System setup: Bank details

Here you enter information about your bank accounts, for use throughout the Arbor Finance system.

When Arbor Finance is first set up, three default bank accounts are created:

• Central Fund (used to track and reconcile funds retained by the LEA to administer on your behalf, e.g. payroll)
• School Bank (funds held by the school in a local current bank account)
• Petty Cash (monies held in a cash float).

You can add other accounts as required, and customise the labels for the default accounts to reflect your actual accounts (e.g. Borsetshire CC, HSBC Bank).

On the System menu, you access Bank details via the System setup area. From here you can:

• Add a bank account

• Edit a bank account
• Delete a bank account
• Choose your BACS file format

To add a bank account

1. From the System  menu choose System setup and click the Bank details tab
2. Click Add

3. In the Bank account pop-up window, enter the bank details as required:

• Account name - Enter the name of the account holder. 
• Account no. - Enter the bank's identification number for this account.
• Sort code - Enter the bank's sort code.
• Identifier - Enter additional text to help identify this account.
• Financial summary - Choose whether Gross or Nett values will be reported for this account.
• Default bank account - If you want to make this the default bank account, click the switch to display Yes.
• Allow BACS payments - If you want this account to be used for all outgoing BACS payments, click the switch to Yes. Only one account can be set for BACS payments. You will then need to select the BACS Transfer format.

4. Click Save to return to the Bank details screen.

To edit a bank account

1. From the System menu choose System setup and click the Bank details tab.
2. Select the account you want to edit and click✐(Edit).
3. In the Bank account pop-up window, edit the bank details as required.
4. Choose your BACS Transfer format. Most of the transfer formats are related to the bank. However, there is also a common format called Standard 18. If you use the Standard 18 format you will need to add two items to your Organisational settings. These are the LA service code and the location code. Ask your LA for these codes.

5. Click Save to return to the Bank details screen.

To delete a bank account

1. From the System menu choose System Setup and click the Bank details tab.
2. Select the account you want to delete and click the dustbin. (Delete this account).
3. Click Yes to confirm.