Your business can have various bank accounts; so, you can create a lot of bank accounts as you require in the Sage 50 accounting software. You will have to create bank accounts from a Bank accounts module. Here in this article, we have elaborated some crucial information for setting up a new bank account in Sage 50. Follow the mentioned procedure to know more.
How to Set Up a New Bank Account in Sage 50
Click on the Bank accounts after that click on New/edit drop-down list and then click on the new button.
Fill the Account Details as specified for setting up a new bank account in Sage 50
|z A/C Ref||Type new bank account nominal code.
In order to convert the current nominal code to the bank account, then type the nominal code after that hit the TAB key and then select the Yes button.
|Nominal Name||Type sixty characters as the Nominal name for the new bank account.|
|A/C Type||Select the account type. Once you submit the transactions in this account, after that you unable to change the type of account.|
|Currency||In case you are using Foreign Trader, type the currency for the bank account.|
|Balance||Shows current banks balance. If you need to type the opening balance, then click on balance, once prompted to spare the record and then enter the opening balances, then click on the Yes button.|
|Minimum Limit||Enter the sum which you don’t need to balance this bank account in order to fall below than average.
In case the balance of the account is less than the amount mentioned, then the account shows in red on the list of the banks.
|No Bank Reconciliation||Mark this checkbox in case you don’t need to run Bank Reconciliation function.|
|Enable bank feeds||It is only available in 22 versions or above – To utilize the bank feeds, mark the checkbox and then follow the instructions.|
- Click on the Bank Details and then enter the address of the bank, account as well as contact details.
- In case you are utilizing the v21 and below – then Click on the Contact option and then enter the bank contact details.
Sage 50 v24.2 or above
Where you have to click on the Settings and then enter the information for any charges of the bank then you may need to apply along with the receipts as well as payments. These are the defaults functions which may be changed whenever required.
- Click on the Memo in order to add the free memo text or either add the attachment to the bank account.
- Now your new bank account is ready. You must now make sure that the nominal code is properly placed into the accounts chart.
- Edit the bank record
- Click on the Bank accounts after that choose the bank account which is required.
- On a toolbar, you have to click on the New or edit drop-down list and then click on the Edit button.
- In case you are using 2014 version (v20) or below – then Click on the Record.
- Amend the required record details.
- Click on the Save button and then choose Close.
- Check and amend your default bank account
- Click on the Settings option on the menu bar and then hit the Control Accounts.
- For the Default Bank, you have to enter the nominal code for default bank account after that click on the OK button.