Banking
Firm bank account management — transactions, reconciliation, trust accounts, and financial reporting in one place.
Overview
The Banking module connects the firm's bank account activity to FRITH's financial records. It is distinct from the Billing module — Billing manages the firm's invoicing workflow (what the firm is owed and has been paid), while Banking manages the firm's actual bank accounts (what money has moved in and out, and whether those movements reconcile with the firm's records). Both views are needed for complete financial management.
Banking supports multiple accounts — operating, trust, petty cash, and any others the firm holds. Transactions can be entered manually or imported from a bank statement CSV. The reconciliation feature matches imported bank transactions against FRITH records, flagging unmatched items for review. Trust accounts have a dedicated tab with specific trust accounting workflows.
Banking Module Tabs
Overview
A summary view of all accounts showing current balances, recent transaction activity, and any reconciliation items pending review. The overview is the starting point for the daily banking workflow.
Transactions
The full ledger of all transactions across all accounts. Filter by account, date range, amount range, type (debit/credit), or category. Add transactions manually or import from a bank statement. Each transaction can be categorised, linked to a matter, and annotated with notes.
Accounts
Manage the firm's bank account register. Add operating accounts, trust accounts, credit cards, and petty cash accounts. Each account has a name, account number (masked), BSB/routing number, and opening balance.
Reconciliation
The bank reconciliation workflow. Import a bank statement and match each line against transactions in FRITH. Matched items are cleared. Unmatched items are queued for review — each requires either matching to an existing FRITH transaction, creating a new transaction, or marking as a bank error.
Reports
Banking-specific financial reports: account balance history, cash flow statement, transaction summary by category, and trust account statement. Exportable as PDF, Excel, or CSV.
Trust Accounts
Dedicated trust accounting workflows within the banking context: trust ledger by client/matter, trust account reconciliation statement, and trust audit trail. Mirrors the trust functionality in the Billing module but presented in the banking account context.
Importing Bank Transactions
Export a statement from your bank
Log in to your bank's internet banking portal and export a statement for the period in CSV or OFX format. Most Australian, UK, and US banks support CSV export. The date range should match the period you are reconciling.
Open Banking → Transactions → Import
Click the Import button in the Transactions tab. Select the file from your computer. FRITH detects the column structure automatically for most common bank export formats.
Map columns if prompted
If the column mapping is not auto-detected, manually map the date, description, debit, and credit columns from the imported file. FRITH remembers your mapping for the same bank format in future imports.
Review imported transactions
After import, review the transaction list. FRITH automatically categorises common transaction types (payroll, direct debits, bank fees). Review uncategorised transactions and assign categories manually.
Proceed to Reconciliation
Once transactions are imported and categorised, navigate to the Reconciliation tab to match them against FRITH's internal transaction records and clear the period.
Bank Reconciliation Process
Reconciliation matches each bank statement line against a corresponding record in FRITH, confirming that the firm's books agree with its bank balance. The process:
Banking discipline
- • Reconcile monthly without exception. An unreconciled month becomes two, then six, then a year-end scramble. Monthly reconciliation is the minimum frequency that keeps the firm in control of its cash position.
- • Trust accounts must be reconciled separately and more frequently — weekly in most jurisdictions with active trust activity. A trust account that is out by even a small amount can result in regulatory sanctions.
- • Do not manually adjust a closed reconciliation period. If an error is found in a prior period, create a correcting entry in the current period and document the reason. Retroactive adjustments to closed periods corrupt the financial history and create audit problems.
- • Use categories consistently. Transaction categorisation is the foundation of cash flow reports and management accounts. An uncategorised transaction is an invisible transaction. Review the uncategorised list every time you open Banking.
Frequently Asked Questions
How many bank accounts can I add?
Unlimited. Add every account the firm holds: main operating account, trust account(s), credit cards, petty cash, foreign currency accounts. Each account has its own transaction ledger and appears separately in the reconciliation workflow.
Does Banking connect directly to bank accounts?
FRITH Banking uses manual import (CSV/OFX file upload) rather than direct bank feed connections. This avoids storing bank credentials in FRITH and is compatible with any bank that provides statement exports. If your bank supports direct feeds (open banking), contact support to discuss availability.
Can I link banking transactions to matters?
Yes. Each transaction has an optional Matter link field. Linking a transaction to a matter associates it with that matter's financial record — useful for tracking disbursements paid directly from the firm's account that need to be recovered as a billing item.
Who can access Banking?
Banking access is controlled by role. The Owner and Admin roles have full access. The Member role can view transactions and create new ones but cannot delete or edit past transactions. The Viewer role can view reports only. Configure role permissions under Organisation → Settings → Role Permissions.