Configuring Banks And Accounts

Identify the Bank and Account Records Required for Payments

Before creating records in Pams, separate the information about the financial institution from the information about each account your company uses.

A Bank record identifies the financial institution itself. It stores details such as Bank Full Name, Bank Short Name, and SWIFT Code. Create one Bank record for each financial institution your company works with. If your company has several accounts at the same bank, you normally use one Bank record and create a separate Bank accounts record for each account.

A Bank accounts record identifies the specific account used to receive or make payments. Review the finance activities your team performs and identify the company-owned accounts that need to be available in Pams, such as accounts used for:

• Customer receipts recorded through Payments
• Supplier payments recorded through Outgoing Payments
• Principal-related payment activities, where applicable
• Payroll or other company finance activities managed outside the sales cycle
• Accounts held in different currencies

Keep separate Bank accounts records when the details differ. For example, create separate records when accounts have different Account Number or IBAN values, use different currencies, belong to different Company records, or serve clearly different payment purposes.

Use names and supporting details that help finance users recognize the intended account during daily work. This is especially important when the same Bank has several accounts with similar numbers or when Pams is used by more than one Company.

As you identify the records to create, compare them with your current payment paperwork and bank-issued account details. This reduces the risk of entering an outdated account or creating duplicate Bank accounts records for the same account.

Prepare Bank Details and Administrative Access

Make sure you can access the configuration screens before gathering and entering bank information. In Pams, you need access to Configuration, including the Banks and Bank accounts lists, and you must be able to create and save records. If you can open the lists but do not see New, ask the person who manages Users, Roles, or Security to confirm your access.

Collect the official bank details for each financial institution and each company-owned account. Use bank-issued documents rather than copying details from an old invoice or payment record.

Prepare the following information for each Bank record:

For each Bank accounts record, confirm:

If your Pams environment includes more than one Company, confirm the owner of each account before you save it. Do not assign one Company’s account to another Company simply because both use the same Bank. A clear Company assignment helps payment users select the right account when working in Payments or Outgoing Payments.

Create and Maintain Bank Records

Create the Bank record first, then add the individual Bank accounts that belong to it. This keeps your finance records organized and prevents the same financial institution from appearing several times because of minor differences in spelling.

1. Open Configuration and select Banks.

2. Review the existing Banks list. Search for the financial institution before creating a new record. If the correct bank already appears, open it and verify its details rather than creating a duplicate.

3. Select New to add a financial institution that is not already listed.

4. Enter the official Bank Full Name exactly as shown on the bank’s documentation. Use Bank Short Name to provide the recognizable name your team uses when identifying the bank in Pams.

5. Enter the SWIFT Code provided by the bank. This code is particularly important when the account may be used for international payments or where payment documentation requires bank identification.

6. Complete any available address information using the bank’s official branch or registered details. Enter only information you can confirm from the bank’s records.

7. Select Save. Use Save and Close when you have finished and want to return to the Banks list.

To correct a Bank record later, open it from Banks, update the incorrect institution detail, and select Save. Update the Bank record when the bank’s name, short name, or SWIFT Code changes. Do not replace a Bank record merely to correct an individual account number; account-specific details belong in Bank accounts.

When reviewing the Banks list, keep each financial institution represented once whenever possible. This makes it easier to choose the correct Bank when you create or maintain account records.

Add Company Bank Accounts

After the financial institution is available in Banks, create a Bank accounts record for every company-owned account that users need for payment-related work.

1. Open Configuration and select Bank accounts.

2. Review the existing list and search for the account first. Check the Bank, Account Number, and IBAN values so you do not create a second record for the same account.

3. Select New.

4. In the Bank field, select the financial institution created or verified in Banks. Choosing the existing Bank record connects the account to the correct bank name and SWIFT Code.

5. Enter the Account Number exactly as issued by the bank. If the account uses an IBAN, enter the IBAN exactly as shown on the official bank documentation. Do not shorten, reformat, or substitute an internal reference for the actual account identifier.

6. Select the appropriate Company when Pams displays a Company selection. Confirm that the selected Company is the account holder and the Company that should use the account in finance work.

7. Select the applicable Currency when the account is maintained for a specific currency. Create separate Bank accounts records for accounts held in different currencies, even when they belong to the same Bank.

8. Select Save. Review the saved record once more before leaving the screen.

Use a clear record for each real account rather than combining several accounts into one entry. This allows payment users to recognize the correct account and supports accurate records when your team handles customer receipts, supplier payments, and other finance activities.

Connect Accounts to Payment and Finance Workflows

Bank records and Bank accounts records support the payment choices your finance team makes in Pams. Once an account is saved, review the screens your team uses for payment processing and make sure users can distinguish it from other available accounts.

1. Open Configuration and review Payment Methods. Confirm which Payment Method records your team uses for customer receipts, supplier payments, and any other payment activity managed in Pams.

