Payables and Cash Management - EBS (MOSC)

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Change of Internal Bank Account - Reconciliation of Payments

edited Aug 20, 2021 7:40AM in Payables and Cash Management - EBS (MOSC) 10 commentsAnswered

Hi,

I'm not sure whether this is a Payables or Cash Management query - I originally raised this in the Payables forum last week but thought I should ask the question here as well, in case any CE experts are able to help.

Due to the UK Banking Reform Act, our bank is having to close our main internal bank account that is used for making BACS and Cheque payments to Suppliers.
A new account is being set up by them under a different sort code and account number and we will be setting that up in Oracle as a new account to then be used as our main payment account.  When the changeover happens they will automatically transfer the balance from the old bank account to the new one and any transactions that take place against the old account will be automatically redirected to the new one.

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