How to Create a Bank
In order to be able to receive payments, to pay bills and expenses as well as import bank statements and reconcile your bank accounts, you need to create an according bank first.
The bank you create should reflect your bank account. So, if you have several accounts in the same bank, you need to create also several banks in ONE UP.
ONE UP does not have a special account for "cash", so the cash account is also created as a bank account.
If you receive payments in foreign currency into your local currency bank account, you could work with "offset bank accounts". They are then used as help accounts for the conversion into your main account.
Also Cash (like petty cash) needs to be handled as a bank account! So, please also create a bank account for the petty cash, if you handle payments or receive payments in cash.
Example for the use of Offset Banks:
Your invoice is in EUR, but your bank account is in USD. In order to allow ONE UP to post a payment in EUR into your USD account, you would need an offset bank account in EUR. You apply the payment to the EUR offset account and then convert the EUR "bank" account into the USD bank account.
Creating a New Bank
To create a bank account, go to Accounting, click Bank Feeds and click Add Bank Account
Account type: set the type of your account (for example "savings account")
Name: choose a name you can recognize also in accounting
Number: your account number
Balance: beginning balance
As of: the date when you had this beginning balance
Currency; choose the currency of your bank (currency to be set up in company settings)
Accounting Journal: select a journal name or let ONE UP create one for you to identify postings
Accounting Account: select an account or let ONE UP create one for you to fit into the balance sheet
Manage check books: administrate your checks "yes or no", no further action, just information