How to manage bank accounts

How to use bank accounts in Sage Accounting.

On the Banking page, set up bank accounts to track your bank activity, reconciliations, and balances. For each account, you can:

• Edit the account information
• Enter an opening balance
• Review the balance graph
• Pay a vendor bill
• Record a customer receipt
• Record a payment other than for a vendor bill
• Record a receipt other than for a sales invoice
• Receive a refund from a vendor
• Record customer refunds
• Record bank deposits
• Transfer money between bank accounts
• Reconcile a bank account
• Import your bank statement

For foreign bank accounts you can:

• Toggle between currencies when reviewing bank account activity
• Revaluate bank accounts, showing gains and losses

Activity tab

The Activity tab shows transactions posted to this bank account. You can:

• Search for transactions by reference or transaction value
• Click More to view transactions between a range of dates, or to view transactions by type
• View or edit details of receipt and payment allocations
• Select transactions to print, email, export, or delete

 NOTE: You can’t delete transactions included in a bank reconciliation.

Address & Contacts tab

Change the main address and contact details if required. You can have only one address per bank account. Click Add Address Contact to add more contacts. Select the Main Contact check box to specify the main contact. Click Delete to remove a contact.

Reconciliations tab

View and print reconciliations.

Revaluations tab

Revaluing changes the value of your base currency due to exchange rate fluctuations. Complete this monthly or quarterly as needed. From the Revaluations tab:

1. Select Revalue this bank account.
2. Choose the date for revaluation.
3. The system automatically populates the exchange rate, but you can change it manually.
4. The system shows a loss or gain as a difference.
5. The difference posts to the Exchange rate gains and losses ledger account and appears on your Profit and Loss Report as an overhead.
6. Add a reference for audit purposes, such as month-end revaluation.
7. Select Revalue.

Once you complete the revaluation, the system shows details of all revaluations in the Revaluations tab. If you notice errors, delete the entry and complete the revaluation again. We recommend completing new revaluations on entries shown after the deleted date.