Changing Bank Accounts

From time to time, it becomes necessary for your school to change bank accounts, either to a new bank or a new account within the same bank. This document describes the suggested procedures to follow to accomplish this.

  1. Transferring Money – The simplest way to move the funds from the old bank account to the new account is to have the old bank write a cashier’s check for the balance (less outstanding checks and charges), then deposit this check to open the new account. When requesting the check from the old bank, ensure all outstanding checks and any other charges (such as service fees) have been accounted for.

    By transferring funds in this manner, it is not necessary to make entries into SchoolFunds Online for this transfer.
  2. Changing Bank Information – Once you have stopped writing checks on the old bank and are ready to write checks on the new bank, update your bank information in SchoolFunds Online.

    To do this, select User and then Profile from the main menu. In the Bank Information fields, enter your new Bank Name, New Account Number, and Routing Number. Scroll down and click the Update button to save your changes.
  3. Reconciling Your Bank Accounts – Until all outstanding checks have cleared the old bank account, it will be necessary to reconcile two bank accounts (old and new) each month. The ending totals from both bank statements should be combined and entered as the Statement Ending Balance on your Bank Reconciliation. Once all checks have cleared the old bank account, you will only need to reconcile the new bank statement each month.
  4. Leftover Funds in the Old Account – If there is a balance left in the old account after all checks and charges have cleared, request the old bank to write another cashier’s check for the remaining balance and deposit this into the new account. Again, no entries are necessary with SchoolFunds Online.