Name

The description that appears in the Bank Accounts window to help you to identify the account, for example Bank Current Account.

You can enter up to 60 characters.

Ref

A unique reference that identifies the bank account in your Chart of Accounts (COA). You can't change this.

The code must have a least four digits and no more than eight, between 0001 and 99999999.

Account type

From the dropdown list, you can choose one of the following:

• Cheque Account
• Cash Account
• Credit Card Account

Once you enter transactions into the account, you can't change its type.

Each account type generates its own transaction types. For example, payments can be bank payment (BP), cash payment (CP) or visa payment (VP).

It depends on the type of bank account:

• Cheque Account
• Cash Account
• Credit Card Account

No Bank Reconciliation

If you don't want to reconcile this bank account, select this checkbox.

Account No.

You can enter up to 60 characters for the bank account number.

Account name

The name of the account.

Minimum limit

Sort code

The bank sort code.

Expiry

If this account is for your company credit card, enter the expiry date of the card.

The currency of the bank account. This defaults to the base currency.

If you use Foreign Trader in Sage, you can change the currency by choosing from the dropdown list.  

BACS/SEPA Ref

If you use a Bank Automated Clearing System (BACS) to make payments using e-banking, enter your reference number. The reference identifies the payer and is included in the payment files. 

IBAN

Enter the International Bank Account Number (IBAN). This is a specific format of the bank account number that makes transactions between European countries easier by reducing errors and delays. The software validates this number when you enter it in the record.

It's 34 alphanumeric characters broken down to:

• Two letter country code
• Two check digits
• Up to 30 alphanumeric characters for the bank number

You can check if the format of the IBAN is correct at http://www.tbg5-finance.org/?ibancheck.shtml

If this is your default company bank account, this information appears under your company name and address on any invoices and orders you print. 

Use an IBAN when you make or receive payments across country borders in the European Union (EU), European Economic Areas (EEA) and Switzerland.

The IBAN is always with a Bank Identifier Code (BIC).

BIC/Swift

Enter the BIC number or Swift Code for this bank account. The BIC, or Swift Code is a way of identifying financial organisations.

The software validates this number when you enter it in the record.

It's to be 11 alphanumeric characters broken down to:

• Four letters for bank or institution code
• Two letter country code
• Two letters for location code. Divided into:
  • If the second character is 0, it's usually a test BIC rather than a BIC on the live network
  • If the second character is 1, it denotes a passive participant in the SWIFT network
  • If the second character is 2, it's usually a reverse billing BIC. This is when the recipient pays for the message rather than the more usual mode where the sender pays for the message
• Three alphanumeric characters for the branch code. This is optional and you can replace with 'XXX'

If this is your default company bank account, this information appears under your company name and address on any invoices and orders you print.

Roll Number

Your roll number for this account. This is an additional reference used by some building societies.

Additional Ref

Any additional information you have relating to your bank account.

You can enter any text, up to three lines of 60 characters.

Bank name

The name of your bank, which can be up to 60 characters.

Address lines

You can enter each line of your bank's address here, up to 60 characters per line.

No, there is no opening balance to enter

Use this option if you don't want to enter an opening balance.

Yes, as individual transactions

This option posts opening balances as individual transactions to this account and the suspense nominal account.

Yes, as one value

This option posts a single transaction opening balance.

Note: This option isn’t available if you’re using either the VAT cash accounting or UK Flat rate - cash based VAT scheme.