Bank Accounts

Use the Bank Accounts form to record the account details of your company bank accounts and identify the nominal ledger account. You must create at least one bank account record if you intend to process cheque and BACS payments. If you have the Cashbook module installed and activated, you cannot use this command in the Nominal module. You use the Processing command in the Cashbook module instead. Each bank record records the next available cheque number and identifies the cheque design to be used when cheques are printed for payments raised in the system. Before you can create a bank account record, you must create the nominal account for the bank using the Accounts form in the Nominal module.

To define bank accounts

  1. Open the Nominal folder and then click Maintenance or click the Financials tab and then click Nominal -  Maintenance on the Ribbon Bar.

  2. Click Bank Accounts.

  3. To create a new record, click the icon on the toolbar or press CTRL+N.

  4. In the Bank Account list, click to select a nominal account to be designated as a bank account.

  5. In the remaining boxes provided, enter the details of the bank account.

  6. To save the record, click the icon on the toolbar or press CTRL+S.

Bank Account Entries

Box

Description

Bank Account

A reference that identifies the nominal account to be used as a bank account. You can select from a list. Nominal accounts are defined using the Accounts form in the Nominal module.

Description

You can add a corresponding description which identifies the name of the bank on reports.

Use for SEPA Payments

This is enabled if your licence includes the SEPA feature and the bank account is a Euro account.

Select if the bank account will be used for SEPA payments so an IBAN and BIC code must be entered but sort code and bank account numbers do not. You can still record the sort code and bank account numbers if required.

What's SEPA?

Sort Code

The bank sort code. These codes should be 6 digits long.

Account No.

The bank account number.

BIC

The  Bank Identifier Code. If you enter one you must also enter the IBAN code. Both codes will be checked by Opera when you save your changes to ensure that they are entered in a valid format.

BIC and IBAN codes must be included for Single Euro Payments Area (SEPA) Euro payments.

IBAN

Bank Identifier Codes (BICs) and International Bank Account Numbers (IBANs) are used to identify banks across national borders. The structure and length of the codes are defined by the International Organization for Standardisation (ISO) so must be entered accurately. The length of these codes can vary:

- BICs: minimum length 8 characters, maximum length 11 characters
- IBANs: minimum length 5 characters, maximum length 34 characters.

Account Name

The name of the bank account as it is known to the bank. This name is required in a SEPA payment file along with the BIC, IBAN and so on. It is important that this name is entered accurately.

Cheque No.

The next cheque number to be used. It is automatically incremented by the system each time a new cheque is raised for this account.

Design

The design code for the cheque stationery layout used for this account. If you leave this box blank, the default layout will be used.

Currency

A reference that identifies the currency for the bank account. You can select from a list. Currency codes are defined using the Exchange Rates command in the System module.