What do I need to consider when changing my checking account or setting up a new one?

If you have just changed banks, decided to move checking into the pool or out of the pool, or just needed to create a new account for this activity, several areas of FIMS might need to be adjusted. Below is a simple list of possible things to consider.  

• A new Master Chart record needs to be created in the GL and the accounts mass added for the appropriate Funds.
• If the new account will be used for Admin Vouchers, the Vendor Class Code table needs to be modified (Accounts Payable > File Maintenance > AP Code Maintenance > Vendor Class).
• If the new account will be used for Grant checks or Gift deposits, the Fund Class record needs to be changed for all Fund Classes that are impacted (Funds > File Maintenance > Fund Code Maintenance > Fund Class).
• GL Overrides should also be examined.  To see which Funds have accounts on the GL Overrides tab go to the Fund Module and select the Data Grid View called Fund Overrides.
• Vouchers in Open Items need to be adjusted so that the cash account points to the correct checking account.
• If reconciling the checking account in AP, a new Account record needs to be created in the Reconciliation tab.
• If reconciling the checking account in FACTS as a single Pool, a new Pool needs to be created.
• If only using the account in asset rebalancing, it will be necessary to create a pool record and uncheck the create fund level entry option.  Remember to add the gl asset account.
• If moving the checking account into an existing Pool, a new Account record needs to be created in FACTS.
• Asset strategy codes might need modification to include the new checking and remove the old. Set strategy targets should be run to reset the funds
• Gift type codes now include GL accounts.  Some codes might need switching to the new checking account.
• Financial statements created in Design Statements might need the additional account added (e.g. Balance sheet reports).
• Various codes like Spending Policy, Admin Fees, or the Available to Spend codes might need their account ranges adjusted.