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How to Create a New Account

Accounts represent individual bank, credit card, or brokerage accounts within an engagement. Each account is tied to an entity — the individual or company that owns it — allowing Valid8 to trace fund flows across multiple accounts and entities. Accounts can be created at any stage of the process, including after statements have already been loaded.

 

Before You Begin

Have the following information ready for each account you are creating:

  • Entity name (the individual or company that owns the account)
  • Financial institution name (e.g., Chase, Wells Fargo, credit union)
  • Account type (checking, savings, credit card, or brokerage)
  • Account number (full number recommended for reference)
  • Currency (if not USD)

Steps

  1. From the process map, click the Bank Statements tile.
  2. In the Statements window, click the + button to open the Add Accounts window.
  3. In the Entity field, select Create New Entity from the dropdown, then type the entity name. The entity is the individual or company that owns the account.
  4. In the Financial Institution field, enter the bank name.
  5. From the Account Type dropdown, select Checking, Savings, Credit Card, or Brokerage.
  6. Select the appropriate Currency from the dropdown. This controls the currency symbol displayed for all transactions in this account. For non-USD accounts, Valid8 will convert transactions to your base currency using daily rates from the European Central Bank on the date each transaction occurred.
  7. Enter the Account Number. Best practice is to enter the full account number. A partial number will work but limits traceability.
  8. Enter the Name for the account. This is how the account will be identified throughout the platform — follow the naming structure suggested in the instructions.
  9. Optionally, add a Description for internal reference. This field is never visible externally.
  10. Click Save. The new account will appear in the Statements window.

Tips & Common Questions

  • Accounts can be added at any time, including after statements have already been processed. It is common to discover an account mid-engagement that was not in the original scope.
  • Entity structure matters for tracing. Setting up entities correctly allows Valid8 to trace transfers between accounts across multiple entities — critical for fraud investigations involving related parties.
  • The Creation Type field is system-generated and will be set automatically — either after saving a manual account or as part of an ERP extraction. You do not need to set this manually.
  • Use a consistent naming convention. The account name appears throughout the platform in reports and visualizations. Inconsistent naming creates confusion during analysis and in court exhibits.