This article shows you the process of creating a bank account. You need to create a bank account before you can set up a data feed for a bank account.
Refer to the following pages for these investments types:
- Term Deposits
- Custom Holding Account - for related party LRBA & Non-bank products
Navigate to Fund level > Investments > New Holding Account > Bank Account
- Code - Unique for the entity. No special characters e.g. (!@#{}/) including spaces.
- Is Foreign (Yes / No) - For foreign bank accounts select the currency type and tax treatment.
- Display name - The recommended format is bank name followed by product name.
- Account name - Match the full name to the name showing on the statement.
You can tick the checkbox (to use the default name) then edit the name as required. The default name includes the name of the trustee/s followed by the name of the fund. - Account details - Class will lookup the BSB and match it to the product type. Only numerical digits can be used for an account number.
- Product - select the appropriate product from the dropdown list.
- Default cash account - This will flow through to the tax return. Only one default account can be selected for each entity.
- Link to holding account - Required for bank accounts that need to be linked to wrap/broker feeds or are loans e.g. LRBA. This will update the asset allocation of the asset to be net of the loan account so that the asset allocation adds up to 100%.
- Click Activate to create the account.
What's Next?
You can activate a data feed by reviewing this page Setting up a Bank Feed