Change Bank

  • 24/11/2024
  • 4 minutes to read

If you change bank, you must ensure that the future payments will occur from the new bank. This requires some changes to the basic payment setup in Dynamics NAV or Business Central on-premises.

How to change bank

Follow the guide below to start using a new bank.

1. Create a bank card

  1. Import the bank setup file for the new bank.
  2. Create a new bank card for the new bank.
  3. The bank card must be created with a unique bank code that you define yourself, for example. the name of the bank.
  4. Enter the bank's format in the field Bank Bookkeeping Branch Code. (The file you imported in step 1)

2. Create a bank account

  1. Create a new bank account.
  2. On the bank account card enter as minimum Bank Branch No., Bank Account No., SWIFT Code, IBAN and Country/Region Code (found under Communication).
  3. Fill in Bank Code (found under Transfer)

3. Settle old bank and bank account

  1. On the bank card, remove the check box in the In Use field, which means that both the bank and the associated bank accounts can no longer be used.

You cannot delete the old bank and bank accounts, as transactions are registered on these.

Handle payments when changing bank

When you change bank, the payments posted under your old bank must be paid from the newly created bank.

  1. Open the payment journal.
  2. Open the payment journal setup by selecting Batch Name.
  3. In the column Balance Account, apply the new bank account.
  4. The next time you select the action Suggest Vendor Payments, the new bank account is set as the Balance account for all payments, regardless of which account otherwise would have been specified on the purchase invoice or vendor.
  5. After the Suggest Vendor Payments action has been completed, Balance account should be cleared from the Payment Journal setup.

Apply balance account for future payments

It is recommended that you update the default balance account setup, to ensure that the new bank account is used as a balance account for future payments.

This can be handled in two ways, both of which are accessed from Assisted setup guide for Payment Management:

Running the Assisted Setup Wizard

  1. Go to the Assisted setup guide for Payment Management
  2. Delete the old bank account if it is listed here.
  3. Add the new bank account. If you leave the Currency Code blank, the balance account will be used for payments that that is of local currency (company currency).

Setup Balancing Accounts

  1. Open the Balance Accounts window.
  2. Delete the old bank account if it is listed here.
  3. Add the new bank account. If you leave the Currency Code blank, the balance account will be used for payments that that is of local currency.