How to Transfer Money From One Bank to Another Bank

Transfer Money From One Bank to Another

No wonder why Sage 50 is widely popular among the business community across the world. This premier accounting software helps businesses perform their accounting tasks more efficiently. It is also highly appreciated all over for its user-friendly interface. Even a novice can use Sage 50 with ease. However, there are some features the users may often find difficult to use. Some users have informed us that they are not quite familiar with the process of transferring money from one bank to another. If you are yet to use this feature or are having issues with it, simply go through this blog. Here, we would be showing you a simple and step-by-step procedure to transfer money from one bank to another through Sage 50.

Here we go!

Steps to Transfer Money From One Bank to Another Bank

Please follow the steps below-

  • Go to the Banking menu
  • Click on Transactions
  • Click on the Banking tab
  • Choose the ‘paid from’ bank account. This is the account from which you want to transfer money.
  • Enter a suitable description related to the transfer. 
  • Type in the Bank Codes of the banks among which the transfer needs to be made.
  • Now specify the transfer amount. 

Please Note: in multi currency systems, the transfers will be made between banks with separate currencies. Please specify the currency also for such cases.

  • Specify the service charges for each bank, if applicable. Service charges are usually entered in a Bank Entry.
  • Click on the tab named Post to post the transfer.

How to view the Transfers made to a Bank Account?

Here are the steps to follow-

  • Go to the Banking menu
  • Choose the relevant bank account.
  • Locate the Activity tab by scrolling down on your screen
  • Specify the relevant date range in the From and To boxes,.
  • Click on More
  • Click on the Type list
  • Choose Bank Transfer.
  • Click on Search.
  • All the transfers received into and paid out of this account will be displayed on your screen 

We hope the sequential steps mentioned above would help you a great deal to transfer money from one bank to another through Sage 50. If you are having any difficulties in carrying out the steps above or if you want to know more, we would recommend you to get in touch with some authorized Sage professionals.

Accounting Professionals & Specialized Experts

Want quick help from accounting software experts? Get in touch with our team members who can install, configure and configure your software for you. Proficient in fixing technical issues, they can help you quickly get back to work whenever you encounter an error in Sage software. Our team is available 24/7 365 days to assist you. To get in touch.



FAQs

How can I Delete an Account in Sage 50 with a Non-Zero Balance?

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, you can delete the transactions and move 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.

How to make an Account Iinactive in Sage 50?

Please follow the steps given below-
🔹 Open Sage 50
🔹 Navigate to the Maintain menu
🔹 Click on Chart of Accounts
🔹 The window named Maintain Chart of Accounts will come up on your screen
🔹 Enter/choose the account ID you wish to make inactive
🔹 To view the list of existing accounts, browse to the G/L Account ID field 
🔹 Now type ?. Alternatively, you can click on the Lookup button as well.
🔹 Click the Inactive check box to the right of the selected Account ID 

Why is it necessary to Record a Bank Transfer?

Keeping a proper record of a bank transfer is necessary for tracking the following-

🔹 Money transferred between different bank accounts.
🔹 Money transferred between the foreign currency accounts and the base currency accounts.
🔹 Loan repayments if the loan is set as a bank account.
🔹 Credit card payments, if the credit card is set as a bank account.
🔹 Money paid to a cash account.

How can I Set up a Credit line Bank Account in Sage 50?

A credit line account can be set up in Sage 50 just like any other bank account. After creating it, you can simply name it accordingly. Please follow the steps below-
🔹 Navigate to Chart of Accounts 
🔹 Create a new bank account 
🔹 Make sure to keep the Account Class as Bank.
🔹 Mark the Account as a Credit line account.
🔹 You may also select to make regular payments from this account 

If you need to transfer funds between this bank account and other accounts, perform the steps below-
🔹 Click on Banking 
🔹 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.

Sage Chat help desk
Sage Chat help desk

Customer Service

AVAILABLE 24/7

Chat with us

HOURS OF AVAILABILITY VARY
Related Posts:

Report Your Issue

(Didn't find what you were looking for! Report your issue and get customized help from our Sage experts.)



    Sage Version

    Edition Year

    No of User: Licence

    Operating System:

    Help Needed:

    Write your Issue

    Further Reading