Set Up Checking Accounts

Updated October 05, 2026 16:42

Add your business checking accounts in Retail One and link each one to the appropriate account in your chart of accounts.

A checking-account record contains the bank and MICR information for the account’s register. Create a record for each business bank account you plan to manage through this feature.

Before You Begin

Gather the following information for each account:

The approved chart account number and name.
The bank name.
The account type to use in Retail One: Printed Checks or Online.
The bank-approved MICR information.
The fractional routing information, if applicable.

MICR stands for magnetic ink character recognition. It identifies the banking information printed along the bottom of a check. Obtain the correct information and format from your bank or check provider.

Choose the Appropriate Chart Account

Each bank account should have its own cash asset account in the chart of accounts so you can track and reconcile its balance separately.

You do not need a bank account for every chart account. For example, a payroll checking account holds cash, while a payroll expense account records wages.

If the appropriate cash asset account does not exist, If the cash account does not exist:

Go to Accounting > Account Codes.
Select Add.
Enter the Account Code and Name.
Leave Active set to Active.
Select Save.
Confirm that the saved account has the appropriate accounting type.

Retail One determines the accounting type from the account number and configured Account Code Ranges. Use an approved number within the Current Assets range. See Set Up Standard Account Codes for instructions on configuring ranges and creating chart accounts.

Add a Checking Account

Go to Accounting > Checking Accounts.
Review the list to determine whether the account has already been added.
Select Add. The New Checking Accounts page opens.
Complete the necessary fields.
Review the selected account code and banking information.
Select Save.

Field	What to Enter
Account Code*	Select the cash asset account that represents this bank account. The picker displays the account number and name.
Bank	Enter the bank name so users can identify the account.
Account Type*	Select Printed Checks or Online, according to your intended workflow. The default is Printed Checks.
MICR Code*	Enter the approved MICR information. Select Help beside the field for supported symbols and the check-number token.
Fractional Routing	Enter the fractional routing information provided by your bank or check provider, if applicable.

Fields marked with an asterisk are required. MICR Code remains required when Online is selected.
The Account Type on this page describes the Retail One bank-register option. It is separate from the chart account’s accounting type, such as Current Assets.

MICR Information

The Help beside MICR Code explains these substitutions:

Use these substitutions in the positions specified by your approved MICR format. The field displays the information in a specialized font.

Review the Saved Account

Locate the new record and confirm:

Account Code identifies the correct cash asset account.
Bank, Account Type, MICR Code, and Fractional Routing match the intended setup.
Check Register Name matches the linked chart account’s name.

Retail One supplies the Check Register Name from the linked chart account’s name and initializes Last Check Used to 0.

Select Refresh to confirm that the record remains in the list. Repeat the procedure for each additional bank account.