Set up bank accounts

You need bank accounts to keep track of the money paid in and out of your actual business bank accounts and manage your cash flow.

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 automatically. This saves time and makes your transactions more accurate as the details come directly from your bank.

Amend the default bank account

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.

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.
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.

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, Edit the bank account you've just created:
   1. Select the tile for your new bank account
   2. Enter the details as required
4. 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 Credit Card. Optionally, enter the last four digits of the credit card number

Enter bank account opening balances