Closing Bank Account and Transferring to New Bank Account

How do I close a bank account and transfer the balance to a 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 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 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.