Important Change Regarding Bank Accounts

Each Bank Account in Juris must have unique Asset, Liability and In-Transit Accounts assigned in the General Ledger.  

• The G/L Accounts assigned must be unique within each bank (i.e., the Asset Account, Liability Account and In-Transit Account must each be assigned an individual account number.)
• No Bank Account may share an Asset Account, Liability Account or In-Transit Account with another Bank Account.

This modification has been made to comply with the ABA’s recommendations on the proper management of client funds, particularly in reference to the commingling prohibition on trust funds and unearned funds.

If this upgrade is performed on a system where multiple banks share Asset, Liability and In-Transit Accounts, the General Ledger will become locked.  Users will be permitted to make changes in Tables, but no Transactions will be allowed until unique G/L Accounts are established and assigned to each Bank Account.  

Resolution

Open all bank accounts and verify that all bank accounts have unique Asset, Liability and In-Transit Accounts.  For those banks that share G/L accounts, follow the steps below:

1. In Chart of Accounts, establish unique Asset, Liability and In-Transit Accounts for each Bank Account.
2. Run Validate Accounts.
3. Use Journal Entries to zero out the old, shared G/L Account and add correct balances to the newly established G/L Accounts.