I set up 2 separate bank accounts , however when I post transactions to those accounts they end up being recorded under Cash at Bank in the Balance Sheet.
Is there any way to direct the transaction to the correct account that I indicate and not just lumped into Cash at bank.
For reporting, you don’t need to clarify the balance of every bank.
however for answering your question yes you can.
open accounts in your chart of accounts with the names of your banks but in this case, you will have to do transactions from journal entry only not payment and receipts.
this is my opinion correct me if I am wrong.
@aehf’s method is not the best way to do what you want, @george9, because the accounts you set up will not be bank accounts and you will not be able to use any of the bank account features.
The best way to have visibility on the balance sheet of individual bank accounts is to create custom control accounts for each of your bank accounts. Name them the same way as your bank accounts. Then, edit your bank accounts to be subsidiaries of their individual control accounts rather than the default control account Cash at bank. See Add custom control accounts | Manager.
@Tut thank’s for that.
I have been able to set up a new cash at bank as a control account, however postings already done are still recorded in the old cash at bank a/c. I can’t even transfer funds from this account to transfer to the correct bank a/c. The old cash at bank is not designated as a control a/c so I can’t change it.
When I post my transactions even though I designate it to my bank account it ends up reporting to the old cash at bank.
The guide Tut linked to, shows how to setup individual bank accounts so that they appear on your balance sheet
With two bank accounts
Show as combined total by default on the summary screen
Drill down on cash at bank shows both accounts
To show separately on the summary screen, create a new control account
Assign the second bank account to the new control account
Now summary screen shows both bank accounts in different control accounts
It is difficult to understand what you have done without screen shots. Hopefully, you did not name your new control account Cash at bank, because that is the name of the default control account.
I am not sure what you mean. Receipts and payments cannot be posted directly to a control account, only to a bank or cash account subsidiary to a control account. For example, you would post to ABC National Bank, which is subsidiary to Cash at bank. To make a prior posting show up in your new control account, you would need to edit ABC National Bank and change its control account.
That is correct. As I said above, you cannot post any transaction directly to a control account.
That is because it is hard-coded into the program as a control account. You can, however, rename it if you want.
That means you did not define your bank account to belong to a different control account.