Sunday, October 30, 2011

Adding a New Bank in PCLaw


There are many reasons you may need to add a new bank account. Maybe you have moved, and want to bank closer to your new location. Maybe you want to add an account to track your credit card purchases. Maybe you want to separate investment trust funds (GICs, etc.) from your everyday mixed trust account.

Old established law firms can remain in the same location and bank at the same institution for decades. The need to add a new bank account into PCLaw never arises, so the knowledge of how to do this is lost. I once took over from a bookkeeper that left all the entries in the original PCLaw bank accounts, leaving me to sort out which entries were from the old account and which were from the new.

“What I do NOT understand is how to open a new general account … Further, how do I open a new trust account in PCLaw and transfer my data to where it belongs?” 

I replied as follows:
 
“I am assuming the entire bank balance went from general A to general B.  Data Entry - General bank – Date - Bank to Bank transfer - 1st box, transfer from acct #1 (assuming 1) - next box, transfer to - click on right side of box to open pop-up window listing general banks - click Add - name the new bank TD, RBC etc. - OK - OK - Enter $$ - OK.”

“Trust account - first get a trust listing of the old account - Reports - Client - Trust listing. Then same as above - Data Entry - Trust bank - Bank to bank transfer - add the new account - transfer amount - only this time use the trust listing to enter the matter numbers and amounts in the lower portion - OK.”

As always, I invite your comments and suggestions for future post topics. Next week – Steps to follow while moving your bank accounts.

Clyde