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Add or edit a bank account

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Summary

How to add or edit a bank account in Sage Accounting.

Resolution

You can add as many bank accounts as needed to manage your business’s transactions and cashflow. For example, you may add accounts for your business’s petty cash, savings, credit cards, and loans.

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

  1. Go to Banking, and choose New, then Bank Account.
  2. 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 CodeIf 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 NumberOptionally, enter the account number.
    Last 4 digits of your credit card numberThis field displays only if the account type is Credit Card. Optionally, enter the last four digits of the credit card number.


Edit a bank account

  1. Go to Banking, then select the account you want to edit.
  2. Amend the details as required and Save.