- Decide how you want to see bank accounts on your reports - either as an aggregate under the default control account of “Cash and Cash Equivalents”, or individually using a separate control account for each bank account.
- Using Cash and Cash Equivalents Create each bank account in the Bank and Cash Accounts tab and select Cash and Cash equivalents control account
or Using separate control accounts You will need to go to settings and set up a separate
Bank control account for each bank account. Then create each bank account in the Bank and Cash Accounts tab and select the appropriate control account. - If you only have a few bank accounts it is easiest to use a Receipt (for positive balance) or a Payment (for negative balance) - Like this:
If you have many bank accounts use a journal - Like this:
Note that opening balances go to Retained Earnings account