2. Open the relevant Payments or Outgoing Payments screen used by your team. When creating or reviewing a payment, check the available Payment Method choices and any displayed Bank or account information.

3. Confirm that the payment activity is being recorded for the correct Company. When an account is currency-specific, also confirm that the payment currency matches the account’s Currency.

4. Use the Bank’s Bank Short Name and the account’s Account Number or IBAN to distinguish accounts held at the same financial institution. This is useful when, for example, one Bank provides both a local-currency account and a foreign-currency account.

5. If users cannot identify the correct account from the information shown Awaiting Payment screens, return to Bank accounts and review the Bank, Company, Currency, Account Number, and IBAN values. Correct the record before processing payments.

Avoid relying only on a Bank name when selecting an account for a payment. A single Bank may hold several company accounts, and the Account Number or IBAN is what identifies the intended account.

Where your organization uses separate payment activities for incoming and outgoing funds, maintain clear Bank accounts records for both purposes. This helps finance users working in Payments and Outgoing Payments select records that match the account actually used by the Company.

Verify the Bank and Account Configuration

Verify each record before it is used in day-to-day payment work. A short review at this stage helps prevent a payment being associated with the wrong Bank, Company, currency, or account identifier.

1. Open Configuration > Bank accounts and select the account you saved.

2. Compare the Bank value with the financial institution shown on the bank’s official documentation. Open the related Bank record if necessary and verify Bank Full Name, Bank Short Name, and SWIFT Code.

3. Check the Account Number and IBAN character by character against the official account details. Confirm that the record contains the full value, not an abbreviated number, internal nickname, or copied value from another account.

4. Verify the selected Company. The Company on the Bank accounts record should be the same Company that owns and uses the account.

5. Verify the Currency where the account is currency-specific. If the account is intended for a different currency from the one shown, correct it before the account is used Awaiting Payment work.

6. Open a draft record in Payments or Outgoing Payments and review the available Payment Method and bank-related selections. Confirm that finance users can identify the intended Bank account for the correct Company and payment activity.

7. Return to Bank accounts and correct duplicate, outdated, or incorrectly assigned entries. Use the existing record whenever it represents the same real account; do not leave several records with the same Account Number or IBAN unless they genuinely represent different Company or currency arrangements.

Repeat this review whenever a Company opens a new account, closes an account, changes banks, or receives revised bank details. Keeping Banks and Bank accounts current makes payment-related records easier to review and reduces confusion for everyone handling Payments.

Overview

In Pams, Banks and Bank accounts work together to provide reliable finance details for payment-related activities.

Use Banks to store the financial institution information that may be shared by several accounts. The key details are Bank Full Name, Bank Short Name, and SWIFT Code. This record identifies the bank itself and gives finance users a consistent name to recognize across configuration and payment work.

Use Bank accounts to store each individual company-owned account. The important account details are the selected Bank, Account Number or IBAN, Company, and Currency. These values distinguish one real account from another, including accounts held at the same bank.

The most important relationship is simple:

• One Bank can have one or more Bank accounts.
• Each Bank account should represent one actual account issued by that Bank.
• Each Bank account should be assigned to the Company that owns it.
• Currency-specific accounts should have their own Bank accounts records.
• Payment users should be able to recognize the intended account from the Bank name, account identifier, Company, and Currency.

Accurate bank configuration supports the finance activities that follow the sales and purchasing workflows. For example, a customer payment recorded in Payments and a supplier payment recorded in Outgoing Payments both depend on users being able to identify the correct Company account.

For related payment procedures, see Managing AR Invoices, Recording Incoming Payments, and Managing AP Invoices. These workflows use the finance records you maintain here, so keep Bank and account information current before processing payments.

Prerequisites

Before you begin, make sure you have the information and Pams access needed to create accurate records.

• You can open Configuration, Banks, and Bank accounts in Pams.
• You can select New and Save on the Banks and Bank accounts screens.
• You know which Company owns each bank account, especially when Pams contains records for more than one Company.
• You have the bank’s official Bank Full Name, Bank Short Name, and SWIFT Code where available.
• You have the exact Account Number or IBAN for every account you plan to create.
• You know the Currency used by each account when it is maintained for a specific currency.
• You have confirmed which accounts are used for customer receipts in Payments and supplier payments in Outgoing Payments.
• You have reviewed the existing Banks and Bank accounts lists to avoid creating duplicate records.

If the information available to you is incomplete, do not guess. Save records only with details you can confirm from current bank documentation and the relevant Company’s finance records. In particular, verify SWIFT Code, Account Number, and IBAN values carefully because these values identify the bank and the individual account.

If you need access to Configuration, Banks, or Bank accounts, ask the person responsible for Users, Roles, or Security to provide the appropriate access. Do not ask another user to create an account under an incorrect Company just to make it available more quickly.

After your Banks and Bank accounts are in place, continue with Configuring Guarantee Facilities to set up the finance details used for LG activities.