Brightpearl bank accounts are used for recording payments, refunds, deposits, withdrawals and transfers - any movement of money which occurs in your real life bank account or on a credit card.
This includes PayPal, SagePay, Authorize.net, Amazon or a POS till - these are all 'bank accounts' which hold funds for you.
Bank accounts and credit cards show as assets or liabilities on your balance sheet.
Adding bank accounts
Each bank account is a separate account code in your chart of accounts. In UK accounts, they are located within the Current Assets range, and in US accounts they are located within the Banks range.
A new bank account can be added directly into the chart of accounts or can be added via the bank accounts list.
- Go to Accounting > List bank accounts
- Click the Add bank account button to open a modal window
- Enter the name for the bank account
- Your current chart of accounts is displayed on the right-hand side - select an available number in the Banks (US) or Current Assets (UK) range, or leave it blank to let Brightpearl choose one
- Select the currency
- Specify whether this account should be reconciled
- You can leave all the other settings as they are, but make sure it's marked as Active
- Click the Save button
Payment methods are required to process payments and refunds against orders. Payment methods which are used for transferring real money (as opposed to things like gift vouchers) should be assigned a bank account.
For merchants working with multiple currencies, more than one bank account can be assigned to a payment method.
This means that when a payment is processed using that payment method, the accounting will automatically be created in the correct bank account.
Bank accounts list
This screen, found under Accounting > List bank accounts, provides a summary view of you bank account balances as represented in Brightpearl.
This screen provides access to all the bank account tools - adding new bank accounts, moving money using bank transactions, viewing activity with reports and charts, as well as account management with the reconciliation or transaction import.
Each bank account balance is displayed in the currency of the bank account - the currency base currency valuation can be seen just below.
The revaluation tool can be used to update the base currency value of a foreign currency bank account.
Bank activity report
The bank activity report provides a full list of movements of money in and out of the account in Brightpearl. It can be found under Accounting > Activity report > (Select bank account).
All values are displayed in the currency of the bank account.
The bank activity report can also be used to perform batch transfers.
Brightpearl does not currently support bank feeds. Transactions can be imported into the system during the matching process.