How do I handle two banks?

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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Turning Point
Posts: 41
Joined: Wed Feb 08, 2017 4:54 pm

How do I handle two banks?

Post by Turning Point »

We are selling some of our land and our leadership team wants to split the money into different banks to make sure everything is FDIC insured. How do I handle that in PC? I assume that I cannot just keep doing the normal accounting as I can't imagine how I would balance the accounts.

Any ideas or suggestions?

Lisa

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: How do I handle two banks?

Post by NeilZ »

Turning Point wrote:We are selling some of our land and our leadership team wants to split the money into different banks to make sure everything is FDIC insured. How do I handle that in PC? I assume that I cannot just keep doing the normal accounting as I can't imagine how I would balance the accounts.

Any ideas or suggestions?

Lisa
I'm assuming that these funds will be in savings? You just create new asset accounts for each. Each account is reconciled separately.
Neil Zampella

Using PC+ since 1999.

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