FormerMember

switching banks

Posted By FormerMember

One of my clients is switching banks.  How is the best way to handle the bank reconciliations when there will be 2 bank accounts running until all cheques have cleared from the old bank account?

I will need to create a new GL Bank Account  for the new account because client will have money in both accounts.

Advise?  Thanks!

  • 0

    You answered your own question.  You will have two mutually exclusive bank accounts running, so as you said, two bank G/L accounts in Sage 50 and therefore, two statements and two bank recs.  When you close the one account, you will transfer the money to where ever it goes and do a final bank rec.

    Don't forget to change the primary bank account in your Setup for each module where applicable, when applicable.