How to add and manage bank accounts

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.

To add a bank account

1. Select the Banking menu.
2. Click New, then select Bank Account.
3. Complete the following fields:
   • Account Type: Choose from Checking, Savings, Credit Card, Loan, or Other
   • Account Name: Enter the name as it appears on the Banking page 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
     • Set your account start date in Financial Settings first
   • Opening Balance Date: Enter or select the date
   • Balance or Overdrawn: Indicate whether the account has a positive or negative balance and enter the amount
4. Click Save & Connect Bank to link the account securely, or click Save to add it without connecting
5. On the Address & Contacts tab, enter the bank’s address and main contact
   • Click Add Address Contact to include more contacts
6. Click Save.

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

1. Select the Banking menu.
2. To delete:
   • Click Delete under the account name
   • Click OK to confirm
   • You can’t delete accounts with posted transactions or opening balances
3. To edit:
   • Click the account to open the Bank Accounts page
   • Update the details as needed
   • Use the Address & Contacts tab to add more information
   • Click Save

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 the Currency field.

More about multi-currency banking