The company may have multiple business or credit accounts in a bank or bank branch. Separate account cards can be opened and linked to the related bank accounts in order to track and report transactions on these accounts in a healthy manner. These accounts can be in local currency and alternative currencies. Furthermore, credit and investment accounts are different than credit card accounts.
Therefore, bank accounts are opened by first selecting the account type. The account type selection is made by clicking the Arrow icon located next to the New button on the Bank Accounts browser. The account types are listed.
Bank account record types are:
(CAC) Current Account | The AR/AP type bank account. |
(NAC) Notes at Collection | The collection P. Note type bank account. |
(CLC) Clearing Checks | The clearing check type bank account. |
(CHK) Checks Issued | The bank account used by the company to track company checks. |
(CON) Collateral P. Notes | The bank account type used in collateral transactions. |
(COC) Collateral Checks | The bank account type used in collateral transactions. |
(LAN) Loan Against P. Note | The bank account type used in credit transactions. |
(LAC) Loan Against Check | The bank account type used in credit transactions. |
(LOA) General Loan | The bank account type used in credit transactions. |
(CCR) Credit Card | The bank account type used in credit card transactions. |
(TDP) Time Deposit | The bank account type used in time deposit transactions. |
(INV) Investment | The bank account type used in investment transactions. |