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Jackie804
December 19, 2023
Question

Account Transfer

  • December 19, 2023
  • 1 reply
  • 0 views

Good morning. Right before Thanksgiving we changed banks for a high school booster club. We left a credit union for a larger bank for mobile banking capabilities. I am trying to do the month end reconciliation. When we closed the bank account, they closed all the transactions so the final transaction of us removing the funds doesn't show that it occurred but it does appear on the bank statement. I tried doing a Journal entry to physically $0 out the checking and savings accounts from the credit union and transferring those funds to the new account but that ended up doubling the new bank account funds when it processed the deposit to the new bank. Any suggestions on how to do this properly?

1 reply

R
Rasa-LilaM
December 19, 2023

Thank you for dropping by the Community today, Jackie804.

 

I'm sorry you're facing challenges with your month-end reconciliation. But, I'm here to help and point you in the right direction to get the support you need in handling your transactions and ensuring a smooth reconciliation.

 

With the funds appearing to have doubled in the new account, I recommend consulting with an accountant for further assistance. Their valuable insights can greatly assist in effectively managing the entries from the closed account and help promote a smooth reconciliation of the account.

 

I have gathered a compilation of topics that address the process of transferring funds from one account to another. These resources cover a wide range of scenarios, including transfers between companies and different types of accounts:
 

If you face any discrepancies while reconciling in the future, the solutions to correct them can be found in the articles listed below:
 

Should you have any additional inquiries concerning the transfer of transactions from one account to another or require any further assistance in reconciling a new account, please do not hesitate to click the Reply button and post your comments in the field box. I'm always available to lend a helping hand. May your business continue to thrive, Jackie804.

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