Knowledge Center

Bank account setup

A company usually has many different types of bank accounts like operation accounts, tax accounts, and investment accounts. All bank accounts have to be connected to unique accounts in the Chart of accounts.

Add new bank accounts

When adding new bank accounts, the values in the fields have to be entered manually by RamBase users.

Work with bank accounts and payments
  1. To open the Finance Workspace (FINANCE) application, find Finance in the RamBase menu and then Overview. Click overview to enter the FINANCE application.

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  2. Click the Cash Management button in the Action and Links area.

  3. Select the Banks folder.

  4. Alternative navigation is to enter the Pay Management application (PAM) or the Bank Accounts application (BANK) directly.

Complete the following steps to add a new bank account
  1. Click the Create new icon in the Banks folder.

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  2. In the New Bank popup, set an internal bank account number in the No field.

  3. Set the internal name of the bank account in the Name field.

  4. Select the relevant currency in the Cur field.

  5. Select the relevant category: Bank, Cash or Transfer. This is optional. If nothing is chosen here, Bank will be default.

  6. Enter the bank account number given by the bank in the Bank Account field.

  7. In the GL Account field, click the magnifier icon and select the general ledger account which the current bank account is supposed to be connected to.

  8. Click the OK button.

  9. Add additional information. The Bank Account information window holds information about a certain bank/bank account including periodic balances for each account.

    1. Click on the magnifier icon in the Key Figures section.

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    2. Enter the account's Bank and General Ledger opening balances. The opening balances must be entered manually every year. The bank opening balance must be copied from the bank statement. The General Ledger balance must be copied from the last year's closing balance in the general ledger.

    3. In the DocRef field in the Miscellaneous area, select where the bank account number is going to be used.

    4. Select the file format for electronic transfers in the PayBy field in the Miscellaneous area.

    5. Make sure to select the Factoring option if you are going to use this bank account for factoring transactions.

    6. Check the PayOut box if you want this bank account to be the default account for outgoing payments.

  10. Press F12 to open the action menu and choose the option Register Bank to register the new bank account.

New ingoing bank balance

When starting a new year, the bank accounts (BANK/***) in RamBase need to be updated with a new ingoing balance.

Set new ingoing balance
  1. To open the Bank Accounts (BANK) application, find Finance in the RamBase menu and then Cash management. Click Banks to enter the BANK application.

  2. Highlight the relevant bank and press ENTER.

  3. Click on the magnifier icon in the Key Figures area.

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  4. Enter the ingoing balance in the Bank Balance field, from the bank statement as of 31.12, previous year. Ingoing balance from general ledger for the corresponding GL account will show in the GL Balance: ACC/XXXX column.Be aware that ingoing balance in the bank could differ from ingoing balance in the general ledger, if transactions are registered one year in the bank and is posted to general ledger in another year.

  5. Click the OK button. The numbers in the Key Figures area will now be updated.

View details / add information to bank accounts

It may be necessary to view details about a RamBase bank account, and sometimes it my be beneficial to add more information to the account than just the information requested in the New Bank popup.

View details about, or add information to a bank account
  • To open the Bank Accounts (BANK) application, find Finance in the RamBase menu and then Cash management. Click Banks to enter the BANK application.

  • Highlight the current bank account and press ENTER.

  • To add more information you can double-click the preferred field and then enter the data.

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  • Main Info area - Add the banks international identification number (SWIFT) and the account's international bank account number (IBAN) in case of international transactions.

  • Name and Address area - Add name and address information about the bank.

  • Key Figures area - Add the opening balance from both the bank account statement and the general ledger by clicking the magnifier icon.

  • Miscellaneous area - The bank accounts support the Norwegian KID (Customer identification) system. The KID system helps identifying the customer and the invoice by a 2 - 25 digits KID code. The systems requires the company to establish their own KID register.

KID - Customer identification system

The RamBase bank accounts support the Norwegian KID (Customer identification) system. The KID system helps identifying the customer and the invoice by a 2 - 25 digits KID code. The systems requires the company to establish their own KID register.

Set KID on a bank account
  1. To open the Finance Workspace (FINANCE) application, find Finance in the RamBase menu and then Overview. Click overview to enter the FINANCE application.

