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House bank matter

Hi Friends,

We have a client working in 4.7 which has a house bank say OLD bank. We are now told that they want to change the name of the bank to NEW bank and also it has a new bank account number.

My question is :

Do we go and change the OLD bank name with new name and also with new account number /OR/ we create a new house bank as NEW bank and give it ranking order 1

AND

What would be the effect in accounting in either case ??

Thanks,

Former Member
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