What are the Bank Details?

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SunSystems Financials can produce bank transfer files to automatically pay suppliers, or collect payments from customers.

To produce the bank transfer files, details of the customer and supplier bank accounts are required and these are held on Bank Details records. At least one bank details record must be defined for each debtor/receivables account and creditor/payables account if the Payment Method is set to Bank.

The bank transfer file can be used as input to a software package that handles transmissions to an automatic clearing system such as the UK Banks Automated Clearing System (BACS). The information in this file can also be used as input to other software, for example, an inter-company settlement clearance system.

Using Multiple Bank Accounts
Several bank details can be maintained for each debtor, creditor, or client account by using separate Bank Subcodes for each set of details. This enables you to define any number of banks from which you can draw funds, or into which you can deposit funds, when settlement is by bank transfer.

You may need more than one bank account so you can process different currencies for a creditor or debtor account. You settle the account by currency, and consequently through different bank accounts. For example, you might identify a US dollar bank account for a range of suppliers, using a bank code of USD. When you choose to settle these accounts, you can select the USD currency transactions and the USD bank accounts. Payments are generated or collected into the appropriate currency account.

The default bank subcode for a customer or supplier can be identified in Customer Setup (CUS) or Supplier Setup (SUS). Additionally, you can select the bank subcode in Payment Profiles Setup.

Bank Details Setup (BDS) is used to link bank details to customer or supplier account codes. These details are required for every customer, supplier or own bank account that is to be involved in automatic payments, including direct debits or collections. You can create bank details without linking them to a customer or supplier account code, but they will not be used for any automatic payments. For example, for creating own company bank details.

Bank details for suppliers are set up in Bank Details Setup. Enter all relevant data in to the two tabs for this function shown below.

The bank details are linked to a customer, supplier, or own company, and from there to the appropriate debtor/receivables, creditor/payables or client ledger account.

The bank details for a particular customer or supplier are identified by the linked customer or supplier account code. If a customer or supplier has more than one bank account, you assign a different Bank Subcode to identify each set of bank details for the same customer or supplier. For example, if a customer pays in two different currencies you may need to define separate bank details for each currency bank account; you could use a currency code such as GBP to identify this, 0-9 or A-Z. By using Bank Subcode, multiple Bank Details can be associated with a single Chart of Accounts record.

For advanced external links to banking software, the Bank Details Setup record can also be linked to the Bank Details Extension Setup (BDES).

Bank Name
The name of the client's bank.

Bank Branch
The name of the branch where the client's bank account is held.

Bank Sort Code
The sort code that identifies the bank and the branch.

Bank Address Code
The address code that identifies the bank's address.

Addresses Setup
If the bank's address has not been defined or you want to update it, click Addresses Setup (AS) to access the address maintenance facility.

Bank Account Name
The name as shown on the client's bank account. If you do not know this, enter the debtor, creditor or client name.

Bank Account Number
The client's bank account number.