Brightpearl allows you to set up as many bank accounts as you need. You should create a separate bank account for:
- Each of your actual bank accounts
- Credit card holders who make transactions on behalf of the company
- Each payment provider that may hold funds for you until they reach your bank account (e.g. credit card sales provider)
- Petty cash or tills
For each Bank Account you can create Bank Payments (cash out), and Bank Receipts (cash in) and create Transfers to move cash between Bank Accounts. You can also view Activity Reports and Charts and if the account is setup to require it, you can Reconcile and carry out Bank Matching.
Adding a Bank Account
Each Bank Account uses a separate nominal code in your Chart of Accounts. A new Bank Account can be added directly into the Chart of Accounts or you can add them on your Bank Accounts page.
- Go to Accounting > Bank Accounts.
- Click the Add bank account button.
- Enter the name for the bank account (this is the nominal code name).
- Your current chart of accounts is displayed on the right-hand side, select an available number (in the Current Assets range 1000-1999) for the bank account and enter it as the 4 digit code, leave it blank to let brightpearl choose one.
- Specify whether this account should be reconciled. You can leave all the other settings as they are, but make sure it's marked as Active.
- Click the Save button (you may need to scroll down).
You account will be immediately added to the Bank Accounts listing and also be visible in the Chart of Accounts.
Payments & Receipts
Bank Payments should be used to record money that is leaving your bank account, which is NOT against a purchase invoice. For example, you may wish simply to record a one-off payment to a supplier for an invoice paid at the time by credit card, or for miscellaneous and sundry items such as stamps. You do not have to enter the supplier as a contact, which makes the process faster for a single transaction but on the other hand you will not be able to track invoices and payments for the supplier.
Similar to that are Bank Receipts. These should be used to record money that is coming in to your bank account, which is NOT against a sales invoice. For example, you have received a one-off payment from a customer, or perhaps income from other investments.
Learn more about bank payments
Learn more about bank receipts
Loans
If you receive money from outside the business, enter a Bank Receipt against the Loans account (2300). As you make payments back to the loan, enter these as Bank Payments back into the 2300 account. Once the loan is cleared, the balance on the 2300 account will be zero. Note that any interest payable on the loan should be paid as a separate payment to the 7903 Loan interest paid (or similar) account.
Tranfers
Bank Transfers are used to simply move money between your bank account nominal codes within Brightpearl
