Overview
This page helps you understand how to add a new counterparty bank account in the Finvisage application. As part of the process, you need to add the new counter party bank account details on the New page. You can access this New page by clicking the Menu icon on the Counterparty Bank Account page. Once the details are entered and saved, the new counterparty bank account is added.
Apart from adding a counterparty bank account, you can also update an existing counterparty bank account by making any required change and also deactivate or activate it depending on the requirement.
How is it different from bank account?
Bank account section refers to the bank account when the counterparty is a bank. Wherein the counterparty is a non banking financial institution that relies on banks to provide bank accounts for payment / receipt, this section is used. Herein, the counterparty bank account would be linked to the counterparty and the bank to which the account belongs.
Adding a Counterparty Bank Account
1. On the Side Panel of Finvisage application, click Settings.
The Settings menu is expanded.
2. On the expanded Settings menu, click Counterparty Bank Account.
The Counterparty Bank Account page is displayed.
3. On the Counterparty Bank Account page, click the Menu icon at the right bottom of the page to view the Add button, and then click it.
The New page is displayed.
4. On the New page, enter the new counterparty bank account details as shown in the below table:
Entering Counterparty Bank Account Details
| Field | Instruction |
| Counterparty | From this drop-down box, select the Counterparty whose details you wish to add. Note: If you don't find the counterparty that you are looking for, then you need to add that counterparty within the Counterparty settings. For information on how to add a new counterparty, click here. Note: Selecting counter party is mandatory. |
| Bank | In this field, enter the Bank of the counterparty. Note: Filling this field is mandatory. |
| Status | From this drop-down box, select the counterparty bank account Status choosing from Active or Inactive. Note: Filling this field is mandatory. |
| Account Number | In this field, enter the Account Number of the counterparty. Note: Filling this field is mandatory. |
| Currency | From this drop-down box, select the Currency. Note: Filling this field is mandatory. |
| IFSC | In this Field, enter the IFSC Code of the counterparty bank. Note: Filling this field is mandatory. |
| Branch Address | In this box, enter the Branch Address of the counter party bank account branch. Note: Filling this field is mandatory. |
| Other Info | In this field, enter the Other Information. |
5. After filling all the above details, click the Create button at the bottom of New page.
The counterparty bank account is added.
Updating a Counterparty Bank Account
You can make changes to a Counterparty Bank Account and update it on the Edit page. For example purpose, in this section, we will show how to change the currency from GBP to INR.
To update a Counterparty Bank Account
1. On the Side Panel, click Settings, and then click Counterparty Bank Account.
The Counterparty Bank Account page is displayed.
2.On the Counterparty Bank Account page, click the Edit button corresponding to the Counterparty Bank Account, which you wish to edit.
The Edit page is displayed.
3. On the Edit page, make the desired changes. For example, change the currency from GBP to INR. See the image below.
4. After making the required changes, click the Update button at the bottom.
The Counterparty Bank Account was successfully updated page is displayed. See the image below.
Deactivating a Counterparty Bank Account
You can deactivate a Counterparty Bank Account on the Counterparty Bank Account page. The following instructions show you how to do this:
To deactivate a Counterparty Bank Account
1. On the Side Panel, click Settings, and then click Counterparty Bank Account.
The Counterparty Bank Account page is displayed.
2.On the Counterparty Bank Account page, click the Activation button corresponding to the Counterparty Bank Account, which you wish to deactivate.
The Are you sure? message box is displayed.
3. On the Are you sure? message box, click the OK button.
The Counterparty Bank Account was successfully updated page is displayed. See the image below.
