P4 Software / cifraHQ

Financial Institutions

Financial Institutions

Your bank accounts, petty cash tills, corporate credit cards, and credit lines all live in CifraHQ as Financial Institutions. This is where the money moves. Every customer payment collected and every vendor bill settled flows through a Financial Institution — which means your bank registers stay in automatic sync with the GL without any manual Journal Entries.

Where to find it

Go to Banking > Financial Institutions.

Financial Institutions list page in CifraHQ.

Financial Institutions list, your banks and the accounts you keep with each.

How to create a Financial Institution

  1. Click New.
  2. Enter a Code (e.g., MAIN-CHK, PETTY-CASH, VISA) and Name.
  3. Select the Type: Bank, Cash, Credit Card, or Credit Line.
  4. Select the Currency — the currency this account operates in.
  5. Select the GL Account — the asset or liability account this institution maps to on the balance sheet.
  6. Optionally enter the Account Number (your bank account number for reference).
  7. Save.

Institution types

Type When to use
Bank Chequing or savings account; supports Bank Reconciliation
Cash Petty cash or till; typically requires reconciliation
Credit Card Credit card accounts; balance is a liability
Credit Line Line of credit or revolving facility

Bank Reconciliation

Enable Reconciliation Required on any institution to activate the Bank Reconciliation workflow for that account. CifraHQ tracks every transaction and lets you match them against your bank statement at period end.

Tips

  • Each institution must be linked to a unique GL account — this is what drives your balance sheet figures. If two institutions share a GL account, their balances will be combined on financial statements and you will lose visibility per account.
  • If you receive or pay in foreign Currencies, set up a dedicated institution for each currency (e.g., a USD chequing account separate from your CAD account). CifraHQ tracks the balance in the account's native currency and converts to your base currency for reporting.
  • The Expense Available flag makes the institution visible as a payment source in the Expenses module — enable it for any account your staff uses to pay out-of-pocket business Expenses.

Related: Bank Reconciliation · Bank Transactions · Chart of Accounts · Bank Transfers

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