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Definition: What is it?

A financial account is a tool (similar to bank account statement) that is used for monitoring monetary transactions. Normally they will be linked to a party and the various transactions details (eg payments or receipts) will be shown as entries.

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You can also setup each financial account to post to a specific general ledger account for each party. This is done via a specific field during the creation or update of a financial account. This will override the default setting 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 Gift Card
• Company Bank Account Transaction Tracking ???????

NOTE: Need to investigate use of financial account to track company bank account so can mirror bank statement on screen with Financial account.

What's on the screen?

TO DO Image Added
 

How do I create a financial account?

Example: To create a financial account for a customer.

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1. The  'Create/Update Financial Account' screen is displayed.
2. Keep the default entry of 'Deposit Account' for the Fin Account Type field
3. Keep the default entry of 'Active' for the status field
4. Enter a description (eg ABC Customer Prepaid Account) for the 'Fin Account Name' field
5. Leave the Fin Account Pin field blank (NOTE TO CHECK: I think this is only used in creation of Gift Cards and Certificates..)
6. Leave the Fin Account Code field blank (NOTE TO CHECK: I think this is only used in the creation of Gift Cards and Certificates...)
7. 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.
8. Leave the Organization Party ID field blank (NOTE TO CHECK: Need to investigate where this is used..)
9. Fill in the Owner Party Id field with the party id of the customer who has the Financial Account (eg DemoCustomer or DemoCustCompany)
10. Fill in the 'Post to Gl Account field' to post the transactions for this financial account to post to a specific GL Account
11. Select the current date from the calendar to fill in the 'From date' field (NOTE: It can be left blank and still appears to work)
12. Leave the 'Thru date' field blank (NOTE TO CHECK: I think this could be used to close or stop the use of an account ..)
13. Leave the default of 'Is Refundable' as 'Y' (NOTE TO CHECK: I think this will allow money to be refunded to this account - eg if you have a return or credit for the customer)
14. Leave the 'Replenish Payment ID' blank (NOTE TO CHECK: Not sure what this is - maybe to automatically replenish account if it gets to a certain limit???)
15. Leave the 'Replenish Level' blank (NOTE TO CHECK: Not sure what this is but probably linked to Replenish Payment ID where you set the limit - eg $100)
16. Press the 'Update' button and message appears saying that the account was successfully created

NOTE: The above process creates the basic financial account detail with a zero available balance but there are further details that can be added via the other financial account sub menus. There are four sub menus which make us the financial account. These are as follows:

• Financial Account (NOTE: This is completed by default when you create a financial account)
• Roles
• Transactions
• Authorisations

Roles

This screen allows you to enter a Party Id and their role for the financial account. It also includes a start and an end date for the party role. (NOTE TO CHECK: Add some examples of party roles - eg 'Approver' or 'Administrator' for credit limits or updates to account. If account belongs to a company then you might want to add a person as a 'Contact' for dealing with the account)

Transactions

This screen allows you to add transactions to the financial account. During the creation process you would either leave the transactions blank as nothing has yet been processed on the account or if it is being used as a statement (eg bank or customer) then you may want to bring in an opening balance. An example of how to bring in an opening balance is shown below:

1. Navigate to the the Financial Account Transactions sub menu 
2. Select 'Adjustment' in the Fin Account Trans Type Id field
   

How to I update a financial account?

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How do I delete / remove a financial account?

TO DO

• Authorizations

How to I update a financial account?

Example: To update a financial account

1. Press the 'Search' button on the Financial Account main screen
2. A list of all existing Financial Accounts will be displayed
3. Select the Financial Id of the account that needs to be updated
4. The 'Create/Update Financial' screen is displayed
5. Update the details of the financial account 
6. Press the 'Update' button 

NOTE: Can also update a financial account using Entity Data Maintenance on the Webtools menu.

How do I delete / remove a financial account?

Example : To delete or remove a financial account

1. Press the 'Search' button on the Financial Account main screen
2. A list of all Financial Accounts will be displayed
3. Press the 'Delete' button next to the Financial Account that you want to delete

NOTE: Can also delete a financial account using Entity Data Maintenance on the Webtools menu. 

NOTE TO CHECK: What happens if to the financial account transactions if you delete the financial account? Will there be an problem of auditability???

How do I create transactions for a financial account?

TO Do

How do I use a financial account?

TO DO See Transactions