It is always a juggling act trying to change bank account details.

The trick is to get customers to do it and as much as you can inform people of changes, you won't be 100% successful and it will take a bit of time to achieve.

Here is a list of our recommendations:

  1. Inform people
    1. If you have collected email addresses, please visit this link
    2. It is not cost effective to perform a mail out these days
    3. Put up a sign and make sure to advise customers for a couple of months

  2. Pick a date to change the SoEasy setup and make it a special day. Put a sign up

  3. Change the following areas:
    1. Platform > Setup

    2. Platform > Setup > Email Module

    3. Review all email messages and change accordingly

  4. Change of actual Bank Account
    1. Changing a bank account has quite a few challenges. You are probably using the Main Bank Account currently and this is the one you are changing. However, the chances of the actual bank account being deactivated and that people do not continue to put money into it are slim.

      You are going to have to maintain the bank account in the system for a few months. Talk to your bank to see what they suggest. They may suggest closing the account in which case when a customer pays to the account, their payment will be refunded. This sounds like a good idea but it can have a few problems such as the customer not realising this has happened.

    2. If you are changing banks at the end of year this is a little better. On the first day of the new year, irrespective of if you have rolled over, you must:
      1. Reconcile the Main Bank to the absolute end of the year
      2. Switch using the new bank as the Main Bank
      3. Establish another bank account in the Chart of Accounts to accommodate for the transactions that still come through to the old account
        See "Adding a Bank Account"
      4. Use this new bank account to record the new transactions for the old bank account

    3. If you are changing bank accounts midway through the year, you will need to set up a new bank account in the Chart of Accounts and use this for the remainder of the year.
      See "Adding a Bank Account"

  5. Be vigilant. Every transaction that goes into the wrong bank account is a problem. You can also notice an issue with the debtors ledger. Make sure to inform people of the change at every opportunity. Customers will have you old bank stored within their bank portal and may simply post a payment without realising the situation. Be super vigilant on maintaining Debtors.