2.5 Bank Details

This topic explains the Bank Details segment of Create Entity screen..

You can capture details of bank accounts held by the entity, with multiple accounts in foreign currencies, if required. These are the settlement details that would be used for settlement of payment to the entities. You must designate one default account for each currency, which would be deemed to be the default settlement account in the selected currency, for the entities.
Bank details can be captured for all entities other than Bank Branches, and are optional for all entities except AMCs and Distributors. For Banks, you can capture the details of Correspondent Banks as part of the bank details.
Commission payments for an entity are made to the default settlement account designated in the Income Distribution Setup (IDS) record maintained for the entity. If no IDS have been maintained, the default bank account designated in the entity details record is considered as the default settlement account.
You can capture the following details for each entity bank account:
  • Bank and branch in which the account resides
  • Account number
  • Account name and the owner of the account
  • Account currency
  • Whether direct debits are allowed for the account
  • Whether the account is the default account for the entity
  1. On Create Entity screen, click Bank Details tab to enter the following details.
    The Bank Details are displayed.

    Figure 2-5 Bank Details


    Description of Figure 2-5 follows
    Description of "Figure 2-5 Bank Details"

  2. On the Bank Details tab, specify the fields.
    For more information on fields, refer to the field description table.

    Table 2-5 Bank Details - Field Description.

    Field Description
    Account Name Alphanumeric; 100 Characters; Mandatory

    Specify the name in which the entity holds the specified bank account.
    Default Optional

    Select Yes from drop-down list to identify the bank account that is to be reckoned as the default bank account for the entity in the system, for the selected currency

    Direct Debit Applicable Optional

    You can use this field to indicate whether direct debits may be raised in respect of the bank account you are defining for the entity. Select Yes to indicate that direct debits are allowed; leave it unchecked to indicate that they are not.

    Account Currency Alphanumeric; 3 Characters; Optional

    From the list, select the currency that the specified bank account uses. You can maintain any number of accounts in each currency; however, you must designate one default bank account for each currency.
    Bank Alphanumeric; 12 Characters; Optional

    From the list, select the name of the bank in which the account is held.
    Branch Alphanumeric; 60 Characters; Optional

    From the list, select the name of the branch of the bank in which the account is held.
    Account Type Alphanumeric; 1 Characters; Optional

    From the list, select the nature of the account held by the entity.

    The list provides all account types that have been set up in the Account Type Maintenance records.
    Account Operation Type Display

    The system displays the description of account operation type.
    Account Number Alphanumeric; 34 Characters; Optional

    Specify the number of the account held by the entity in the selected bank.

    IBAN Alphanumeric; 40 Characters; Optional

    Specify the International Bank Account Number (IBAN) of the account holder.

    Swift Format Optional
    Indicate one of the following swift formats from the drop-down list:
    • MT103
    • MT102
    Bank Charged Optional

    Indicate one of the following from the drop-down list:
    Reference 1 Alphanumeric;35 Characters; Optional

    Enter the first reference
    Reference2 Alphanumeric;35 Characters; Optional

    Specify the second reference.
    Further Credit Name Alphanumeric;35 Characters; Optional

    Specify the further credit name.
    Further Credit Acct No Alphanumeric;35 Characters; Optional

    Specify the further credit account number.

Parent topic: Create Entity