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Changing Legal Entity and Account Name on Newly created Bank Account

edited Apr 4, 2024 2:08PM in Payables, Payments & Cash Management 1 comment

Summary: We have a new bank account, that currently belongs to one legal entity, VVV (999). Later this year, this entity may be merged with another entity, YYY (888). It is a business deposit account (no outgoing checks). Once merger happens, we will need to rename bank account and change Cash and Clearing accounts to correct legal entity/business unit. The bank account number will not change. Account will have minimal activity. Bank Statements will be loaded via BAI2 import.

Are there any issues with this activity if we have a clean cut off date and no transactions are in process? Per the Bank Account setup screen, you can edit the Account Name, Legal Entity, etc. I can end date the original business unit assigned and add the new business unit. A balance transfer will be need to be made for the existing balances. We do not want to lose any transactional histroy going forward.

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