Create a depository account

Depository accounts can be created at the top level or the entity level.

To create a depository account for a customer, you need to have 2 records for the customer: their customer record and a vendor record. The vendor record is needed because funds for withdrawals are disbursed as bill payments through Accounts Payable, and bill payments can be made only to vendors. So, to disburse funds that your customer withdraws from their account, you need a vendor record based on their customer record. Both records (customer and vendor) are specified as part of the depository account.

We recommend basing the name of the vendor record on the name of the customer record that it's associated with. For example, if the customer is named C-ABC-Consulting, you could name the vendor V-ABC-Consulting.

Learn about creating customers

Learn about creating vendors

1. Go to Depository Management > All and select Add (circle) next to Depository accounts.
   Alternatively, select Create on the Depository Accounts page (Depository Management > All > Depository accounts).
2. Enter information for the depository account.

   View detailed field descriptions

3. Select one of the following:
   • Post: Save the new account and then go to the Depository Accounts page.
   • Post and continue: Save the new account without leaving the page that you're on.
   • Post and new: Save the new account and then go to a blank Create Depository Account page where you can create another new depository account.