How to Set Up New Bank Account in Sage 50
Your business might have various bank accounts and it is very imperative that you create or include various bank accounts in your Sage 50. The bank accounts can be created in Bank Account Module. Here is some crucial information that you may need while setting up New Bank Account in Sage 50. The procedure has many technical and functional aspects, you need to first check which version you are using and then go for the procedural steps.
Follow the Process of Set Up a New Bank Account in Sage 50
Total Time: 35 minutes
Fill Credentials in your Bank Account for Sage 50
💠 Select the Bank Account and then select Edit/New in the drop-down menu and then select the Menu Button.
💠 Now, Fill-in the following credentials in your Bank Account for Sage 50.
💠 A/C Ref – Enter the nominal code of the new bank account.
💠 Nominal Name – To enter a new bank account, use 60 Characters.
💠 Account Type – Click on the account type. Once the transaction in the account is submitted, you will not be able to change the account type.
💠 Currency – If you have foreign merchants or traders, you need to select the Currency type.
💠 Balance – It exhibits balance in your Current Account. To type opening balance, select the balance. Now enter the opening balance and then select OK and then Yes.
💠 Minimum Limit – Enter the amount to balance the bank account to make it fall below average.
💠 No Bank Reconciliation – If any bank reconciliation function is not required, mark the checkbox.
💠 The Bank Feed is only available in more than 21 versions. To make use of Bank Feed, click on the checkbox and do as the instructions pop-up on the screen.
💠 Now, go through all the bank details and then enter the bank address, contact details and other relevant account details.
💠 In case you use Version 21 or Lower Version, select bank details and contact details.
If you are using Version 24.2 or above:
💠 To either add an attachment in the Bank or add the Memo Text, select the Memo.
💠 Your new account will now be ready for use. Now, check the accounts chart to ensure that nominal code is properly placed.
💠 Now, select the required bank account
💠 In the Toolbar, you need to select either Edit Drop-down or New Drop-down list and then select the Edit button.
If you have Version 20 or below:
💠 Select the record
💠 Make changes in the Required Record Details
💠 Click on the Save Button and then click on the Close button
💠 Click and make changes in Default Bank Account.
💠 In the Menu Bar, select the options and then select control accounts
The above-mentioned detail is completely dependent on the Version you have on your computer. Select the procedure carefully according to your Sage 50 Version. To know more about How to Setup a New Bank Account in Sage 50 or avail our assistance, connect with us via Sage Live Chat Support or use our Toll-Free Number to call our Sage Technical Support Team.
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