New Bank Account Transfer

[SheilahH]

I need to move money from our current bank to a new bank. Therefore, I need the check I write to show up with an amount (I initially credited and debited the checking account which gave me a check number in the register but no amount.) What is the correct way to do this?

Can I write the check:
Credit the bank account: 10-1110-000
Debit the Transfer account: 10-9011-000 (Transfer Out)

and then make a GL entry:

Debit the bank account: 10-1110-000 (yes I am using the same account number for the new bank)
Credit the Transfer account: 10-9010-000 (Transfer In)

Using Version: 9.
Thanks and sorry if this has been addressed some where else. I looked and couldn't find.

[JohnDMeyers]

You did it correctly.

You could have done this as well:

Credit the bank account: 10-1110-000
Debit the Transfer account: 10-9011-000 (Transfer Out)

and then make a GL entry:

Debit the bank account: 10-1110-000 (yes I am using the same account number for the new bank)
Credit the Transfer account: 10-9011-000 (Transfer In) <<<<<<< same account

The way I am showing above would "zero-out" the transfer account.

I would have done it your way, by the way, and not this alternate way. I like to keep a trail of stuff like this.

[SheilahH]

Thank you so much. Wish I would have posted this question earlier. Would have saved me a lot of time.

[Jeff]

I am making the assumption that you are changing banks and have a new account that you are going to use as your primary checking account. Version 11 makes this kind of change easier.

• Go ahead and create a new account in PC+ for the new main checking account. i.e. 01-1115-000
• Record your transfer from the existing account to the new account: credit 01-1110-000 & debit 01-1115-000
• When you are ready to make the transition go into the accounting setup and change the primary checking account to the 01-1115 account.

PowerChurch will then find all the places that are set to use the 01-1110-000 and change it to use 01-1115-000. i.e. Contribution fund setup, AP vendor default account, PR item setup, etc. Current transactions will stay with the 01-1110-000 account, this just effects the setup of those areas for future transactions.