reported on the balance sheet. By default, bank and cash accounts are categorized under Cash and cash equivalents. For increased flexibility, you have the option to establish custom control accounts.

Division

If you're utilizing Divisions, this column displays the division to which the bank or cash account is assigned. See Divisions for more information.

Uncategorized Receipts

The Uncategorized Receipts column displays the total number of receipts linked to this bank account that haven't been assigned a credit account. This is common when importing a bank statement. By clicking on the displayed number, you'll be directed to the Uncategorized Receipts page, where you can categorize receipts in large groups by applying Receipt Rules.

Uncategorized Payments

The Uncategorized Payments column shows the count of payments made through this bank account that lack an assigned debit account. This typically occurs during a bank statement import. Clicking on the number redirects you to the Uncategorized Payments screen, where you can categorize the payments all at once using Payment Rules.

Cleared Balance

The Cleared Balance column displays the sum of all payments, receipts, and inter account transfers recorded in this bank account and marked as Cleared.

Pending Deposits

The Pending Deposits column shows the sum of all receipts and inter account transfers recorded for this bank account that are flagged as Pending.

Pending Withdrawals

The Pending Withdrawals column displays the sum of all payments or inter account transfers recorded in this bank account that have been designated as Pending.

Actual Balance

The Actual Balance column shows the sum of all payments, receipts, and inter account transfers recorded for this bank account. Essentially, it represents the Cleared Balance with Pending Deposits added and Pending Withdrawals subtracted.

Last Bank Reconciliation

The Last Bank Reconciliation column displays the date of the most recent bank reconciliation for this bank account. This helps ensure that your reconciliation efforts are up to date.

Customizing Visible Columns

Use the Edit Columns button in the bottom-right corner to configure which columns should be visible to better fit your business requirements.

By following this guide, you can effectively manage your bank and cash accounts in ESMERES CLOUD, ensuring accurate financial records and streamlined transaction processing.