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Bank Accounts

Article ID: 619
Last updated: 11 Mar, 2010

Bank Accounts

The CM5 Bank Accounts feature allows you to maintain one Dataset yet keep financial
transactions for separate Committees, possibly a separate federal and a separate state or local
Committee. This utility is most beneficial to Committees that have an interest in maintaining
more than one bank account or Committees that are required to file multiple financial reports.
For example, a former Congressman might decide to run for U.S. Senate. The Committee may
decide not to create a new Dataset, but use the same names and contact information of potential
donors to the Senate race. In one Dataset, you’re the Campaign will have two sets of financial
data, Congress and Senate.
 
Think of the Bank Accounts feature as one large umbrella that contains multiple “virtual” bank
accounts. These virtual bank accounts track, separate, and allocate financial transactions based
on the bank account assignment in the Contributions or Disbursements Subfile.
 
If your Committee is a Political Party Committee, you must use this feature. Typically, each
financial transaction is assigned to a Federal or State account. The party may opt to maintain
and state accounts. So long as the transactions are identified for the particular
account, the FEC and state reports will operate properly. When accounts are reconciled, you may
opt to reconcile several accounts together. Thus the virtual accounts may represent a single
physical bank account, yet provide the opportunity to segregate funds.
 
Political Parties and Leadership PACs who use the Bank Account feature may employ the utility
when it comes time to generate financial disclosure reports. The Committee would select to
include only transactions from the appropriate Bank Account prior to running the report.

Creating a New bank Account
Step-by-Step…
1.  From the Main Menu Bar, select Accounting > Bank Accounts.
 
2.  Select New.
 
3.  Enter Account information as prompted.

NOTE: The Account Name may include numbers and characters, so be
specific. This is what will appear in the Reported field of the Contribution
or Disbursement. As with most items to which you assign names in CM5,
it is best to keep the name simple.
 
4.  Click Close.

Changing Bank Account Information

Step-by-Step… 
 1.  From the Main Menu Bar, select Accounting > Bank Accounts.
 
2.  View Accounts by selecting the Previous or Next buttons.
 
3.  Make changes if necessary.

4.  Click Close when viewing is finished.

Deleting Bank Accounts

Step-by-Step…
1.  From the Main Menu Bar, select Accounting > Bank Accounts.
 
2.  Click the Previous or Next button until you reach the Account you want
to delete.
 
3.  Click Delete to remove the Account.
 
4.  Select Close when finished.

Printing Bank Account Information

Step-by-Step…

1.  From the Main Menu Bar, select Accounting > Bank Accounts.
 
2.  Select Print to print an Account List.
 
3.  Select Close when List has printed.

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Article ID: 619
Last updated: 11 Mar, 2010
Revision: 1
Views: 446
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