When you add a bank account, Sage Accounting automatically creates a general ledger account with the correct account type. If your Chart of Accounts already includes a bank account with a balance, follow these steps to add the account and transfer the balance afterward.
Once you create a transaction, you can’t change the account type, reassign the general ledger account, or delete the account. The system posts any opening balance as a transaction.
Cause
Resolution
To add a bank account
Select theBankingmenu.
ClickNew, then selectBank Account.
Complete the following fields:
Account Type: Choose from Chequing, Savings, Credit Card, Loan, or Other
Account Name: Enter the name as it appears on theBankingpage and reports
Currency: Select the currency
For foreign accounts, balances display in both the selected and base currencies.
Account Number: Optionally, enter the account number
Last 4 digits: For credit cards only, optionally enter the last four digits
Add an opening balance: Click to enter an opening balance
Balance or Overdrawn: Indicate whether the account has a positive or negative balance and enter the amount
ClickSave & Connect Bankto link the account securely, or clickSaveto add it without connecting
On theAddress & Contactstab, enter the bank’s address and main contact
ClickAdd Address Contactto include more contacts
ClickSave.
Managing bank accounts
Add or update address and contact details
Review reconciliation details
Rename accounts you no longer use to “Do not use” to avoid confusion
Inactive bank accounts
You can’t delete accounts with transactions. Instead, set them to inactive to hide them from the banking list. Inactive accounts still appear in reports and past transactions.
To edit or delete a bank account
Select theBankingmenu.
To delete:
ClickDeleteunder the account name
ClickOKto confirm
You can’t delete accounts with posted transactions or opening balances
To edit:
Click the account to open theBank Accountspage
Update the details as needed
Use theAddress & Contactstab to add more information
ClickSave
Foreign Currency Transactions
You can process foreign currency transactions on invoices and credit notes. Sage Accounting uses live exchange rates to convert amounts to your base currency.
To add a foreign bank account, follow the same steps as for a base currency account. Select the desired currency in theCurrencyfield.