PSA L&P - Primary/Subsidiary: How to add a new subsidiary bank account

How to add a new Subsidiary bank account

  1. 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.
  2. Activate the Primary/Subsidiary option: If you do not have this option, it is a matter of login permissions.
  3. Add a general ledger account (marked as a bank account) to be used as a subsidiary account.
  4. 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
  5. 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

.

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

Related Articles

How to change to a new Primary account

Updated

Was this article helpful?

0 out of 0 found this helpful

Have more questions? Submit a request