Set Up One or More Bank Accounts and Petty Cash

To record your petty cash or bank account transactions in your bookkeeping, you first need to set up these accounts. This article explains how to:

• Create bank accounts
• Delete a bank account
• Create petty cash accounts

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To manage your bank accounts and petty cash, go to Accounting > Settings on your platform:

Creating Bank Accounts

How are bank accounts managed?

This is a type-512 financial account, driven by payments tied to your organization's expenditures and revenues. Think of it as the accounting equivalent of your bank statement.

For each account created on the Accounting > Settings → Banks → Organization Accounts page, the software adds an account of type 512XXX, where the last digits reflect the chronological order in which the accounts were created.

If you create a "Checking Account" first, it will appear in your chart of accounts as account 512001. The next account you create will be 512002, and so on.

Creating an account

You can add a new bank account on the Accounting > Settings > Banks page. Click Add a bank account:

Enter the bank account name (e.g., Checking Account) along with the account details (IBAN, BIC, Bank name).

This information is optional (unless you want to use online payment), but it will automatically appear on your deposit slip.

Click Create an account:

You can add as many accounts as needed (savings accounts, etc.).

Deleting a Bank Account

Where do I delete an account?

To delete a bank account, go to Accounting > Settings > Banks and click the Archive icon.

Once the account is archived, you can click Delete.

When the Delete icon is grayed out, the account cannot be deleted. There are several possible reasons for this.

Account used for online payment

If your account is already verified and is used to receive payouts for funds collected online, it cannot be deleted.

Book entries linked to the account

An account can only be deleted if it has no linked entries. If entries were mistakenly linked to this account, transfer them using the entry transfer tool at Settings > Accounting → Entry Transfer.

For more details, see our article: Transferring book entries.

This will transfer the entries linked to the account you want to delete over to another account. Only do this if those entries were not actually associated with your bank account — otherwise, transferring them will distort your bookkeeping.

The other option is to delete the entries linked to this account. Again, we only recommend this if those entries were recorded by mistake and/or are not needed for your organization's bookkeeping.

Account used as a payment method

If this account is used as the payment method for your subscription, you will need to update the payment method before you can delete it.

For more information, see this article on how to add a payment method.

Bank transactions

You will also need to delete any active bank reconciliation statements as well as the imported transactions on this account.

Archiving a Bank Account

We recommend archiving the account rather than deleting it, so you retain the full history of entries linked to it in your bookkeeping.

To archive an account, click the Archive icon, then confirm.

Archiving an account prevents it from being used for new entries, but it will still appear in accounting documents. Your existing entries remain linked to this bank account.

Once archived, the account will appear grayed out in your list of bank accounts.

Example: the savings account has been archived:

You can also unarchive the account if needed:

Petty Cash Accounts

How petty cash accounts work

When recording a cash revenue or expenditure, you need to select the payment method and the associated bank account.

In the Payment section, if you select Cash as the payment method, you will also need to specify the associated petty cash account.

Once the entry is saved, the Petty Cash account will be credited or debited (account 531XXX in your bookkeeping).

After saving a cash payment entry, you can also record a cash deposit or withdraw as explained in this article.

Creating a petty cash account

To manage your cash, you need a petty cash account. One is created by default to mirror your first bank account.

You can edit it or create additional ones as needed. To do so, go to Accounting > Settings → Petty Cash, then click Add a petty cash account. Simply enter a name and confirm — it's created instantly.