Kenandy uses bank accounts in the following places:

• Bank Reconciliation
• Journal Entries
• Supplier Payments
• Customer Receipts
• Refund Credit
• Intercompany Payments

When you set up bank accounts in Kenandy, you can set defaults to save yourself time and data entry later on. For example, if you usually use one specific bank account to pay all your suppliers, you can set it as the default Disbursement Bank Account for your company. It will appear automatically on your supplier payments and refund credits.

[get more up-to-date screen shots--ask Lauren for an org creds for both of these screens]

• Make sure that a GL account exists that you can use with this bank account
• Have information about this bank account on hand, such as:
  • Account number
  • Routing number
  • Contact name
  • Contact phone number
  • Next available check number (if you'll issue checks from this account)

To create a bank account in Kenandy, follow these steps:

1. On the Bank Accounts page, click New.
   
2. Enter information into the required fields:
   • Company
     The Kenandy company that uses this bank account
   • Bank Account
     A descriptive name for this account
   • Bank Account Number
   • GL Account
   • Currency

     Note: If you don't enter a Currency, Kenandy defaults to your company's default transaction currency. To change your default currency, see Companies

3. Enter additional information about this bank account.
   The more information you enter about this account, the better. To learn more about the optional fields, see Bank Account Field Descriptions
4. If you plan to reconcile this account in Kenandy, enter the following into the Opening Balance section: 

   • Opening Balance

     The ending balance on the last bank statement you reconciled to your company cash balance using your old system.

   • Opening Balance Date

     The ending balance on the last bank statement you reconciled to your company cash balance using your old system.

   • Balance Offset

     An amount you want Kenandy to disregard for this bank account the first time you reconcile in Kenandy.

5. If you plan to issue checks from this account, enter the following into the [Something] section: [Set up for using checks. Need a new org. Relevant fields: ]
6. Make sure all the information you've entered is accurate., then click Active to activate the account.
7. Click Save.

Kenandy creates the bank account record.

What Comes Next

If you plan to reconcile this account in Kenandy, be sure a journal entry exists that creates a debit for the opening balance you entered into this account.

To modify information in a bank account in Kenandy, follow these steps:

1. On the Bank Account Detail page of the account you want to modify, click Edit.
2. Click the Active checkbox to remove the checkmark (deactivate the account).
   
3. Change the information you need to change.
   Note: We don't recommend changing the GL Account, the currency, the account number, or the opening balance information of active accounts. Do not change an account you're in the middle of reconciling.
4. Click Save.

Kenandy modifies the bank account record.

Note: Be sure you've reconciled all transactions in this account before you deactivate it.

If you've closed a bank account, you can deactivate it. Here's how: 

1. On the Bank Account Detail page, click Edit.
   
2. Click the Active checkbox to clear it (remove the checkmark).
3. Click Save.

Kenandy deactivates the bank account record.

You cannot reconcile a deactivated account.

The following table lists the fields that Kenandy provides. Your system administrator selects the fields that are displayed on your user interface.

Bank Account Detail Field Descriptions

Field	Description
Account Type	Optional. Kenandy doesn't use account types elsewhere in the product. If you want to add account types to your bank accounts for your own information, ask your Kenandy administrator to create a list of account types you use.
Active	An indication of whether the bank account is active. Keep the Active checkbox selected to automatically activate the account when you create it. You can clear the checkbox to inactivate the bank account at any time.
Bank Account	The name of the bank account. [add description from procedure above] This name appears when you need to select bank accounts on supplier payments, customer receipts, and other Kenandy screens.
Bank Account Number	Required. The bank account number.
Bank Contact	Optional. The name or email of your rep at this bank.
Company	The company associated with the bank account.
Currency	The currency of the bank account.
GL Account	The GL account that bank transactions get posted to.
Next Check Number	The number of the next expected check disbursement from the bank account.
Number of Advice Lines per Page	The number of lines to print on the advice page for check printing. This field must have a value if the Use Preprinted Check Stock field is selected. If the number of advice lines for a supplier payment (or refund customer receipt) exceeds this field value, then a second cancelled check with the extra advice lines is created. For example, if this field has a value of 10, and if a supplier payment has 15 advice lines, then a check with 10 advice lines for the full amount of the supplier payment is created, and a second cancelled check with 5 advice lines for a 0 amount is created. The second cancelled check is associated with a new supplier payment that has no lines.
Phone	Optional. The phone number of your bank rep.
Reconciliation Date	The date that the bank account was last reconciled.
Routing Number	The routing number for the bank account.
Use Preprinted Check Stock	An indication of whether the bank account uses preprinted check stock. You can print checks using Kenandy Documents functionality, which provides a Print Checks button on the Supplier Payment list page and the Supplier Payment detail page.

 

Opening Balance Field Descriptions

Field	Description
Opening Balance	The opening balance for the bank account. Before you can manage bank transactions and perform a bank reconciliation for the first time, you must enter a balance in this field, and select a date in the Opening Balance Date field. When you search for bank transactions by a date range, this opening balance is included in the Beginning Balance field in the Statement Summary on the Manage Bank Transactions page. When you reconcile approved bank transactions, this opening balance is included in the Reconciled Bank Balance field on the Reconciliation Summary page.
Opening Balance Date	The opening balance date for the bank account. Before you can manage bank transactions and perform a bank reconciliation for the first time, you must enter a balance in the Opening Balance field, and select a date in this field.
Balance Offset	The balance offset for the bank account. When you perform a bank reconciliation for the first time, if the sum of your internal transactions (customer receipts, supplier payments, intercompany payments, and journal entries) does not match the sum of the bank transactions that cleared the bank after the date in the Opening Balance field, you can enter the difference in this field. This optional field is available because the bank reconciliation process considers only the source documents that are dated after the date in the Opening Balance field.

 

Yodlee Reference Field Descriptions

Field	Description
Yodlee Account Linkage Date	The date that the bank account is linked to an associated Yodlee account.
Yodlee Account Name	The name of the Yodlee account to which the bank account is linked.
Yodlee Account Number	The number of the Yodlee account to which the bank account is linked.
Yodlee Account Site ID	The site ID of the Yodlee account to which the bank account is linked.