How to create a BACS payment

Step by Step Guide:

1. Navigate to ACCOUNTING > General Ledger > General Ledger Accounts.

2. Click on CREATE A NEW GENERAL LEDGER ACCOUNT .

3. Enter the following information.

• Account No.- Enter Bank Account No.
• Account Name- Enter Bank Account Name
• GL Account Type- Select GL Account Type, i.e., Assets
• GL Report Group- Select the GL Report Group, e.g. Cash
• Bank Account- Select Bank Account

4. Click SAVE.

5. Click Banking Details.

6. Enter the following information:

• Bank User Name- Enter the legal company name.
• Bank Remiter Name- Enter the bank’s name.
• Bank No.- Enter the SWIFT BIC number - SWIFT codes are between eight and 11 characters long and consist of:
  • A four-letter bank code
  • A two-letter country code
  • A two-character location code (letters and digits) for the bank’s head office
  • An optional three-character branch code (letters and digits)
• Bank Account Number- Enter the IBAN number - IBAN numbers vary between countries but are typically made of up to 34 letters and numbers and can contain the following:
  • Country code
  • Check digit
  • Bank Identifier Code (or BIC)
  • Branch Code
  • Account number
• INTERNET BANKING PAYMENT FILE TYPE- Select BACS as a payment type from the dropdown list.

7. Click SAVE.