I am needing to progressivly transfer all of our accounts to a new bank ie when Term Deposits mature so there will be several steps. It appears I am unable to create a new starting balance for the new accounts as I do them and assume my only option is to start a new business each time. Do I have any other alternatives?
You should definitely not start a new business each time. And you should not be looking to create starting balances, as those are only for businesses that are adopting Manager after previously using a different accounting program. Your situation does not involve money entering or leaving the business. You are just moving it from one pocket to another. You have several options:
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If the existing term deposits are being transferred to the new bank in the same amounts, you could do nothing or simply edit their names. $10,000 in Consolidated Bank looks the same to the program as $10,000 at First Financial Bank. (This assumes you have created each of these term deposits as individual bank accounts within Manager.)
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Create new accounts under the Bank Accounts tab for the new term deposits. Then use an inter account transfer to move money from the old account to the new. You can use this option even if the transfer is not instantaneous by marking the deposit to the new account as Pending. Once the old accounts are empty, mark them as Inactive.
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If there are fees, accrued interest, or other adjustments to the amounts of the term deposits upon withdrawal or deposit, enter bank transactions and post those amounts to relevant accounts, such as Interest earned, Bank fees, or similar.
By the way, all this terminology assumes your software is up to date.