Set up Bank Accounts

This document provides a step-by-step guide on how to set up and manage bank accounts in HirePOS for recording financial transactions and reconciling bank statements.

To add a new bank account in HirePOS, follow these steps:

1. From the Main Menu, select Setup > Bank Accounts.

2. Click on the New Account button to open the Bank Accounts page.

3. Enter the Bank Account Name, Credit Account status, Bank Name, and link a company as the Supplier and Customer.

4. If needed, set up a new Customer and Supplier via the main Setup menu.

5. Provide the BSB Number and Account Number.

6. Click Save Changes when completed.

After creating bank accounts in HirePOS, set up default accounts for each Payment method by navigating to Setup > Preferences > Default Payment Settings. Select an account for each method type.

To manage EFTPOS transactions efficiently, consider setting up a new bank account named EFTPOS Clearing Account. Direct all EFTPOS transactions to this account and transfer the total EFTPOS payments received for the day to your business account at the end of each day. This simplifies reconciliation by consolidating EFTPOS transactions into one total value.

By following these guidelines, you can effectively manage your bank accounts in HirePOS to streamline financial transactions and reconciliation processes.