Multiple Bank Accounts

A Bank can have multiple accounts. In the Bank, you define:

  • Your document or check (Print Format and Sequence Number)
  • Your Payment Processor (Credit Card or ATM Processor)
  • Your Accounting information

 

Note: The Account determines the Currency.

Compiere fully supports the use of multiple currencies. The Multi-Currency functionality comprises three aspects:

 

  • Several Transaction currencies (a currency other than the Accounting Currency)
  • Several Accounting currencies in parallel (e.g. UK company uses GBP and EUR)
  • Several Reporting currencies (1:1 conversion of a Report)

It also eliminates the cumbersome tasks of conversion, transformation, and consolidation of foreign subsidiaries and allows for the easy separation of management and legal reporting. Each Accounting Schema defines several parameters for General Ledger processing. These include the type of error handling and method of currency balancing to use. Additionally, the accounts used for Retained Earnings, Inter-Company transactions and Balancing are defined.

The Bank Routing Number (ABA Number) identifies a legal Bank. It is used in routing checks and electronic transactions. The Account Number specifies the Number assigned to this account. The Check Number specifies the number on the check. The MICR number is the combination of the bank routing number, account number, and check number.

The Manual Payment window also completely supports Multi-Currency transactions, i.e. Invoice and Payment can show different currencies. (You must have set up your Multi-Currency conversion rates correctly). Before you process your Payments, all amounts must be allocated and difference needs to be zero.

Compiere supports online approval for Credit Cards, ACH and the Credit Card number before you transmit the transaction.

Mixed payment methods are only possible in the manual payment process. You can only split a Payment manually and pay part of the Payment in cash and part of it with your credit card.

Backend Options

See here all the options you can set in the Joomla Backend of this Theme.

Backend Options

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