The Bank Department Combination (DEPTACCT) page is used to associate depository and disbursement bank accounts with the department that is the owner. The Depository Information section allows the definition of local department bank accounts where deposits are made and the corresponding central concentration bank account where the deposits will be moved to during the Local Bank Sweep Process. The Payment Information section allows the definition of the local bank account where payments are made and the corresponding central concentration bank where the payments are reimbursed. The COA section of the page allows users to define the Chart of Accounts (COA’s) that will be used to generate accounting transactions to record book entries.
A department can have two local bank accounts active during the same period of time in the case where a site is transitioning from one bank to another, which is why there are two sets of bank account information. Procedurally, the same local department bank cannot be used by multiple departments on this page, but a department can have multiple local department bank accounts defined.
Features: Department-Based Local Bank Sweep