Adding an Entity and Bank Account for the Entity in the Deposit Module

Adding an Entity and a Bank Account for the Entity.

Introduction

Add an Entity

Setup the Bank Account Details for the Entity

Introduction

The Deposit Account Types are the categories of investment types. Refer to Adding Deposit Account Types to read about this.

An Entity is the individual person or organisation who invests.

A Deposit Account is the particular investment that a person or organisation makes.  An Entity may have one or more Accounts. Refer here to read about Adding a Deposit Account.

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Add an Entity

An Entity is the individual or organisation who may have one or more Accounts.

To set up a new Entity:

• Go to Deposits > Entities.
• Click Create new entity.

In the Create New Entity screen:

• Select the Type: Individual or Organisation.
• Enter details for the Title, Name, Email address and phone number.
• Enter the Actual and Post Addresses. You can tick the Same as Actual Address for the Postal Address.
• Click Confirm.

This takes you to record for the new Entity that you have created. You will be on the Details tab for the record, where you can maintain and update any details as necessary.

In the Tax Department details section you can enter the tax details for this Entity:

• Enter the Tax Department Number.
• Select the Withholding Tax rate from the dropdown list.
• Select the Tax residency from the dropdown list.

• Click Save and Close.

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Setup the Bank Account Details for the Entity

To set up the Bank Account details for this Entity:

• Go to Deposits > Entities and search for the Entity you wish to update.
• Go to the Bank Account tab and click Add bank account.

In the Create Bank Account screen:

• Enter the Bank Name, Branch, and numbers.
• Enter the Account Name and Currency.
• If this is the default bank account for this Entity, tick the box for Default bank account.
• Click Confirm.

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