Changed business banks mid-year? Keep the full year together
Activity in the old account can continue after the first payment reaches your new one. A customer may use saved bank details, a refund may arrive later and a recurring payment may still leave the old account. Your bookkeeping needs a clear record of the overlap.
Arkrel lets you upload or email bank and credit card statements for merchant review. Start by trying one statement free, reviewing its merchants and previewing My year. No card needed.
Make an account-by-account coverage map
Write down the old account, the new account and the statement periods you have for each. Add the first business transaction in the new account and the latest known business transaction in the old one. Use the dates printed on the statements rather than assuming every file covers a calendar month.
Keep both accounts on the list for the overlap period. If you opened the new account in June but received a customer payment in the old account in August, the old records still belong in the year. Mark a missing period as missing until you have checked it with the bank.
This coverage map is also useful if you changed card providers at the same time. Track that card separately so its purchases and later payments remain traceable.
Follow the activity that crosses the switch
Create a short transition list for recurring customer payments, subscriptions, card payments and expected refunds. For each item, record where it last appeared and where you expect the next transaction. Confirm the change from actual activity or the provider's confirmation instead of assuming it took effect.
Keep records of checks or payments that had not cleared at the time of the move. A quiet old account can still have unfinished activity. Check with the bank and relevant providers before deciding the transition is complete or closing an account.
The purpose of this list is to explain the handover between accounts. It can stay beside your statements and be shared with the person responsible for the final bookkeeping review.
Explain money moved between your own accounts
A balance transfer can appear as money leaving the old bank and money arriving at the new one. Save both records and connect them in your notes using the dates, amounts and account labels. Record any transfer fee separately and flag differences that need an explanation.
Give that transfer note to your preparer so the movement can be distinguished from customer receipts or a business purchase. Avoid treating every deposit in the new account as a new sale.
The IRS discusses deposit sources and account reconciliation in Publication 583. Your bookkeeping process should resolve the relationship between the accounts before you rely on the year's totals. Keep the same discipline for card payments and other movements that appear in more than one record.
Preserve the old account's ending records
Save the statements you need while access is available, including the final statement when the bank issues it. Check that each file opens and has a readable account label and coverage period. Keep the originals alongside any working notes.
Ask the bank how you can obtain later statements, interest documents or corrections after closure. Record the answer in your transition notes. The end of online access should not be the moment you discover that part of the year's history is missing.
Review the year with the transition notes beside you
Choose a familiar statement to test Arkrel's merchant review. For the wider year, organize the available statements from both accounts and use the coverage map to track your own collection work. Confirm merchant decisions with the supporting records and keep the transfer and unresolved-activity notes available for your preparer.
The paid report includes a profit and loss summary, Schedule C totals and likely deductions to review. The profit and loss guide explains that output. Use the accountant document checklist for the complete handoff, including the bank-transition notes.
Catch-Up is $499 one time per purchased tax year and includes a 30-day money-back guarantee. Autopilot is $49 per month with a 14-day free trial and covers the current calendar year. Choose Catch-Up for a purchased-year review or Autopilot for ongoing current-calendar-year bookkeeping. See current pricing when choosing the period you want to organize.
Questions about a mid-year bank change
Do I need old statements after switching banks?
Keep the old statements that cover the year and any later activity connected to the business. The new bank's records begin only with the activity that reached that account.
Should I use the same cutoff date for both accounts?
Record each account's actual coverage. An overlap can be valid, and late activity can extend the old account's timeline beyond the date you started using the new one.
How should I explain the opening transfer?
Keep the sending and receiving records together in your notes. Identify the source account, destination account, amounts and dates so the preparer can review the movement correctly.
Does uploading both accounts finish the reconciliation?
Statement review gives you organized transaction records. You or your bookkeeping professional still need to resolve transfers, outstanding items and balance differences across the accounts.
What does the free experience include?
One statement upload, merchant review and a My year preview, with no card needed. Full tax reports, downloads, exports and accountant sharing require payment.
Start with one statement from the transition period, and keep the account map beside it. Build the year around the complete history of where your business money moved.