House bank matter

[Former Member]

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]

Hi,

Scenario 1 - The house bank number once created cannot be changed but you can change the name of the house bank under the house bank data tab clicking the change button on the right hand side. Rest all remains the same.

Scenario 2 - But in case the client wishes to change even the house bank number then you have to create a new house bank assign a new account id and assign the same Bank GL account number or a new one to the hosue bank

There wont be any accounting impact, the process will be same as before in scenario 1 except that the name of the bnak changes. In scenario 2, the GL account will change as well as the house bank number is changed. There will not be any accounting entry change with these changes.

hope this clarifies

regards,

radhika

[srinivasa_maruvada]

Hi

Creation of new Bank Account is always safe and secure from clients perspective also. Create a new bank account and assign a new GL account. You can change the name of your old bank account.

Cheers

Srinivas