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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
• AuthorisationsAuthorizations

How to I update a financial account?

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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.TO DO

How do I delete / remove a financial account?

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How do I create transactions for a financial account?

TO Do

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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 See Transactions