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.
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