PSA L&P - Primary/Subsidiary: How to change to a new primary account

How to change to a new primary account

There are two options:

  1. Create a new Primary and assign it new Subsidiary account(s). The old Subsidiary accounts cannot be re-used under the new Primary.
  2. Rename the Primary account; the old subsidiary accounts will stay under this renamed account.

Note: Adding a new Primary and reassigning the current Subsidiary accounts is not an option

Current Setup

Old Primary
Sub A Sub B

 

Option 1

Setup new primary and subsidiary (must edit GL Accounts and Default Bank Accounts)

Old Primary     New Primary
Sub A Sub B     Sub C Sub D

These changes can be made through the software

Note: Reassigning a subsidiary from one Primary to another is not possible

Notes:

  • The general ledger balance in the old subsidiary will have to be transferred to the new subsidiary via a journal entry.
  • If you have assigned default bank accounts to general ledger accounts, you will have to update that information.

Option 2

Rename the Primary Account

Old Primary     Rename Old to New
Sub A Sub B     Sub A Sub B

 

Choose the primary bank account and click the rename button
RenameAccount.png

Remove the old name and replace it with the new name. 
RenamePrimaryAcct.png

 

Notes:

  • Historical data will reflect the new Primary Account Name
  • The new checks for the new physical bank account must be a different check sequence than those for the old bank account.

 

 Reassigning a subsidiary from one Primary to another is not possible

 


Related Articles

How to add a new subsidiary bank account

 

 

 

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