Prerequisites for Performing In-House Banking Activities

Before you can perform in-house banking (IHB) activities, you must first:

• Set up internal banks for each business unit you intend to use to internally exchange funds.

• Define internal account information. On the Internal Account Information page you must:

  • Generate the schedule defined on Internal Account Information page (required to run interest accrual calculation process).

  • Specify both debit and credit rate index information (required to run interest accrual calculation and interest schedule generation processes).

  • Adjust the opening balances for both Service and Owner of an internal account, as needed. (The opening balances default to zero on setup.)

• Check that an accounting template that is setup for internal account interest accruals is installed.