There are a couple options for excluding an account on the Balance Sheet – you can mark the account inactive or change the account’s Report Options.
Marking an account inactive is a good solution for accounts that no longer have any activity. Keep in mind that inactive accounts are shown in the Account Lookup when running reports, and if the account has a balance or journal entries in the period for which the report is run, it will still be shown on the report.
To mark an account inactive
Alternatively, if the account still has a balance or activity, and you still do not want it to be shown on the Balance Sheet, you can change the Report Options. Report Options can be set to not show an account on the Balance Sheet (or Income Statement). Keep in mind that regardless of whether this option is changed, report totals will still be affected by this account’s balance, provided the account falls within ranges for other options selected for the report when printed. Additionally, the account may still be included on other reports.
To change an account’s Report Options
Run the Balance Sheet again to verify that the account no longer appears on the report.
This can be accomplished by changing the Last Check Number Used field in the Bank Account file for the new bank account.
To change the Last Check Number Used
The Bank Account Manager (File | Open | Bank Account Manager) shows a list of bank accounts. You can see the GLS Account # and Description, Bank Account #, Bank Name, Last Import, Last Reconciliation, and Balance all in one window.
Alternatively, the Bank Account Balance Report is designed to show you this information, in a printable format. To run the Bank Account Balance Report, simply go to Reports | Bank Account Balance and preview or print the report. There are no options to select. This report provides a list of bank accounts and includes the Account #, Description and Balance for each account, as well as a total of all bank accounts.
The Renumber Trust Account utility can be used to change the bank account associated with a trust account.
To change the bank account associated with a trust account
Note: The bank number must already exist in the TAS prior to renumbering. Additionally, you cannot renumber a Trust Account with combined transactions to use a different bank account. For more information on this function, review the TAS Help Topic, “Renumber Trust Account.”
In Version 19 you can designate a bank account as “Inactive.” When a bank account is inactive, users are prevented from entering deposit, credit card, and negative EFT transactions for trust accounts that use the inactive bank account.
To set a bank account as inactive
Note: Positive EFT and check transactions can still be entered for inactive bank accounts so that existing funds can continue to be routed as necessary.
Tabs3 Trust Accounting Software (TAS) is designed to help your firm keep track of the trust accounts you manage.
TAS tracks an unlimited number of trust accounts and manages up to 99 different bank accounts. The software can warn you when an account goes below a minimum balance, and provides optional credit card processing (merchant account required).
You can print checks, enter manual checks, print trust ledgers for individual trust accounts and bank accounts, reconcile your bank account in the software, and track your checks through a variety of reports.
TAS provides seamless integration with Tabs3 Billing, Tabs3 Accounts Payable Software (APS), and Tabs3 General Ledger Software (GLS).
Trust accounting regulations require strict adherence. Tabs3 Trust Accounting Software provides peace of mind with the tools to help your firm manage your trust accounts.
For each trust account in TAS, you must enter a transaction to remove funds from the old bank, and then enter a transaction to add funds to the new bank.
If you will be writing a check from the old bank to the new bank, you can write a single manual check that encompasses all trust accounts, and then enter the check information into TAS for each trust account showing that the funds were removed from the old bank account. Once this has been completed, you can then enter a deposit for each trust account using the new bank account.
Alternatively, if you are not writing a check from one bank to the other, you can enter EFTs instead. When entering EFTs to remove funds from the old bank, enter a positive EFT amount. When entering EFTs to add funds into the new bank account, enter a deposit.