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Bank

BANK​

1.1 Add Bank​

Add a Bank - Step-by-Step

Step 1: Reach the Bank Section:

  • From the main side menu, click on "Accounts", then go to "Masters", and finally choose "Bank". This will open the Bank Search page.

Step 2: Adding a Bank:

  • Located at the top-right corner of the Bank Search page, there is an “Add Bank” button. Simply click on this button to proceed.

Step 3: Fill in Details:

Upon clicking the 'Add Bank' button, the Add Bank page will open. Complete the following information:

  • Bank Name: Enter the full name of the bank where the account is held. This helps identify the financial institution associated with the account. This is a mandatory field.
  • Account Number: This is the unique number assigned to your bank account. It's a critical piece of information for financial transactions and identifying your account. This is a mandatory field.
  • IFSC Code: The Indian Financial System Code (IFSC) is a unique alphanumeric code that identifies a specific bank branch. It's essential for interbank electronic transactions in India.
  • SWIFT Code: The Society for Worldwide Interbank Financial Telecommunication (SWIFT) code is used for international money transfers. It identifies a specific bank and branch for global transactions. This is a mandatory field.
  • AD Code: The Authorized Dealer code is assigned by the central bank and is crucial for foreign exchange transactions. It helps monitor and regulate international trade and payments.
  • Notes: This field allows you to add any extra information or remarks related to the account, such as special instructions or context.
  • ABA Code: The American Bankers Association (ABA) routing code is used in the United States for processing electronic transactions like ACH transfers and wire transfers.
  • IBAN Code: The International Bank Account Number (IBAN) is used for identifying bank accounts internationally. It's crucial for cross-border transactions.
  • Select Yes/No If India Pvt Ltd: This choice lets you indicate whether the entity associated with the account is an India Private Limited company or not. This classification can have specific legal and financial implications. This is a mandatory field.
  • Active: This option allows you to specify whether the entry is currently active or not. It's useful for managing and tracking the status of various accounts or entities. This is a mandatory field.
  • To modify values of dropdown, you can access the 'Master Category' page. This page provides the necessary interface to edit existing options within the dropdown list.

Assignment Clause

Overview​

The Assignment Clause allows the seller to assign the right to receive invoice payments to a third-party beneficiary. When this option is enabled, the customer is required to make payment to the beneficiary bank account specified in the invoice instead of the seller’s bank account.

Purpose​

The Assignment Clause ensures:

  • Clear identification of the beneficiary receiving the payment
  • Accurate and secure financial transactions
  • Transparency for customers regarding payment instructions
  • Proper documentation for financial and audit purposes

Mandatory Fields​

When the Assignment Clause is enabled, the following fields must be completed:

Assignment Clause​

  • Enables or disables the assignment of invoice payment rights.

Bank Name​

  • Specifies the name of the bank where the beneficiary account is maintained.

Beneficiary Account Name​

  • The full name of the beneficiary as per bank records.
  • Ensures correct identification of the account holder.
  • Mandatory field

Beneficiary Account Number​

  • The unique bank account number of the beneficiary used for receiving invoice payments.
  • Mandatory field

RTGS IFSC Code​

  • The IFSC (Indian Financial System Code) of the bank branch used for RTGS transactions.
  • Ensures correct routing of payments.

Branch Address​

  • The complete address of the bank branch associated with the beneficiary account.
  • Used for verification and record-keeping.

Assignment Clause Notes​

  • Allows entry of additional remarks or instructions related to the assignment clause.
  • Can be used to provide clarification or reference details.

Invoice Display​

When the Assignment Clause is enabled, the beneficiary bank details are displayed in the Bank Details section of the invoice, informing the customer of the correct payment destination.

System Behavior​

  • If the Assignment Clause is enabled, all mandatory fields must be provided before the invoice can be generated.
  • If the Assignment Clause is disabled, the invoice will display the seller’s default bank details.

Summary​

The Assignment Clause provides a structured and transparent mechanism for redirecting invoice payments to a designated beneficiary while maintaining compliance and financial clarity.

1.2 SEARCH BANK​

Search a Bank - Step-by-Step

Step 1: Start Searching:

On the Bank Search page, you can search in different ways:

  • By Bank Name: Type the bank name. This is a mandatory field.
  • By Account Number: Type the account number
  • By IFSC Code: Type IFSC code.
  • For All: If you don't have a specific bank, account number, or IFSC code just click "Search" to see all banks.

Step 2: See the Results:

After clicking "Search", you'll see results:

  • If you search by bank, account number, or IFSC code, you'll find the matching banks.
  • If you didn't search, you'll see a list of all banks.
  • At the lower right corner of the search results, you'll find a download button. This button serves the purpose of providing you with an extensive list of bank details in the form of an Excel file. By clicking on this button, you have the option to download the entire collection of bank information, making it easily accessible for your records or further analysis.

1.3 EDIT BANK​

Edit a Bank - Step-by-Step

Step 1: Find Bank Edit:

Step 2: Start Editing:

On the Bank Search, you can edit Bank:

  • By bank, account number, or IFSC code: Type the bank, account number, or IFSC code.
  • Click Search: Press "Search" to find the Bank you want to edit.

Step 3: Edit Details:

  • After searching, you'll see the Bank you want to edit.
  • Click "View/Edit" next to that Bank Name to reach the Edit Bank page.

Step 4: Update Info:

  • On the Edit Bank page, you'll see existing details.
  • You can make edits to your entry and then proceed to submit it.

That's it! You have learned how to ADD, SEARCH, EDIT a bank using the DMeX app. If you need help, contact the support team.