Bank, cash and card accounts
Add your bank accounts, petty cash and company cards, choose the primary account, and follow each account's balance and transactions in the books.
Every bank account, cash box and company card you pay from or into is an account in Verasol. Each one has its own account in your chart of accounts, so the balance you see is the balance in your books. Payments, transfers, post-dated cheques and the bank reconciliation all work through these accounts.
Find your accounts#
Open Banking › Bank Accounts in the main menu. The cards at the top count your accounts and add up their balances. Below them, each account has a card with its type, account number, IBAN, account name and balance.
- 1 Add Bank Account adds a new account.
- 2 Transfers between accounts lists the money moved between your own accounts. Cheque layouts sets up cheque printing.
The primary account carries the Primary badge. The ⋮ menu on each card has View details, Edit, Set as primary (on the other accounts) and Delete. Use the search box to find an account. The Active Only switch hides the accounts you no longer use.
The balance on a card is the balance in your books today. When entries are dated later than today, the card says so under the balance, and they are not included.
Add an account#
- Click Add Bank Account, then Add Manually. Connecting a bank through open banking is not available yet.
- Under Bank Details, enter the Bank Name, the Branch Name, the IBAN and the SWIFT Code. A current or savings account needs its IBAN (a UAE IBAN starts with AE); cash, card, overdraft and loan accounts usually have none.
- Under Account Details, enter the Account Name and the Account Number, and choose the Account Type and the Currency.
- Enter the Opening Balance and its Balance Date (see below).
- Under Settings, tick Primary bank account to make it your primary account. Leave Active Account ticked.
- Click Save Bank Account.
1 Account Type, 2 Opening Balance, 3 Balance Date, 4 Primary bank account, 5 Save Bank Account.
Which account type#
| Account type | Use it for | Where it sits in your books |
|---|---|---|
| Current, Savings | Bank accounts and deposit accounts | A current asset |
| Cash | Petty cash and cash boxes | A current asset |
| Credit Card, Overdraft | Company cards and overdraft facilities | A current liability |
| Loan | Bank loans | A long-term liability |
Verasol creates the account in your chart of accounts for you, named after the account and the bank, for example 1000-0001 Current Account (Emirates NBD). You do not need to add it to the chart of accounts yourself.
The opening balance#
The Opening Balance is what the account held on the Balance Date, as on your bank statement:
- For a bank or cash account, the money in the account (negative if it is overdrawn).
- For a credit card, overdraft or loan, the amount you owe, as a positive number.
Leave the Balance Date empty to use your company's opening date, the day before your books start in Verasol. An opening balance can't be dated later than that. For an account in another currency, Verasol asks for the exchange rate of the balance date and books the opening balance in AED at that rate.
What Verasol books#
When you save an account with an opening balance, Verasol posts it straight away. For example, the current account of the documentation company opened with AED 1,245,000.00:
| Account | Debit | Credit |
|---|---|---|
| 1000-0001 Current Account (Emirates NBD) | 1,245,000.00 | |
| 3900 Opening Balance Equity | 1,245,000.00 |
For a credit card, overdraft or loan the entry is the other way round: Verasol debits Opening Balance Equity and credits the card, overdraft or loan account with the amount owed.
The primary account#
The primary account is your main account. Verasol preselects it when you record a payment or a receipt in its currency; you can choose another account each time. It also comes first in the list of accounts, and Vera uses it when you ask her for something without naming an account.
The first active account you add becomes the primary account by itself. To choose another, open the ⋮ menu on its card and click Set as primary, or tick Primary bank account when you edit it. Only one account is primary at a time, and only an active account can be.
One account and its transactions#
Click View details in the ⋮ menu to open an account.
- 1 Account Balance shows the balance today and the opening balance.
- 2 Transfer to another account moves money to another of your accounts. See Transfers between accounts.
- 3 Reconcile with the bank statement opens the bank reconciliation. See Reconcile a bank account.
- 4 The Register lists every entry on the account in your books, with the running balance. It shows the last 90 days; change the dates and click Apply to see another period.
Transfers of this account lists the transfers to and from this account only.
Change or retire an account#
Click Edit on the account's page (or in the ⋮ menu on its card), change the details and click Save Changes.
- A new account number or IBAN applies to future transactions only. Past transactions keep the old details.
- Changing the opening balance replaces its entry in the books: Verasol reverses the old entry on its date and posts the new one. This is refused when the date is in a closed period or in a period the account is reconciled through.
- To stop using an account, untick Active Account. An inactive account can't be used on new transactions, and it can't be the primary account.
Delete only works for an account that has never been used: no payments, statement lines, reconciliations, transfers or opening balance in the books. Otherwise Verasol keeps it for your audit trail and asks you to deactivate it instead.