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Bank and Cash Accounts

iX ERP support cash transaction by allowing users to create an unlimited number of cash and bank accounts with different types and currencies.

Users can choose a default bank account per currency, so it will be stamped on the issued customer’s invoices and will be selected automatically when doing payment or deposit to related suppliers or customers, so it is very important to fill out the account correct data, like Bank Name and Bank Account no.

All accounts are used to reconcile customer payments and payments to suppliers even if the account is in a different currency, iX ERP will calculate the currency exchange rate to manipulate the entered values.

Banking and General Ledger > Basic Data > Bank Accounts

Bank and Cash Accounts must be associated with General Ledger Account, iX ERP allows Bank Accounts and Cash Accounts to be associated with only one General Ledger Account for every Bank or Cash Account, Also it is important to remember to select bank charges account from your chart of accounts to correctly record the bank transactions charges.

Accounts Type:

  • Saving Account (All Bank Accounts that has an interest rate, like saving account, security deposit etc., this account type cannot have a negative value)
  • Chequing Account (All Bank Accounts that has no interest and work as a current account or cheques account, this account type cannot have a negative value)
  • Credit Account (All Bank Credit Accounts that can be with a negative value, like a credit card, line of credit, loans etc.)
  • Cash Account (Any cash transaction account, this account type cannot have a negative value)