Bank accounts
Bank accounts open the Company’s operating and reserve accounts, verify its owners, and feed every Transaction to the ledger.
Bank accounts open the Company’s operating and reserve accounts, verify its owners and control person, and feed every Transaction to the books.
Contract
| Clause | Terms |
|---|---|
| Starts | Company.incorporated. |
| Signs | Each beneficial owner and a control person verify their identity (Identity checks). An officer signs the account resolution (Governance). |
| Feeds | Each Transaction arrives within one day and reconciles to an Entry in the Ledger. |
| Cash | Treasury keeps a floor in operating and sweeps the rest to reserve, within Limits the Treasurer sets. |
| While held | Inherited. The Startup is a sub-ledger of the Studio-held entity’s accounts. |
| Owner of record | A self-serve Startup connects its own Company’s accounts. Each Transaction still reconciles through Transaction.reconcile. |
| Bank changes | A change to a payout or payee bank is a one-way money decision under Bank detail changes. It is confirmed through a second channel and waits one business day. |
| Notice | Every owner, and the payee at the old address, hears of each bank change and can stop it. Bank detail changes keeps payments flowing to the old bank during the window. |
| Payee bills | Bill.pay holds a Bill whose bank differs from the payee’s record, whatever its amount. |
Verbs
| Verb | Object | Event |
|---|---|---|
| Transaction.reconcile | Transaction | Transaction.reconciled |
Interfaces
Example
A contract-review tool graduates with $310,000 from its seed round. Both accounts open in four days, and Treasury keeps three months of spend in operating with the rest in reserve. A month later, an emailed Bill names a new bank for a payee, and it waits for a second-channel check.