Vendor name change

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CA Final
20 Points Posted on 02 June 2023

Hi, 

please suggest if a vendor company changed its name, should we create new ledger with new name or should we use old account by changing name.

 

thanks in advance 

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On 02 June 2023 at 20:41 Report
Replies (2)
Quick Summary
When a vendor changes their company name, a key accounting question arises: should you create a new ledger or simply update the existing account? While updating the old account might seem simpler, best practice often suggests creating a new ledger. This ensures clarity and proper record-keeping, especially within systems like SAP where new ledgers require specific authorisation.

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CA
20 Points Posted on 02 June 2023
You should make a new ledger and transfer old balance to the new ledger
2 Reply
On 02 June 2023 at 22:17
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Profession
22 Points Posted on 03 June 2023
In sap that new ledger requires proper concurrence.
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On 03 June 2023 at 21:28

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