Set Up Bank Accounts in Light

How to Set Up Bank Accounts

Follow these steps to add your bank accounts in Light.

1. Navigate to Bank Accounts Settings

   1. Go to Settings -> Select Bank Accounts -> Click Add Account

2. Add Your Bank Account Details.

   1. For each bank account, complete the following fields as applicable:

      1. Entity -> Select the entity the bank account belongs to.

      2. Account Coordinates -> Enter the bank account identification details.
         Important: Not all fields are mandatory. Depending on geographic location, you can use either: IBAN + BIC, or Bank account number + bank code

      3. Payment Enabled -> Set to Yes if you plan to use this account for making payments from Light.

      4. Ledger Account Code -> Enter the account number under which this bank account should be recorded in your Chart of Accounts. 
         Note: If the ledger account does not already exist, a new account will be automatically created in your CoA once you save.

Default Bank Accounts

Default bank accounts allow you to specify which bank account should be used automatically for each entity.

Why Use Default Bank Accounts?

Example use case:
When an employee submits a reimbursement:

• The expense report defaults to the employee’s entity of employment

• The payment is automatically made from that entity’s default bank account

The same logic applies when processing supplier bills.