How to Set Up New Bank Account in Sage 50?
Updated On: February 27, 2025 4:20 am
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.
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Also Read: How to Setup Linked Accounts in Sage 50?
Methods to Set Up a New Bank Account in Sage 50
Follow the step by step instructions to set up:
Method 1: 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.
Method 2: 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.
Method 3: 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
Also Read: How to Enter Opening Balances in Sage 50?
Conclusion!
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.
Frequently Asked Questions:
How can one Create a New Account in Sage?
In order to do so, you need to follow the below steps:
1. Start by clicking on Create account.
2. You will find that Some applications have a Signup button on the website.
3. Enter the username Email, First name, Last name, and Password.
4. Next, Check if your details are correct and click Sign up.
5. Finally, Enter the 6-digit code on the verification code window.
6. Lastly, click Continue.
How can one add another Bank Account to Sage?
To do this you need to:
1. Start by going to the E-Banking tab for the bank account in Sage 200.
2. This can be done when you create a new bank account or try to fix an existing one.
3. Open: Cash Book > Bank account List > New Account | E-Banking.
How can one Set up a New Bank Account in Sage?
In order To open a bank account you generally have to fill in an application form. Generally, you can do this either in a branch or online. Likewise, sometimes you can also do this over the phone. For this, you will also have to offer proof of your identity including your full name, date of birth, and address.
