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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 an entries.

The entries for a financial account can be displayed using the 'Financial Account' tab in Accounting or in Party Manager if you enter a party as the owner of the financial account.

Currently in OFBiz financial accounts can have the following types:

  • Bank Account (by default this type will post to 213500 CUSTOMER DEPOSIT ACCOUNTS)
  • Deposit Account (by default this type will post to 213500 CUSTOMER DEPOSIT ACCOUNTS)
  • Gift Certificate (by default this type will post to 213200 GIFT CERTIFICATES UNREDEEMED)
  • Investment Account (by default this type will post to 213500 CUSTOMER DEPOSIT ACCOUNTS)
  • Replenish Account (no default posting account in demo data setup)
  • Service Credit Account (no default posting account in demo data setup)

NOTE:

  1. 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.
  2. 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.

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

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

  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 

TO DO

How to update a financial account?

TO DO

How do I delete / remove a financial account?

TO DO

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