How to add and manage bank accounts?

You can use Bank Accounts for storing and organizing your bank statements on Envoice. Bank Accounts can also be displayed on your sales invoices. Bank Accounts are also used to prioritize preferences for extracting bank account numbers from your expenses and to create payment files for banks.

Some accounting software use bank accounts to identify transactions paid for in a specific way. For this, it may be necessary to link Payment Methods to specific Bank Accounts

Bank Accounts can also be imported from specific integrated Accounting Software. 

You cannot change the account type (for example, Credit Card to Other), or delete an account after a transaction is created. This kind of bank account can be only archived. Bank accounts imported from your accounting software cannot be deleted or archived.

To add a bank account

1. Go to Bank
2. Click Add new
3. Complete the following information:
   • Bank. Enter the name of the bank where the account is held.
   • Name. Provide a name for the account to easily identify it within Envoice. This name will be used in reports, for payment actions, and will appear on your dashboard.
   • Account Type. Select the type of account you are setting up: Bank, Credit Card, or Other. Note that once the account type is established, it cannot be changed.
   • Network/Identifier. If 'Bank' is selected as the Account Type, you must specify the account number. For instance, select 'United States - ABA Routing Number' for US local bank account numbers. For IBANs, choose 'Europe and International - IBAN'.
   • Account Number. This field is optional and should be filled out if the Account Type is 'Bank'.
   • Credit Card Number.This field appears only if 'Credit Card' is selected as the Account Type. Optionally, enter the last four digits of the credit card number.
   • Currency. Choose the currency for the account. Please note that once selected, the currency cannot be changed.
   • BIC/SWIFT. This is an optional field, available only if the Account Type is 'Bank'.
   • Show on sales invoices. You can choose whether this bank account should be displayed on your sales invoices. This option is available only if the Account Type is 'Bank'.
   • Priority. Set a priority for the bank account for the Extract service. During expense processing, the bank account with higher priority will be selected if it matches the information on the expense.
4. Click Save

Managing bank accounts

After adding a bank account, you may want to edit the details about it such as bank name or account number. You may also want to review reconciliation details or delete an erroneous account.

Also, you cannot completely delete a bank account after you have used it to process transactions. When a bank account that has been used to process transactions is deleted, it will be marked as archived and be still visible in your bank accounts list. Bank accounts imported from your accounting software cannot be deleted or archived.

To edit or delete a bank account

1. Go to menu Banking.
2. Click on the bank account:
• To delete an account, click Delete. You cannot delete bank accounts with posted transactions (which includes opening balances); therefore, the Delete option will archive the bank account. Bank accounts imported from your accounting software cannot be deleted or archived.
• To edit an account, click Edit account details and then continue to step 3.
3. Edit the account details as needed.
4. Click Save.