Add a Bank
Click the New button to open the Participants pop-up window.
Since this is a bank, it is an external participant. Set the Int/Ext field to External.
Enter an Abbreviation and Name for the bank and choose the Country and Local Currency.
When you set the local currency, it does not restrict your ability to create accounts in different currencies. For example, if a bank is in Germany, the local currency is EUR. You can still create USD accounts at this bank.
External Identification fields are what allow participants in tm5 to initiate payments. To process transactions with the bank in tm5, the External Identification data must be in the system.
The last step is to enable it for the relevant modules. All banks should be enabled for LM. Depending on your organization, you may have to enable it for TT or IC as well.
Check the Account Provider box. This lets you create accounts with this bank. Never activate the Client check-box for a bank.
Click the Save button to create the bank.
With a bank added, now you can create bank accounts. A common naming convention we recommend is
[client]-[bank]-[currency]-[last 4 digits of account number]
If the company abbreviation is ABC, the account is with Deutsche Bank Frankfurt, the currency is Euro, and the account number is 88241234, the standard tm5 naming convention is
On the Accounts page, click the New button to open the Accounts pop-up window.
Select the Client, Bank, and Currency. For Account Type, select Bank Account. Under LM Data, enable the LM check-box to activate the account for LM.
Mandatory fields include Account Name (unique identifier in tm5) and Account ID (maps the account to electronic bank statements).
If you have activated the account for LM, you must set 3 values:
- Account Starting Date: Set to any date after the opening of the account.
- Value Date Starting Balance: Set to the closing available balance or ending value date balance of the account on the Account Stating Date.
- Booking Date Starting Balance: Set to the closing ledger balance or ending booking date balance of the account on the Account Starting Date.
The IBAN and Account No. are used in the creation of electronic payments. At least one is necessary to create electronic payments with the account.
Click the Save button to create the account.
Now that your users, corporate entities, banks, and accounts are in the system, let's take a look at Account Statements.