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Set up your firm and staff

Set up firm impound bank accounts

Use the Impound Bank Accounts screen to set up impound accounts for your firm. You can deposit funds collected from your client's account into these accounts, then use those funds to make payments on your client's behalf.
Follow these steps to set up impound bank accounts for the firm.
  1. Select
    Setup
    ,
    Firm Information
    , then
    Impound Bank Accounts
    .
  2. Select
    Add
    .
  3. In the
    Main
     tab, enter the description for the impound bank account in the
    Description
     field and select the bank from the
    Bank
     dropdown.
  4. Select 1 of the following from the
    Account type
     dropdown:
    Checking
    ,
    Savings
    , or
    Credit card
    . Then enter the account number and the account holder name (this can be an individual or company name).
  5. In the References section, enter the next check number to use. If necessary, also mark the
    Zero amount net checks
     checkbox and enter the beginning reference in the text field to specify the reference to use for zero-amount net checks, such as payments via direct deposit, EFTPS, and electronic or internet files.
  6. In the Funding section, mark the checkboxes for the types of transactions this account should fund. The options available include:
    Payroll
     (and the options to fund all payroll transactions, only the direct deposit portion of payroll checks, or only the net check portion of payroll checks),
    Payroll agents
    ,
    Firm vendor
    , and
    Tax agents
    .
  7. To limit funding to printed checks or paid liabilities only, mark the checkboxes in the Limit fund processing to printed checks only section.
  8. Enter the unique GL accounts to use with this bank account in the General Ledger section. Then enter the reconciliation journal entry reference to use for transactions in this account.
  9. If you're registered with your bank to use Positive Pay, use the Positive Pay section to select the file format to create Positive Pay files. Specify the start date when you want to include transactions in Positive Pay files.
  10. Select the
    Layouts
     tab. Select the check layouts, specify MICR information for checks, and upload images for signatures and logos.
  11. Select the
    Direct Deposit
     tab. Enter the direct deposit information for this impound account.
  12. Select
    Enter
     to save the impound bank information.

This article applies to:

  • Product: Accounting CS
  • Subject: Clients, Setup
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