Context: I have relocated and am in the process of amending my business name. The advice from tax/legal was to set up a 2nd bank account with the new name. Now I have two checking accounts with two different banks set up with the same EIN.
What I think I want to do:
Be able to send invoices for new clients from the new account.
Be able to run summary reports (for managing, tax purposes) that includes transactions from both accounts.
The (clearly overseas) help desk could not seem to figure out how to do this...
Thank you Rustler, got it, I would've thought just adding new banking information to a new invoice would exercise that account.
Which brings me to the second question- for running reports (for myself, and for tax purposes), how do I run a P/L or balance sheet report that includes the transactions from both bank accounts? I was looking at the Parent/Sub in the CoA, which may be set up for this purpose - do I set up a 'top level' parent, and make both bank accounts 'sub' to that one? Or...
bank accounts are asset accounts and do not have anything to do with the P&L
The P&L shows income from sales and expenses you pay for. You may pay an expense from the bank account or you might pay the expense with a credit card - how you pay the expense is not the issue, that you paid the expense is.