Bank Account form: options and information

Items marked with an asterisk (*) are available in Microsoft Office Accounting Professional 2008 only.

A bank account is one of the most liquid assets in your business. Because of that, it is important to have a set of procedures in place to enable you to maintain adequate control over it. By using the Bank Transactions, Deposit Detail, Check Detail, and Reconciliation Detail reports to analyze your bank information, you can track your banking activities and control the money flowing in and out of your company.

Open the form

  1. On the Company menu, click New Account.
  2. In the Select Account Type dialog box, select Bank.

Form options

ShowForm options and descriptions

Option Description
Account type (Read-only.) Displays the default account type, which is Bank.
Number This field appears if you select Use account numbers in the Preferences dialog box. Type a number in accordance with your company's chart of accounts structure. It is a good practice to number the same types of accounts together. For example, all account numbers for Assets could start with a 1, all Liability accounts could start with a 2, all Equity accounts could start with a 3, and so on. You can change the account number by editing the account record.
Account name (Required.) Type a name for the account that describes the bank account that you are tracking.

By default, the Active check box is selected, and the status is Active. You can make the account inactive by clearing the Active check box. You can make an account active again by opening the account record and selecting the Active check box.

 Note   An account with Inactive status does not appear in dialog boxes, forms, or wizard lists. However, you can still enter the account in a field.

Cash Flow category Click the arrow next to Cash Flow category to select the cash flow category for the account. The three options areOperating, Investing, or Financing. The Cash Flow Statement report separates your cash activity into categories that describe your operating, investing, and financing activities. By selecting the proper category when you create an account, you ensure that the account activity is properly reflected in the statement. If you are uncertain about the category, open an account of the same type from the Chart of Accounts and note how it is categorized. If you select one of the default Chart of Accounts supplied by Microsoft Office Accounting 2008 when you are creating a company, the proper category will appear by default.
*Currency When Accounting 2008 is set to use foreign currency, in the Currency list, select the currency for the account. The options are currencies that you have set as active.
Opening Balance

Displays the opening balance, which is $0.00 by default. You can enter an opening account balance in the field if you are creating the account to bring over balances from another system. When you enter the opening balance, you create the opening balance in the account register.

 Note   When you save the form, the field is read-only and displays the current book balance.

*When Accounting 2008 is set to use foreign currency, the amount is displayed in the account currency.

*Opening Balance (USD) Displays the opening balance in U.S. dollars (USD) when Accounting 2008 is set to use foreign currency and you have selected a foreign currency for the account.
As of

Displays the company start date as selected in Company Setup. To change the date, type the starting date for the account opening balance or click the arrow next to As of to open the calendar.

 Note   You can enter a date prior to the start date that you selected in Company Setup. If you do so, a message opens that gives you the option to allow Office Accounting 2008 to automatically create all fiscal years necessary to include the entered date.

Include in cash-basis reports

The default report status of an account is determined by the type of account. To change the report status of an account, select or clear the check box. Cash-basis reporting is commonly used for preparing business tax returns.

 Note   If you are unsure about the impact of including or removing an account in a cash-basis report, consult your accountant.

Bank name

Type the name of your bank, or click the arrow next to Bank name to select a bank or select Add a new Bank.

 Note   If you have set up online banking in Accounting 2008 at any time, the Bank name list includes all banks available for online setup. If this account is set up for online banking, the name of the bank that you selected in the Set Up Online Banking wizard is automatically entered in this field.

To disable one-way online banking for the account, remove the bank name from the field.

Bank Account type (Required.) Click the arrow next to Bank Account type to select the type of account you have with the bank. For example, checking, savings, or money market.
Bank Account number Type the bank account number associated with this account.
Comments Type additional information about the account. This field is only for internal informational purposes, and you can view it only by opening the account record.

For more information about using foreign currency in Accounting 2008, see Use foreign currency.

Additional actions

ShowActions menu commands

On the Actions menu, you can select the following commands.

Click To
New Bank Account Create a new account.
New Journal Entry Create a new journal entry.
Open Account Register Open the Bank Account Register form for the record you are in.
Set Up Online Banking Set up online banking. For more information, see About online banking.

Related topics

Disable online banking
Set up online banking
View a bank account register
Reconcile an account
Find company accounts in a list
Applies to:
Accounting 2008