2.4.4 Bank Details Tab

This topic explains the Bank Details tab of Single Entity Maintenance Detail.

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 Single Entity Maintenance Detail screen, click Bank Details tab to capture the bank details.
   The Bank Details are displayed.

   Figure 2-7 Single Entity Maintenance Detail_Bank Details Tab

   
   

   
   Description of "Figure 2-7 Single Entity Maintenance Detail_Bank Details Tab"

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

   Table 2-6 Bank Details - Field Description

   Field	Description
   Bank Details	The section displays the following fields.
   Account Name	Alphanumeric; 140 Character; Mandatory Specify the name in which the entity holds the specified bank account.
   Account Currency	Alphanumeric, 3 Characters; Mandatory 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; Mandatory From the list, select the name of the bank in which the account is held.
   Account Type	Alphanumeric; 1 Character; Mandatory 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 Number	Alphanumeric; 34 Characters; Mandatory Specify the number of the account held by the entity in the selected bank.
   Reference 1	Alphanumeric; 35 Characters; Optional Enter the first reference
   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 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.
   Branch	Alphanumeric; 60 Characters; Mandatory Select the name of the branch of the bank in which the account is held from the list.
   Account Operation Type	Display The system displays the description of account operation type.
   IBAN	Alphanumeric; 40 Characters; Optional Specify the IBAN (International Bank Account Number) of the account holder.
   Reference2	Alphanumeric; 35 Characters; Optional Specify the second reference
   Email	Alphanumeric; 255 Characters; Optional Specify the Email address of the entity being set up.
   Swift Format	Optional Indicate one of the following swift formats from the list: MT103 MT102
   Bank Charged	Optional Indicate one of the following from the list: Beneficiary Remitter Share
   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.
   Beneficiary Details	The section displays the following fields.
   Beneficiary	Alphanumeric; 35 Characters; Optional Enter the beneficiary Details.
   Beneficiary Acct No	Alphanumeric; 34 Characters; Optional Specify the account number of the beneficiary.
   Beneficiary Info	Alphanumeric; 100 Characters; Optional Specify the information about the beneficiary.
   Beneficiary BIC Code	Alphanumeric; 24 Characters; Optional Specify the BIC code of the beneficiary.
   Beneficiary Code	Alphanumeric; 24 Characters; Optional Specify the code of the beneficiary.
   Beneficiary IBAN	Alphanumeric; 40 Characters; Optional Specify the beneficiary IBAN.
   Beneficiary Add1	Alphanumeric; 105 Characters; Optional Specify the first line of beneficiary address.
   Beneficiary Add2	Alphanumeric; 105 Characters; Optional Specify the second line of beneficiary address.
   Beneficiary Add3	Alphanumeric; 105 Characters; Optional Specify the third line of beneficiary address.
   Intermediary Details	The section displays the following fields.
   Intermediary	Alphanumeric; 35 Characters; Optional Specify the intermediary details.
   Specify the intermediary details.	Alphanumeric; 34 Characters; Optional Specify the account number of the intermediary.
   Intermediary Info	Alphanumeric; 100 Characters; Optional Specify the information about the intermediary.
   Intermediary BIC Code	Alphanumeric; 24 Characters; Optional Specify the BIC Code of the intermediary.
   Intermediary Code	Alphanumeric; 24 Characters; Optional Specify the code of the intermediary.
   Intermediary IBAN	Alphanumeric; 40 Characters; Optional Specify the intermediary IBAN.
   Intermediary Add 1	Alphanumeric; 105 Characters; Optional Alphanumeric; 105 Characters; Optional
   Intermediary Add 2	Alphanumeric; 105 Characters; Optional Specify the second line of beneficiary intermediary.
   Intermediary Add 3	Alphanumeric; 105 Characters; Optional Specify the third line of beneficiary intermediary.