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14. Initialize Bank Account

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Select option 3 to set up bank accounts that you will track with the Jewelry Shopkeeper.

 

 

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 ║              Account Name                     Balance   Next Check No.      ║

 ║ Account 1:   CHECKING ACCOUNT               ______.__       1090            ║

 ║ Account 2:   SAVINGS ACCOUNT                ______.__       1043            ║

 ║ Account 3:   SALES TAX SAVINGS ACCT         ______.__      20025            ║

 ║ Account 4:   PETTY CASH ACCOUNT             ______.__        108            ║

 ╚═════════════════════════════════════════════════════════════════════════════╝

 

 

 

Type in the bank names and the next check number for up to four bank accounts. The most frequently used account should be the first account set up. To assign each bank account its proper chart of accounts number so that the balance sheet is correct, see the Set Default Account Numbers from the Chart of Accounts Maintenance Menu. These account numbers do not refer to the bank’s account number, but rather the position in the asset list of each bank account, which is usually a number between 100 and 199.

 

If you often issue paid outs for expenses, you will have a better tracking mechanism if you set one of the checkbooks up as a petty cash account. Then you can write petty cash ‘checks’ to record each expense and to assign it an expense code. If you use this method, then you will still have paid outs, but you can consolidate them into one bigger paid-out which you would then post as a ‘deposit’ into the petty cash bank account.

 

It is not usually a good idea to manually change the balance of a checkbook from this screen because no accounting trail is recorded. Instead, you should enter the appropriate Checks, Deposits or Transactions from the Checkbook menu.