Step 1: Create a new bank account

• Click the Chart toolbar option
  
• Click on the Banks tab
  
• Click Add
  
  • 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 OK to save
  

Step 2: Transfer the Balance of the Old Bank Account to New Bank Account as Shown on Bank Statement

• Click on the Cashbook icon
  
• Select old bank account from the Select Bank drop down menu
  
• Click Add 
  
  • Click on the Transfer To 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 OK 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