What you need to know
- You can't change the account type, for example, from Current to Credit Card unless you have entered no transactions in that account
- A ledger account is automatically assigned each time you create a new bank account, you can only change this if you have entered no transactions in that account
- If you enter an opening balance, a new opening balance transaction gets created. This appears in your bank activity and ledger accounts
Foreign currency bank accounts
Adding a foreign bank account is the same as adding an account in your base currency. Select the currency you want in the Currency field.
We use the live exchange rates to convert the transaction amount to your base currency when you enter them. For example, from US Dollars to British pounds.
Multi-currency banking is only available to Sage Accounting Plus subscribers.
Create a bank account
- Go to Banking, and choose New, then Bank Account.
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 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.
If you already have money in your bank account or on your credit card, you'll need to enter an opening balance.
You can do this now, or from the Settings later. Read Enter an opening balance for a bank account.
- Choose Add an opening balance.
- Enter the date for the opening balance. We recommend that matches the date from your bank statement.
- Enter the amount.
- Enter a positive value when you have money in the bank
- Enter a negative value for overdrafts, loans, and credit cards
Once saved, we create an opening balance transaction. This updates the ledger account for your bank. It also updates the special ledger account used for opening balances: Opening Balance Control.
This connects Accounting to your online bank using a secure bank feed. Once set up, we download transactions from your bank account, ready for you to add to Accounting.
- Choose Save & Connect Bank to create a secure connection to your bank.
- Follow the steps to connect to your online bank account. You'll need the sign in details for your bank account.
Edit a bank account
- Go to Banking, then select the account you want to edit.
- Amend the details as required and Save.