cancel
Showing results for 
Search instead for 
Did you mean: 

Single GL account for multiple Bank account ID

Former Member
0 Kudos

Hello all,

we are implementing bank statement integration.

First we have to define the related GL accounts CoA of course.

My problem is that we have thousands of bank accounts. usually best practice is to create one GL account for one bank account ID.

This would imply that we create thousands of GL accounts...a situation we would like to avoid

It seems possible to use one GL for several bank account ID ? However I wonder if this does not raise problems for bank statement reconciliation.

Has anyone encounter such context ? What kind of solutions are possible ?

Thanks for your help !

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
0 Kudos

Hi,

For better reconciliation it is recommended to use separate gl account for each bank account

Regards,

Gaurav

Former Member
0 Kudos

Hi Gaurav,

indeed this is what we answered to the key-user in the first place

However creating thousands of GL accounts for bank accounts is a shock for them - and for some reasons they cannot reduce that number.

I was wondering if using a single GL for several bank accound id, raises any issue, e.g. during bank statement integration.

Or if any other tricky solution has been experienced elsewhere ...

former_member213733
Active Contributor
0 Kudos

Hi ,

For bank reconcilition purpose it is always recommended that we go by individual GL account , as it is advisable for effective and correct reconcilliation.

At least as per my shot on the subject i would recommend that for incoming and outgoing bank accounts you should create 1 GL account each for each bank . for main bank again you can rethink and make it a consolidated one .

secondly , please take the details as to how is bank submitting the information is it branch wise or are the providing consolided statement for reconcilliation .

do revert back if you are still stuck up .

Hope this suffices .

Regards ,

dev.

Answers (0)