The ICAN system allows you to setup as many bank accounts as you wish for your financial transactions. In this context, the term bank accounts also refers to credit and debit cards and even Paypal accounts. The system draws no distinction between them.
Your ICAN account will be set up with a default account called simply “Cash” and we recommend that you use this special account to handle your cash payments and petty cash itself.
When you record Money In or Money Out you will notice that there is an account field near the top of the form. All bank accounts you have created will appear in this drop down selector and you assign the transaction to one when recorded it.
Your bank account balances will ultimately appear on your Balance Sheet under either Current Assets or Current Liabilities.
To manage your bank accounts click the icon on the Admin Main Menu.
Select a record to edit by clicking the edit icon next to it, or click New*
- Reference: Enter a meaningful name for the account. E.g. Current Account (required)
- Account Holder: Enter the name of the account holder (optional)
- Bank/Issuer Name: Enter the organisation that provides the account facility (optional)
- Card Type: If the account provides a card, select the type from the list, or select N/A
- Opening Balance: Enter an opening balance for the account, if applicable
- Auto Reconcile: Some accounts, such has Cash, do not require reconciliation against a statement, in this case, select no.