• Registered: 06/18/2009
  • Posts: 11

Topic: Can´t add new bank account

I made clean installation of frontaccounting latest version.
In Maintenance / Bank Accounts I can´t add one more bank account in same GL account.
I receive message "The GL account selected is already in use. Select another GL account."
In older version this is possible. I have more than one bank accounts in each Cash, Saving, Credit or Check  GL account
It´s because the Chart of accounts be different?
Someone help me

  • Registered: 12/25/2007
  • Posts: 2,447

Re: Can´t add new bank account

This constraint has been introduced long time ago, and there are good reasons for this.
GL postings to bank related accounts can be done also via Journal Entry menu option. For each such GL posting bank transaction have to be generated in background to preserve bank report consistency. This is possible only if every bank account use separate GL account.
Janusz

  • ericta
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  • Registered: 04/06/2011
  • Posts: 82

Re: Can´t add new bank account

Do you mean I need to create account code eg. 1061 for another checking account, then assign 1061 to the new bank account?

Thank you.
Eric

  • From: Canada, BC, Lantzville
  • Registered: 01/07/2013
  • Posts: 135

Re: Can´t add new bank account

Yes, I think that's what he means.

There's another logical reason for having separate GL accounts for each bank account...  it would be extremely difficult to reconcile bank statements with the GL if accounts are intermixed in one GL account.  Having separate GL accounts would be much easier to manage/reconcile in the long run.

Hope that's helpful...

Regards,

Chris

chrison's Website

  • ericta
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Re: Can´t add new bank account

Thank you.

Eric

chrison wrote:

Yes, I think that's what he means.

There's another logical reason for having separate GL accounts for each bank account...  it would be extremely difficult to reconcile bank statements with the GL if accounts are intermixed in one GL account.  Having separate GL accounts would be much easier to manage/reconcile in the long run.

Hope that's helpful...

Regards,

Chris

  • Registered: 12/25/2007
  • Posts: 2,447

Re: Can´t add new bank account

Yes, this is what I meant wink.
Janusz

7 Reply by ericta (edited by ericta 03/05/2013 01:50:32 am)

  • ericta
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  • Registered: 04/06/2011
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Re: Can´t add new bank account

what about the existing accounts (eg checking accounts sharing same code), are they still work as intended?
or I need to create new ones for the change?

Thank you
Eric

  • From: Canada, BC, Lantzville
  • Registered: 01/07/2013
  • Posts: 135

Re: Can´t add new bank account

No, you shouldn't have to make any changes to the existing bank accounts you have already set-up, although you may want to edit the account name field so that you know which account is which.  So, for instance, let's say you already have this structure:

Code   Type              Account Name
------------------------------------------------------------
1061   Cash            Cash Account
1071   Chequing     Chequing Account
1081   Savings        Savings Account

If you want, you can change it to this:

Code   Type              Title
------------------------------------------------------------
1061   Cash            Cash Account "A"
1062   Cash            Cash Account "B"
1071   Chequing     Chequing Account "A"
1072   Chequing     Chequing Account "B"
1081   Savings        Savings Account "A"
1082   Savings        Savings Account "B"

I hope that helps...

Regards,

Chris

chrison's Website

  • ericta
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Re: Can´t add new bank account

but my existing accounts are under one code
eg.

1060 check account 1122
1060 check account 2432

Do I keep using these accounts or create ones under different codes?

Thank you
Eric

10 Reply by chrison (edited by chrison 03/11/2013 03:30:01 am)

  • From: Canada, BC, Lantzville
  • Registered: 01/07/2013
  • Posts: 135

Re: Can´t add new bank account

I'm not sure I fully understand how you have FA currently set-up, but the bottom line is that each physical bank account needs to have a separate GL account.  This is true no matter what kind of account it is - chequing, savings, whatever.  If you're posting transactions from multiple bank accounts into one GL account, you're creating a huge mess.

Hope that helps...

Regards,

Chris

chrison's Website

  • ericta
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  • Registered: 04/06/2011
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Re: Can´t add new bank account

Thank you Chris.

Eric

  • tom
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  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 288

Re: Can´t add new bank account

If I am changing an account from one checking acount (1060) to another (1062) should I transfer the funds out before the change and back in after?

tom's Website

  • joe
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  • Registered: 03/15/2007
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Re: Can´t add new bank account

Yes, I think you must. It will be easier to follow the transactions this way. Nice to hear from you again Tom. Long time no see.

Joe