How to add a new Subsidiary bank account
- If you don't already have the Primary Bank Account in your general ledger, you must add the Account Code and mark it as a bank account.
- Activate the Primary/Subsidiary option: If you do not have this option, it is a matter of login permissions.
- Add a general ledger account (marked as a bank account) to be used as a subsidiary account.
- If you operate under a Cash Basis Accounting System, existing Bills must be handled in one of two ways:
- Pay all bills before the next step, Assigning the Subsidiary to a Primary Account
- or, Edit the bills so they are assigned to the correct Subsidiary bank account
- Assign the Subsidiary account to a Primary account.
- Set Up the Check Layout and Print a Test Check
- When pertinent, make a Journal Entry to transfer the balance of the old Subsidiary account to the new Subsidiary
- Optional-Setup Users default accounts
- Optional-Update General Ledger accounts for the default Subsidiary bank account.
Turn the Primary/Subsidiary option on
Create an account and mark it as a bank account
Assign the Subsidiary account a Primary account
Open Bills in the system must be paid, or assigned a subsidiary bank account:
Setup User Preferences for a default Subsidiary account:
Assign a Subsidiary Bank Default for general ledger accounts