Page 19 - Administering the System Participant Guide (SDL)

LESSON 2: MANAGING BANK ACCOUNTS

Learning Objectives

Configure Bank Accounts to ensure accurate reconciliation of transactions
• Associate Bank Accounts with a General Ledger Account and Organization
• Create a separate Bank Account and Payment Method to manage Automated
Clearing House (ACH) transactions

Introduction
Bank Accounts are used to record cash receipts, vendor payments, and bank
reconciliations. In Unanet, bank accounts are not necessarily all traditional bank
accounts, but rather represent an account into which users can make deposits, from
which they can make payments, and perform bank account reconciliations.

Separate accounts must be defined for each bank account. These accounts are set up
with a single Organization selected for use with the bank account.

The three types of bank accounts available include:

• Bank Account: An actual bank account. The user can optionally specify the
bank with which they have the account and the Bank Account and Routing
numbers of the account. This is for informational purposes only. Only Bank
Account Types can be designated as a checking account and only checking
accounts can be used in the Check Printing process.

• Undeposited Funds: A holding account into which users can record payments
received prior to depositing them into the bank. This type of account is also
necessary if the user must accumulate multiple checks in the same deposit to
match the deposit amounts that show up on the bank statement (e.g., two checks
for $100 and $150 respectively are deposited into the bank in a deposit for $250).

• Other: Can be used to reconcile non-cash accounts to external statements.
Examples include payroll clearing, credit card statements, subcontractor bills,
etc.

Lesson 2: Managing Bank Accounts ©2021 Unanet. All rights reserved.
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