2.3.1 Create External Account

An external entity is an external bank or an external organization. A reconciliation product is associated with an external account, and together they map to one or more internal Nostro accounts. Create an External Account by following the instructions provided in this topic.

A reconciliation is between the transaction entries posted to the external account and the corresponding entries posted to the internal Nostro accounts.

1. In the left navigation panel, click Nostro Account Configuration. Under Nostro Account Configuration click External Accounts, then click Create.
   The Create page displays.

   Figure 2-14 Create External Account

   
   

   
   Description of "Figure 2-14 Create External Account"

   
   
2. Specify the details on the Create page.

   Table 2-11 Field Description table - Create External Account

   Field	Description
   Reconciliation Product	Specify the Reconciliation product to use with the external account. Fetch the Reconciliation product code.
   External Entity	Enter the BIC (Bank Identifier Code) of the external banking entity.
   External Account	Enter the account number of the account held with the external entity
   Account Mapping	Map an internal account to the external entity's account using the specified reconciliation product.

   To add an Account Mapping:
   1. Click the + icon to add a new row.
      A new blank row displays.
   2. Double click the Account cell.
      The row elements switch to the edit mode.
   3. Click the Fetch icon.
      The Account dialog displays.
   4. Search and select the required internal account from the list.
      The Create page displays the Account and the associated Branch columns with the selected values in the row.
   5. Click the Calendar icon in the Capture Start Date column and select the date to start managing statement entries.
3. Click Next.
   The Manual Matching Limits page displays. The Manual matching limits configured in the reconciliation product are listed by default.
4. To add more matching limits for other currencies:
   1. Click the + icon.
      A new blank row displays.
   2. Double click the Currency column and to open it in edit mode.
   3. Click the Fetch icon to open the Currency dialog. Search and select the required currency from the list. The currency is added to the Currency column.
   4. Double click the Limit Amount column to make it editable.
   5. Enter the required amount.
   6. Repeat the above steps to add matching limits for additional currencies as required.
5. Click Save and Close.