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Main Accounts and Bank Accounts

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Posted on by Amanda Fowler

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Is it correct that each bank account should have its own main account number? Is this for Bank Reconciliation? I am trying to explain to a client and other than it makes it more usable and is best practice they want more information. Thanks

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saurabh bharti 15,039 Moderator on at

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RE: Main Accounts and Bank Accounts

You can keep on Main account if all Banks are of same currency at least and your customer is fine with that :)

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OsmanIstanbul 2,818 on at

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RE: Main Accounts and Bank Accounts

Hi,

yes, there is a problem if you connect all bank accounts to one main account. It will be difficult to examine currency revaluations and module reconciliations. If you want to do not create a main account per bank account, then I will recommend creating the main accounts per currency at least and use the "bank accounts" financial dimension for reconciliations purposes.

Best Regards.

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Ramit Paul 22,795 Most Valuable Professional on at

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RE: Main Accounts and Bank Accounts

Hi Amanda,

Yes, you can use one mail account, this is 100% possible.

However, this question can only be answered by Finance team from the company, this decision is driven by nthe group account policy, how they want to keep track of the entries and money.

As a best practice, we generally suggest to keep separate Main account for at least for each bank group.

Example- two bank account is current account, hence we shall configure as Current as Bank group and for these group main account will be same.

Like these we can keep a track of the money.

I hope this helps to your query.

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Amanda Fowler 241 on at

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RE: Main Accounts and Bank Accounts

Is there a problem with all bank accounts going to one main account

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Sheela Ningappa on at

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RE: Main Accounts and Bank Accounts

Hi Amanda,

Yes, as Bank is a sub ledge module, you need to attach the main account to Bank account and when Bank account is used in the posting, Main account attached to the bank account is posted.

Thanks,

Sheela

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Prem Kumar Bachu 3,418 on at

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RE: Main Accounts and Bank Accounts

Hi Amanda,

I think of 2 reasons behind separate main account for each bank account.

1) Reconciliation will get more difficult if you want to reconcile your GL account with bank balances if we use one main account for multiple bank accounts.

2) Cash flow forecast- if we have separate account it will be easy to forecast.

Thanks,

Prem

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saurabh bharti 15,039 Moderator on at

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RE: Main Accounts and Bank Accounts

As explained by others, its not mandatory you can have single Main account for multiple Banks.

It is a subledger -Ledger relation same as Vendor, Customer , Inventory etc...

E.g. You have Bank-1, Bank-2 and Bank-3 for same currency then you can have Single Main account for all three . It will be

Another scenario

Bank-1 and Bank-2 are for USD currency , Bank-3 is for EUR currency in this case you can have two main accounts one for USD and another for EUR

These are just examples in real scenario you can ask customer how they want to see the Trial balance

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André Arnaud de Cal... 298,535 Super User 2025 Season 2 on at

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RE: Main Accounts and Bank Accounts

Hi Amanda,

There is no requirement that the main account should be a separate one per bank account. However, it is best practice to have a different main account per bank. It would be much more easy for reconciliation purposes, transactions inquiries and reporting.

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Ramit Paul 22,795 Most Valuable Professional on at

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RE: Main Accounts and Bank Accounts

Hello Amanda,

Bank is subledger and unlike other subledger, we can set up the main account for bank in bank master itself, which means we dont need any posting profile for bank master.

Each Bank account needs a main account and once the Bank is used in any entry, the main account will be used as a ledger.

I hope this will help.

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