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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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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

Authorisations

An authorisation is a temporary transaction showing a committment to take money from a financial account. It is like a 'transaction in progress' where there can be delay between when you buy something and the time it actually appears on your statement. (NOTE:This could be very useful in ensuring that customers are not overcommitted and keeping within their approved credit limits.)

Authorisations can be time limit specific meaning that they can be controlled by entering a start and end date so that they are only valid for a certain length of time. They can also be expired. When an authorisation is expired it removes the committment from the financial account. The history of expired authorisations are shown on the financial account.

NOTE TO CHECK: What happens if an authorisation makes the available balance go negative but actual balance is still positive as transaction is not yet fully processed....???

Example: To enter an authorisation

1. Enter an amount in the 'Amount' field (Eg 1000)
2. Leave the 'Currency' field blank as the default currency will be used
3. Enter a date in the 'Authorisation Date' field
4. Leave the 'From Date' field blank
5. Leave the 'Thru Date' field blank
6. Press the 'Add' button

NOTE: When you now view the Financial Account detail the 'Actual Balance' and 'Available Balance' fields will be different.

Example: To expire an authorisation

1. Select the 'Authorisations' tab for the Financial Account
2. Any authorisations will be displayed at the bottom of the screen
3. If the authorisation is still current the 'Thru Date' field will be blank (NOTE TO CHECK: May not always be true as you can specify a future date for it to expire......!!!)
4. Select the 'Expire' button next to the authorisation to be expired
5. The authorisation is removed from the financial account and the screen is redisplayed with the 'Thru Date' field completed

How to I update a financial account?

TO DO

How do I delete / remove a financial account?

• 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???TO DO

How do I create transactions for a financial account?

TO Do

How do I use a financial account?

TO DO See Transactions