How Bank, Branch, and Account Components Work Together

Banks, branches, and accounts fit together on the premise of the Bank Account model.

The model enables you to define and keep track of all bank accounts in one place and explicitly grant account access to:

• multiple business units

• functions

• users

This eliminates the redundant duplicate bank account setup in different business units when these business units share the same bank account.

Banks

Creating a bank is the first step in the bank account creation. You can:

• Search for existing banks to view and update

• Create a new bank from an existing party

Consider the following:

• The option to create from an existing party is implicitly implemented by the matching option.

• The option is available only after the existing party has been found with the same bank.

• If you select the matching option, the page repopulates the information from the matched party.

Branches

Once you have created your bank, the next step is creating a branch or branches associated to the bank. The matching option is also available when creating branches. To create a new branch without using the matching option, manually enter the required information. You can also define other branch- related attributes in the same page.

If you don't use the matching option when an existing party is found, a branch with the same party name is created.

Accounts

The four areas associated with defining an account are:

• General information

• Control of the account

• Security and access to the account

• Business unit assignment

Once the bank and branch are created, proceed to the bank account setup by doing the following:

• Select the bank branch you want to associate to your bank account.

• Assign the owner of the bank account.

  Note:

  To create a bank account for Payables or Receivables, add the Business Unit Access first for the business units to use the bank account.

Consider the following:

• The Oracle Fusion Account Payables or Receivables accounts are identified by the business unit.

• The Oracle Fusion Payroll accounts are identified by the legal entity.

• The program, Inactivates Banks and Bank Branches enables you to inactivate all banks and bank branches that have no active internal and external bank accounts.

• Optionally, secure the access to bank account information based on the user's legal entity data access, by enabling the opt-in Legal Entity-Based Data Access for Bank Account Setup.
• Legal entity-based data access for bank account setup:
  • Improves security and increases control of bank account setup by limiting user access to bank account information.
  • Helps decentralized organizations that require users only to manage the bank account information for the organizations they are authorized for.