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Set up bank accounts

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Summary

How to set up, create and edit your bank accounts in Sage Accounting.

Description

You need bank accounts to keep track of the money paid in and out of your actual business bank accounts. You can also use bank accounts to manage your cashflow.

Resolution

What you need to know

We have created two bank accounts for you. One for your main bank account and one for cash. Amend this and add the details of your actual bank account.

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 Sage Accounting to your bank accounts to import transactions. This saves time and makes your transactions more accurate as the details come from your bank. Read how to connect Sage Accounting to your bank >


Add another bank account

  1. From Banking, select New then Bank Account.
  2. Enter the details of the new bank account.
  3. 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, account number and type.
  3. Select the Ledger Account. By default, this is set to the ledger account using nominal code 1200. If your chart of accounts is different, change to a different ledger account.
  4. 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.
  5. Select Save.

Add a foreign bank account

  1. Go to Banking, and choose New, then Bank Account.
  2. Complete the following information:

    Account Type * Select the bank account type such as Current, Savings etc.

    Cash accounts are for tracking cash transactions such as petty cash. You cannot reconcile a Cash account.

    Account Name * Enter the name of the account, as you want it to appear on the Banking page and on reports.
    Sort Code If the account type is a Current, Savings, or Loan, enter the bank sort code (excluding dashes) in the Sort Code field.
    Currency *

    Select the currency.

    For foreign bank accounts, the bank balance shows on the banking page in the selected currency with your base currency underneath it.

    Account Number Optionally, enter the account number.
    Last 4 digits of your credit card number This field displays only if the account type is a Credit Card. Optionally, enter the last four digits of the credit card number.



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