Introduction
In ProdSys, the Bank Accounts feature allows businesses to manage multiple bank accounts used for transactions, payments, and invoicing. Configuring bank accounts ensures that the correct account details are used when generating financial documents such as invoices, purchase orders, and payments. This article outlines how to manage bank accounts effectively in ProdSys.
Purpose of Bank Accounts
The primary purpose of bank accounts in ProdSys is to link relevant accounts to different transactions, making sure that funds are transferred to the correct bank. This helps streamline financial operations and ensures consistency across all orders, invoices, and payments.
Accessing the Bank Accounts Page
To access and manage bank accounts in ProdSys:
Login: Start by logging into your ProdSys account using your credentials.
Navigate to Bank Accounts: From the main menu, go to System > Settings > Bank Accounts. Here, you will see a list of all available bank accounts configured in the system.
https://app.prodsys.com/#/settings/bank-accounts
Key Features of the Bank Accounts Page
Name: This column displays the name of each bank account. For example,
"Cash account SRBank" or "Euro account DNB." The name helps identify the account for specific transactions.Standard: The standard checkbox indicates whether the selected bank account is the default account for transactions. If checked, this account will be used as the primary account for all transactions unless another is specified.
Country: The country where the bank account is registered. This helps identify accounts that are associated with international transactions.
Bank Account Number: Displays the account number associated with the bank account.
IBAN: The International Bank Account Number (IBAN) used for international transactions, which ensures that payments are processed smoothly across borders.
BIC/SWIFT: The Bank Identifier Code (BIC) or SWIFT code, used to identify the bank during international transactions.
Passive: The passive checkbox allows you to mark an account as inactive. This can be useful for historical accounts that are no longer in use but need to be retained for record-keeping purposes.
Managing Bank Accounts
Adding a New Bank Account:
Click on the "+" button in the upper-left corner of the page to add a new bank account.
Enter Account Details: Fill in the name, account number, IBAN, BIC/SWIFT code, and any other relevant information.
Set as Standard (Optional): If this will be the default account for transactions, check the "Standard" box.
Click Save to store the new bank account in the system.
Connect the Bank Account to Currency:
Go to the section in the Bottom
Click on the "+" button in the upper-left corner of the page to add a Currency this account is used for
Note: This account can only be used with selected Currency(s)
Editing an Existing Bank Account:
To edit an existing bank account, click on the three dots next to the account name.
Update the bank account details as needed, including the name, IBAN, or BIC/SWIFT codes.
Save the changes to update the bank account.
Setting a Default Bank Account:
To make a specific bank account the default, check the Standard box next to the account name.
The selected account will now be the primary account for all transactions unless another account is manually selected.
Deactivating a Bank Account:
If a bank account is no longer active but you want to retain its information, check the Passive box next to the account.
This will remove the account from active use but keep the details in the system for historical or auditing purposes.
Best Practices for Managing Bank Accounts
Ensure Accuracy: Always double-check bank account numbers, IBANs, and BIC/SWIFT codes to avoid payment errors.
Set a Default Account: Set a default account for domestic or frequently used transactions to streamline the payment process.
Use Passive for Inactive Accounts: Mark old accounts as "Passive" instead of deleting them, to retain important financial history without using them in new transactions.
Conclusion
The Bank Accounts feature in ProdSys is a vital tool for managing the financial backbone of your business. By setting up and maintaining correct bank account details, you can ensure smooth transaction processing, avoid payment delays, and maintain accurate financial records across all business operations.
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