Can any of you Guru's tell me how to do this? My accountant is on vacation and I need to get this going. I am going to change my bank. I have a checking account. I want to write a check for a small amount to open the new account. Have to do this so I can notify merchant account and payroll service of the new account numbers. Then after all is cleared will write another check to empty the old checking into the new one. Do I just make a new bank account and leave the opening balance at none then write the check(s) and use that account on the list?
Need help with changing banks
Apr 28, 2008
6 Replies
Yes.
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Why would you not make the starting balance the amount you used to create the account?
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Because when write the check from one account, you 'deposit' it into the new account! The new account starts with a zero balance and you make a deposit into it.
Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business
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I guess that is two steps I was thinking of as one...
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When you actually have to have a paper check from one account to another, you have a little problem. You can't write your check into the undeposited funds account so you can't "deposit" it into the new account. But since he won't have preprinted deposit forms at this time [why you may want to use deposit] I'd just write the check as a transfer of funds.
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Or directly to the bank account and save the time of having to record a deposit.
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