Blocked Bank Account
by bydynamics
A vendor blocked bank account restricts fund access until conditions are met.
This app enables users to define both regular and blocked bank accounts for vendors, facilitating payments by percentage or fixed amounts. This process results in two vendor ledger entries: one for the regular amount and one for the blocked bank account (such as escrow or G-Account). When creating vendor payment journals, these amounts can be summarized per vendor bank account.
A blocked bank account restricts access to funds until specific conditions are met, offering businesses and individuals a secure method to ensure compliance with legal or regulatory requirements. This addresses the need for financial control and protection against unauthorized access. We manage G-accounts, escrow accounts, and other bespoke bank accounts necessary for handling vendor payments.