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.
How to add a bank account
Each bank account is a separate account code in your chart of accounts. A new bank account can be added directly into the chart of accounts or can be added via the bank accounts list/summary page.
- Go to Accounting > Bank Accounts.
- Click the Add bank account button.
- 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 Current Assets range or leave it blank to let brightpearl choose one.
- 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.
How to add a credit card
If your Brightpearl account is in VAT mode then a credit card is added as a bank account.
If your Brightpearl account is in US Sales Tax mode then a credit card is added as an account code of type "credit card".
A credit card will appear in the bank accounts list and can be reconciled in the same way as a bank statement.
Bank accounts are assigned to payment methods
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 / summary
This screen provides a summary view of you bank account balances as represented in Brightpearl. This screen provides access to all bank account tools - adding new bank accounts, moving money using bank transactions, viewing activity with reports and charts, and 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. All values are displayed in the currency of the bank account.
For each transaction you can see whether it has been reconciled or matched using the transaction import:
It is currently only possible to download transactions from PayPal. However, transactions from other bank accounts can be imported from a spreadsheet.