How to Setup a Credit Line Bank Account in Sage?
No wonder why Sage 50 is extremely popular among the business community across the world. This premier accounting software helps businesses accomplish their accounting tasks in a more streamlined way. It is also widely appreciated for its user-friendly interface. Even a novice accountant can use this software with ease. However, there are some accounts related features the users often find difficult to use. Setting up the credit line bank account is one such important feature. If you are also having issues with this feature, simply go through this blog. Here, we would be showing you a simple and step-by-step procedure to setup the credit line bank account in Sage 50.
Also Read: How to Setup New Bank Account in Sage 50
Here we go!
Procedure to Setup a Credit Line Bank Account in Sage 50
It’s simple! You can simply setup a credit line account just like any other bank account. You can then name it accordingly. Here are the steps to follow-
- Navigate to Chart of Accounts
- Create a new bank account
- Make sure to keep the Account Class as Bank.
- Mark the Account as Credit line account.
- You may also select to make regular payments from this account
- If you want to transfer money between this account and other bank accounts, follow the steps below-
- Click on the Banking tab
- Click the tab named Transfer funds.
- You can click on the Transfer from /Transfer to bank name as you require
- Enter the amount as desired.
- Click on Process.
Please Note: this asset account will most likely show a negative value
Also Read: Sage 50 Direct Deposit Payroll
We hope the sequential steps mentioned above have helped you a great deal to setup a credit line bank account in Sage 50. If you are still experiencing any difficulties in carrying out the above-mentioned steps or if you have any more queries, we would recommend you to speak 1800 964 3096 to some of the authorized Sage experts.
What is the Procedure to Delete an Account Permanently in Sage 50?
Here are the steps to follow-
👉 Open Sage 50
👉 Navigate to the Maintain menu
👉 Click on Chart of Accounts.
👉 The Maintain Chart of Accounts window will appear on your screen.
👉 Enter/select the account ID you need to delete.
👉 To view the list of existing accounts, go to the G/L Account ID field and type ? . 👉 Alternately, you may click on the Lookup button.
👉 Now click on the Delete toolbar and delete the account.
👉 If the account contains a nonzero balance, Sage 50 would display a message informing that you cannot delete the same.
👉 If you still need to delete it, examine its history by going to the Maintain Chart of Accounts window.
👉 Next, view the General Ledger report that includes a date range of the last 2 open fiscal years.
👉 Locate the account transactions
👉 Double-click to view the corresponding task window where the transactions originated.
👉 Delete these transactions,
👉 Return to the general ledger.
👉 If you want to delete an account with beginning-balance entry, go to the Maintain Chart of Accounts window and click on the Beginning Balances button.
How Can I Make an Account Inactive in Sage 50?
Please follow the steps shown below-
👉 Go to the Maintain menu
👉 Click on Chart of Accounts. The Maintain Chart of Accounts window will appear on your screen
👉 Enter/select the account ID you need to make inactive
👉 To view the list of existing accounts, go to the G/L Account ID field and type ? . 👉 Alternatively, you may click on the Lookup button.
👉 Click on the Inactive check box to the right of the selected account ID.
How to Delete an Account with Non-Zero Balance in Sage 50?
If you want to delete such an account in any accounting period within the two fiscal periods currently open, Sage 50 would flash out a message informing you can’t delete the account.
If you still want to delete this account, you should first check its history in the Maintain Chart of Accounts window. Then, have a look at the General Ledger report including a date range of the two currently open fiscal years. Find out the account transactions and double-click to display the corresponding task window -where the transactions originated. Finally, delete the transactions and go back to the general ledger. To remove an account starting-balance entry, go to the Maintain Chart of Accounts window and click on the Beginning Balances button.
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