Trust Accounting Q&A: Reconciling Multiple Bank Accounts

January 2022    Tags: ,

We use separate Trust bank accounts for the same physical bank account in order to separately track trust payments. Is there any way to link these bank accounts to make reconciliation easier?

You can link multiple bank accounts using the same Account #. This allows you to separately track payments, but to reconcile the bank account once.

To link bank accounts

  1. In the Quick Launch, search for and select “Bank Account.”
  2. Select the first bank account you want to link and note the Account #.
  3. Select the second bank account you want to link.
  4. Enter the same Account # as the first bank account.
  5. Press Ctrl+S.
  6. When prompted to link the bank account, click Yes.

When reconciling, you can select any of the bank accounts. All of the transactions from each of the bank accounts will show up in your reconciliation.

The following limitations exist for linked bank accounts:

  • You cannot link accounts if both accounts being linked have a reconciliation record assigned. An error message will be displayed and you will be prevented from linking the accounts. You must undo any reconciliations performed to remove the reconciliation record before you will be able to link the accounts.
  • Accounts that have been linked cannot be unlinked once a reconciliation record exists for the linked accounts. You must undo any reconciliation records before you will be able to unlink the accounts.
  • Unlinked bank accounts with reconciled transactions cannot be linked to another bank account. However, an unlinked account with no reconciled transactions can be linked to these accounts.
  • Changing the password used to protect PDF reconciliation reports for a linked bank account will update the password used for any other linked bank accounts.
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