Introduction to bank accounts

When you start using Sage Accounting, you have two default bank accounts: one Bank Account and one Cash. You can use these default accounts or set up more as needed.

Types of bank account

Bank Accounts

Use Bank Accounts for current accounts, savings accounts, credit cards, loan accounts or other types of accounts.

Cash

These are for cash in hand transactions or to record petty cash.

Bank account connections

You can connect Accounting Start to your online bank to automatically import your transactions by using a bank feed.

Alternatively, import bank statements manually.

What's next?

Create a new bank account

Set opening balances for bank accounts

Connect your online bank account

What you need to know

We have created two bank accounts for you. One for your main bank account and one for cash.

Create as many bank accounts as you need, to manage your business’s transactions and cash flow. You may want to add bank accounts for your petty cash, savings, credit cards, and loans.

Consider connecting Accounting Start to your bank accounts to import transactions. This saves time and makes your transactions more accurate as the details come from your bank. 

Add another bank account

1. From Banking, select New then Bank Account.
2. Enter the details of the new bank account.

To add further details such as the account number and sort code, follow the steps below.

Edit a bank account

1. From Banking, select the Bank Account tile.
2. Enter details for your main bank account such as the name, sort code and account number.
   Account type - If you select Cash in hand or Other, you'll be unable to reconcile the account. You also won't be able connect a bank feed / import a bank statement.
   Category - By default, this is set to the category using nominal code 1200. If your chart of accounts is different, change to a different category.
   Default transaction method - Choose the payment method used most often for this bank account. When you enter a payment or receipt, this will be the default method shown.
3. Select Save.

• Enter bank account opening balances
• Connect Accounting Start to your bank account (UK)
• Connect Accounting Start to your bank account (IE)