Trust Accounting Q&A: Renumber Payee

March 2019    Tags: ,

I just ran some reports and realized that a payee’s name is incorrect. We need to change the name to the payee’s legal name. How can this be accomplished?

Payees can be renamed using the Rename Payee utility. When renaming a payee, you can optionally modify all of the existing transactions in the software as well.

To rename a payee

  1. From the Maintenance menu, point to Renumber and select Rename Payee.
  2. In the Old Payee field, select the desired payee.
  3. In the New Payee field, enter the corrected name.
  4. Optionally select the Modify existing transactions check box.
  5. Click OK.

Note: If the Payee will be included on a 1099 in the future, you must select the Modify existing transactions check box. If this check box is not selected, previously entered transactions will not be included in the payee’s 1099 information.

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