Closing Bank Account and Transferring to New Bank Account

Step 1: Create a new bank account:

• Click on the  Chart  toolbar option
• Click on the   Banks   tab
• Click on the  Add  button
  
  • Account Code   - alpha/numeric e.g. B02 
  • Description  - up to 30 characters e.g. Business Cheque Account.
  • Account Type  - BANK
  • EFT Details  - from your bank statement
  • Reporting Group  - 7-700 Cash & Cash Equivalents
  • Tick  Default payroll bank if wages/salaries  are to be paid from this bank account
  • Tick  Farm bank account   if this is your primary farm bank account
  • Select  Monthly  from the drop down list for   Usual frequency of reconciliations
• Click on the   OK   button   to save

Step 2: Transfer the balance of the old Bank Account to new Bank Account as shown on your bank statement

• Click on the  Cashbook   icon
• Select old bank account from the  Select Bank   drop down menu
• Click on the  Add  button
  
  • Click on the   Transfer  T o   radio dial under  Type
  • Date   - date of transaction
  • Gross Amount  - transfer amount (see bank statement)
  • To Bank  - select the new bank account from the dropdown list
  • Click on the  OK  button to save

Note: An old bank account can not be deleted in the current financial year, as the bank account is used in transactions applicable to the current year.