How to Manage Multiple Funds Accounts in Sage Timeslips
You can create additional funds accounts in Sage Timeslips for any client who needs more than one funds account. If you do create multiple funds accounts, consider creating multiple bank accounts.
Multiple bank accounts are optional, even if you create multiple funds accounts. Timeslips creates one bank account, titled Default, for each client, and you can assign multiple client funds accounts to that bank account. However, setting up separate bank accounts for each funds account can help you manage balances in client funds accounts.
First, let’s examine the Bank Accounts feature because as you create funds accounts, you assign them to bank accounts. Therefore, if you’re going to use separate bank accounts for each funds account, you need to set them up before setting up funds accounts.
If you intend to use multiple funds accounts, bank accounts can be useful because you can use them to organize funds account information.
Although funds accounts are specific to each client, bank accounts aren’t. Instead, they’re available to all clients.
You can use bank accounts to group and sort funds account transactions in any way that is meaningful to your company. For example, you might keep funds for some clients at one bank and funds for other clients at another bank.
Or you might just have different bank accounts for funds at the same banking institution. In Timeslips, you can sort reports that list funds accounts and funds transactions by bank account, so that you can see funds account activity broken down by bank account.
Although bank accounts in Timeslips don’t have to correspond to bank accounts at banking institutions, many people find it conceptually helpful if they do.
To create a bank account or edit an existing account, follow these steps:
Choose Setup→Banks Accounts to open the Bank Accounts window.
Click the New button (to create an account) or double-click an account name (to edit an existing account).
In either case, the Bank Account Entry dialog box appears.
Enter a name for the bank account.
Open the Applies To list and choose the types of charges that this bank account can pay.
Your choices are Fees Only, Costs Only, or All Charges.
Open the Type list and select the types of transactions you can enter for this bank account.
(Optional) In the Description field, enter details for the account, such as the address of the bank.
If you want to change the default descriptions that Timeslips uses on funds account transactions assigned to this bank account, make the changes in the Default Descriptions on Transactions section.
Click OK to save your changes.
Click Done to close the Bank Accounts window.
You can change the default descriptions for the default account that Timeslips establishes for all clients from the Bank Account Entry window. Just edit the default account.