House bank matter
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
What would be the effect in accounting in either case ??