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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: 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.

NOTE: 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, Billing Account etc).

TO DO: 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  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?

TO DO

How to update a financial account?

TO DO

How do I delete / remove a financial account?

TO DO

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