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.
Additional Steps:
- 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
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Create an account and mark it as a bank account
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Assign the Subsidiary account a Primary account
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Open Bills in the system must be paid, or assigned a subsidiary bank account:
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Setup User Preferences for a default Subsidiary account:
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Assign a Subsidiary Bank Default for general ledger accounts
Related Articles
How to change to a new Primary account
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