New Bank

[jnsilva]

Our bank was bought out by another bank effective January 2019. I have established a new account for checking and savings. How do I move the monies to new bank account number? Also currently all our funds are tied to the old bank. Do I have to go into each fund/account and change default to the new account? The old account has been reconciled through Dec 2018 except for one check that hit in January 2019.

[NeilZ]

Our bank was bought out by another bank effective January 2019. I have established a new account for checking and savings. How do I move the monies to new bank account number? Also currently all our funds are tied to the old bank. Do I have to go into each fund/account and change default to the new account? The old account has been reconciled through Dec 2018 except for one check that hit in January 2019.

Unless you're using a direct deposit for payroll, there really is no need to change anything. The program has no idea about account numbers.

I would reconcile the checking account through the close of the initial account, then move forward using the new checks after that. As far as the beginning balance in the new account, its the ending balance on the old account, so it will just flow.

Same with any savings accounts.

That said, I'm surprised that the new owners required you to open new accounts, usually they just flow the old accounts over, and the only thing that changes may be an account number and/or checks.

[jnsilva]

Thank you for the response. The bank did not change the account number just the name. Can I go into chart of accounts and change name from old bank to new and continue to use original acct numbers? Thanks

[NeilZ]

Thank you for the response. The bank did not change the account number just the name. Can I go into chart of accounts and change name from old bank to new and continue to use original acct numbers? Thanks

Yes .. in fact, unless you have more than one bank, most locations just use CHECKING and SAVINGS as the account names.