THIS IS A TEST INSTANCE. ALL YOUR CHANGES WILL BE LOST!!!!
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- In GL Account Defaults there is a specific tab 'FinAccount Type Gl Account' for specifying which type of Financial accounts are posted to which general ledger account.
- In GL Account Defaults there is also a tab 'Payment Method Id / GL Account ID' for specifying the account to post transactions to if 'Financial Account' is selected as the Payment Method instead of (Cash, Cheque, Credit Card, etc). By default the demo setup posts transactions to 111100 GENERAL CHECKING ACCOUNT.
Example: A customer orders products from you and pays using their financial account.
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- TO DO:
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- Need to investigate to see if you can separate a party financial account to a specific GL account. The GL account default setup is specifies type only (not by party and type...???) - so all financial accounts are consolidated into one GL account by type.
What is it used for?
These include:
- Managing and Tracking Customer Prepaid Accounts
- Managing and Tracking Customer Credit Limit (NOTE: Need to verify this)
- Managing Electronic Gift Certificates / Gift Vouchers/ Gift Card
- Reload of Electronic Electronic Gift Card
- Company Bank Account Transaction Tracking ???????
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How do I create a financial account?
Example: To create a financial account for a customer.
Select the 'Create Financial Account' button near the top of the screen
- The 'Create/Update Financial Account' screen is displayed.
- Keep the default entry of 'Deposit Account' for the Fin Account Type field
- Keep the default entry of 'Active' for the status field
- Enter a description (eg ABC Customer Prepaid Account) for the 'Fin Account Name' field
- Leave the Fin Account Pin field blank (NOTE TO CHECK: I think this is only used in creation of Gift Cards and Certificates..)
- Leave the Fin Account Code field blank (NOTE TO CHECK: I think this is only used in the creation of Gift Cards and Certificates...)
- The currency field will be the default currency of Company (eg USD). If this account is to be in another currency (eg EUR) then select it from the drop down list.
Leave the Organization Party ID field blank (NOTE TO CHECK: Need to investigate where this is used..)
TO DO
How to update a financial account?
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