How do I create a checking account?

Creating a checking account involves entering financial details and setting up how to use the account to make payments.

As a best practice, set up an account at the top level. Then, you can restrict the account for use in specific entities.

Always reconcile an account at the same level in which it was created. Make sure to assign it to a unique general ledger account and a location.

Setting up a checking account for American Express Vendor Payment Services?

Permissions and other requirements

DETAILS TAB

Enter account and financial details for the checking account here.

Go to Cash Management > Setup > Accountsand select the + sign beside Checking.
On the Details tab, create a unique Account ID.
After you save the Account ID, this field can't be edited.
Learn best practices for Name and ID creation.
To issue payments from this account, enter the Account number and Routing number. Find the account number or routing number on a check
Enter the Name on the account.
The Name on the account is the legal name attached to the account (usually the company name).
Enter address information.
Select a unique GL account.
After you save the GL account, this field can't be edited.
How you assign GL accounts determines how and where an account can be used.
Select any other accounts, for example the Default payables GL account.
Select a Department ID and Location ID to default for the GL posting.
Depending on your company, a location might be required to enforce balancing of related journal entries. Learn more about dimension settings in the General Ledger.
After you save the Location ID, this field can't be edited.
To reconcile the account with an import file or bank feed, select a rule set in the Applied rule set field.
Set the Banking cloud time zoneto determine the time stamp for transactions generated from creation rules and for incoming bank feed transactions.
Select Save.

CHECK PRINTING TAB

If you plan to issue checks from this account, enter information on the Check printing tab. You can select to print on pre-printed or blank check stock, set the company address and logo, and upload check signatures. From this tab, you can also set the next check number to be used. Follow the links below to learn how to:

BANK FILE TAB

Enable the account to issue standard ACH payments or bank file payments. Follow the links below to learn how to:

BANKING CLOUD TAB

If your company is subscribed to Sage Cloud Services and enabled for bank feeds, you can connect your account to your online bank to receive a bank feed. After you connect, you can match transactions for reconciliation and create additional Sage Intacct transactions from bank feed data. Follow the links below to learn how to:

Connect to your online bank and receive a bank feed.
View bank transactions.
Match transactions for reconciliation from the Banking cloud tab.
Create Sage Intacct transactions from bank feed data from the Banking cloud tab.

The transactions you create automatically match to the bank transaction for reconciliation.

Why can't I see this tab?

PAYMENT PROVIDERS TAB

If your company is subscribed to any payment provider services, you can enable the account for a payment provider service. Follow the links below to learn how to set up:

If this tab does not appear:

RESTRICTIONS TAB

You'll see this tab if your multi-entity company is configured for restrictions. On this tab, you can restrict a checking account to only appear for use at the top level or for specific locations and departments. Restrictions help prevent an entity from paying bills out of the wrong bank account.

Learn how to restrict an account.

Location groups and department groups that contain dynamic filtering do not appear on the Restrictions tab for selection.

When setting up location groups or department groups, keep in mind that restrictions can be based on groups that contain specific locations or departments, but can't be based on groups that filter dynamically based on the value of certain fields (such as locations where the status is Active).