Add a Bank, Card, or Cash Account

Add each real-world financial account before entering its starting balance or importing transactions. AveryIQ maps the account to the general ledger and uses its purpose to keep business money separate from client money.

Open Financial Accounts

Select Financial from the Team Portal navigation.
Open Banking.
Select Financial accounts.
Select Add financial account.

AveryIQ Financial accounts page before the first bank, card, or cash account is added. — Open Financial accounts and select Add financial account.

Choose the Account Type

Enter a recognizable name, then choose:

Bank account for checking, savings, and trust-bank accounts
Credit card for a card whose amount owed should be tracked as a liability
Cash for petty cash or another physical cash account

Add a financial account dialog showing Bank account, Credit card, and Cash type choices and the available account purposes. — Choose the real-world account type, then identify what the account is used for.

The account type cannot be changed after creation. If the wrong type was selected, add the correct account before it has financial history.

Choose What the Account Is Used For

For a bank or cash account, choose the purpose that describes the money it holds:

Business operations for management fees, payroll, and company expenses
Rent and owner funds for rent and other money held for property owners
Security deposits for resident deposits held separately

AveryIQ uses the purpose to select the recommended ledger mapping. It supports one primary account for each trust purpose. If that purpose is already set up, edit the existing account rather than creating a second primary account.

Credit cards are mapped as liabilities and do not ask for a cash purpose.

Enter Account Details

Add any details that will help identify the account during imports and review:

Financial institution
Routing number for a bank account
Masked identifier, such as the last four digits
Statement ID used by an OFX or QFX export
Internal notes

Do not put a complete bank account number in the masked-identifier or notes fields.

Review the Ledger Mapping

AveryIQ shows the ledger account it will use. Keep the recommended mapping unless your accountant has intentionally designed a different chart structure. The advanced mapping control can use an eligible existing account or create a new ledger account.

Choose the Default Account

Turn on Default account if this should be used when a financial workflow does not specify another account. Enabling it replaces the previous default.

Completed Owner Trust Checking account form with rent and owner funds selected, the recommended Owner Trust Cash mapping, and Default account enabled. — Review the purpose, recommended ledger mapping, identifying details, and default setting before adding the account.

Select Add account to finish.

Financial accounts table showing the newly created Owner Trust Checking account, ledger mapping, purpose, balance, and default status. — The created account is ready for opening balances, bank imports, and reconciliation.

Correct an Account Purpose

Open an existing account to edit its descriptive details. AveryIQ may allow the cash purpose to be corrected while the account has no posted balance or reconciliation history. After financial activity exists, the purpose is locked to protect prior accounting and trust classifications.

Continue Setup

Starting fresh with no previous balance: the account is ready for new activity.
Carrying a balance from another system: continue to Move Starting Resident and Owner Balances or Import an Accountant-Prepared Opening Balance.
Ready for ongoing statement activity: continue to Import and Reconcile Bank Transactions.