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  2. Click the Cash Management button in the Action and Links area.

  3. Select the Banks folder.

  4. Highlight the current bank account and press ENTER.

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  5. To use the KID system for this specific account, choose YES in the KID field in the Miscellaneous area. Note that support on the KID system requires that your company's database is set up with this option on an overall level.

Choose payment currency method

Payment currency method will tell how exchange rate on invoices and credits in foreign currency should be handled when payments are done. The value of the invoice or credit linked to a payment could be calculated based on the historic rate on the transaction, or based on the rate of the day the payment was done in the bank.

Choose method

Choose method in the Company Setting Values (CSV) application.

  1. Write CSV in the program field and press ENTER.

  2. In the Company Setting Values Search field, write PaymentCurrencyMethod and press ENTER.

  3. Choose between BANKDATE and HISTORIC in the dropdown menu.

Bankdate

Payment will be calculated based on the rate of the day the payment was done in the bank.

Currency losses and gains will be calculated at period closing, with agio calculations.

The differences in currency payments will be posted on an account that is set up at ACD/EXCHANGE.

Historic

Payments will be calculated based on the historical rates on the transaction. It will be a new field in the Pay Item window, CurAdj,XXX in the Amounts area. This field show the currency deviation according to historical rates. The CurAdj,XXX field has an inspect feature, which allows you to go to a report showing currency loss / gain on the selected invoice and credit note that is linked to the payment.

The value in the CurAdj,XXX field will be posted on an account that is set up at ACD/PAYCURADJ.

Bank transfers

From the Banks folder and the Payments folder in the Pay Management (PAM) application, it is possible to transfer money between your bank accounts in the General Ledger (ATR). Bank transfers in RamBase do not generate any transfers in your actual bank. If you make sure that all transfers conducted are registered in RamBase, the information in the Banks folder will reflect the statement of your actual bank accounts.

Work with bank accounts and payments
  1. To open the Pay Management (PAM) application, find Finance in the RamBase menu and then Cash management. Click Inbound payments to enter the PAM application.

  2. Select the Banks folder.

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Transfer money between general ledger bank accounts
  1. Press F12 to open the action menu and choose the Bank Transfer option.

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  2. If there is no value in the Bank Transfer Account field, there is a missing system setup. Please contact support to fix this.

  3. Change the date in the Cur Date field to the date the actual transfer was conducted.

  4. Verify the Period and correct it if necessary.

  5. Select the specific bank account to transfer from in the drop-down menu.

  6. Type the amount in the Amount field. Indicate that this is the account you would like to transfer from by pressing the subtraction- button (-) in front of the amount (for example: - 300).

  7. On the subsequent line, select another bank account to transfer to. RamBase will set the amount for you so that the sum in this transfer becomes 0.

  8. Click the OK button. This action will create two Payment (PAY) documents, one for each transaction. These will appear, and can be inspected, in the Payments folder.

Bank transfer in foreign currency
Transfer money from a bank account in your system currency to a bank account in foreign currency
  1. To open the Bank Accounts (BANK) application, find Finance in the RamBase menu and then Cash management. Click Banks to enter the BANK application.

  2. Press F12 to open the action menu and choose the option Bank Transfer.

  3. On line 1, select bank to transfer from, and the amount in the Amount field.

  4. On line 2, select bank with foreign currency to transfer to. RamBase will then calculate the amount based on the currency rates in RamBase.

  5. If the calculated amount in the foreign currency differs from the amount on the bank statement, change the value in the Amount field on line 2. The field Amount,XXX on line 2 will then be recalculated in accordance with the currency rates in RamBase.

  6. The amount in the field Amount,XXX on line 2 must be equal to the value in the field Amount,XXX on line 1. If there is a deviation, manually change the value in the field Amount,XXX on line 2. The rate will be updated.

  7. Click OK. Two Payment (PAY) documents will be generated automatically. In the General Ledger (ATR) it will be posted like this:

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    In this case there will be a gain on exchange of NOK 23,07.

This exchange difference is posted to a separate account. These differences will now be posted to your default account for exchange differences in your Payment (PAY) system: ACD/PAYCURADJ