Banks is a functionality that allows you to track all credit and debit payments that were created on your account.

A good example of this is an accrued bonus payment.  Each month an employer must put the equivalent of 1/12th of an employee’s pays aside to be paid out as a bonus in December.  By creating a bank on the system this provides a place for you to accrue these funds.

Another example are Income taxes, you can add a bank enrollment based on your country’s tax rule where the employee should be debited each month.

A Bank will record all the transactions done through enrollments and payments that have it assigned, and can also hold balance.

See screenshots:

If you click on the specific bank, it’ll show the list of employees who have been paid or deduct using that bank:

Next Step:  How to Add Banks