Changing banks

[Bob L]

We want to change banks, closing out our checking account at one and opening one at another. (We have only 1 checking account.) Can this be done without creating a new account number in PCP. What would be the debit & credit accounts to write a check to open the checking account at the new bank? We are on PCP9.
Thanks

[Matt]

It is possible to accomplish this in PC+ without adding a new account. All you need to do is go into Maintain Chart of Accounts and change the title on the checking account (if needed) to the new bank name. Keep in mind that if you do this, when you run reports in Fund Accounting for prior months, the reports will show the new bank account name even though in reality you were using the old bank at the time. Doing so will also cause problems with your bank recon between the old and new banks unless you transfer 100% of the old bank balance to the new bank.

If you change the title on the account instead of setting up a new account, when you go to create the invoice and cut the check to transfer the balance you will want to enter the debits and credits as follows:

Debit 01-1110-000 $X.XX
Credit 01-1110-000 $X.XX

This entry will have a zero impact on your checking account balance but will allow you to cut a check in Accounts Payable for the transfer amount.