Bank and cash accounts

Money comes in and goes out through your bank accounts and cash boxes. OLY ERP needs a ledger account for each of them, and a Mode of Payment that points to the right account. Then every payment lands in the right place.

Before you start

Your OLY ERP consultant sets up your main bank and cash accounts during onboarding. Use this page when you open a new account.
You need the Accounts Manager role.

Steps

1. Add the ledger account

Open Chart of Accounts from the Accounting workspace.
Under Application of Funds (Assets) > Current Assets, click the Bank Accounts group.
Click Add Child. Enter the name, for example "Commercial Bank of Ethiopia - current account".
Set Account Type to Bank. For a cash box, add it under Cash In Hand with Account Type Cash.
Click Create New.

2. Add the Bank Account record

The Bank Account record holds the bank details and is used by the Bank Reconciliation Tool.

Search for Bank Account and click + Add Bank Account.
Enter the Account Name and select the Bank (add "Commercial Bank of Ethiopia" as a new Bank if it is not in the list).
Tick Is Company Account and select the Company.
In Company Account, select the ledger account you created in part 1.
Enter the Bank Account No and the branch details.
Click Save.

3. Link a Mode of Payment

A Mode of Payment is what staff pick on a Payment Entry, for example "Bank Transfer", "Cheque" or "Cash".

Search for Mode of Payment and open the one you want, or create a new one.
Set Type to Bank or Cash.
In the Accounts table, add a row: Company = Example Foods PLC, Default Account = the bank or cash ledger.
Click Save.

Now, when Hana records a customer payment with mode "Bank Transfer", OLY ERP fills in the correct bank account.

Good to know

Keep one ledger account per real bank account. Do not mix two banks in one account; reconciliation becomes impossible.
Petty cash is a separate cash account, for example "Petty Cash - Office". Top it up with a Journal Entry of type Contra Entry.
Do not delete a bank account that has entries. Tick Disabled on the Bank Account record instead.
If payments go to the wrong account, check the Mode of Payment default account first.