Entering Bank Account Information In Sage Desktop

To write checks in Sage 50 Desktop Accounting,

you first need to ensure that your banking information (such as bank accounts) is correctly set up in the system. Here’s a detailed, step-by-step guide to entering your banking information to allow you to write checks in Sage 50:

Step 1: Open Sage 50 Desktop

1. Launch Sage 50 on your computer.
2. Login to your company file by entering your username and password if prompted.

Step 2: Navigate to the “Maintain” Menu

1. On the top menu bar, click on “Maintain.”
   –  This menu allows you to manage your lists, including accounts, customers, vendors, and more.

Step 3: Select “Chart of Accounts“

1. In the Maintain menu, click on “Chart of Accounts”.
   • This will open the list of all accounts in your company’s financial records.

Step 4: Add a Bank Account to the Chart of Accounts

1. To add a new bank account that you will write checks from, click on the “New” button at the bottom of the Chart of Accounts window.
   –  This opens the Account Information screen.
2. Select the Account Type:
   –  In the Account Type drop-down list, select “Bank”.
   –  This designates the account as a bank account, which is necessary for writing checks.
3. Enter the Account Information:
   –  Account ID: Enter a unique identifier for the bank account. This could be something like “Checking” or the bank name.
   –  Description: Provide a description for the bank account. For example: “Primary Checking Account”.
   –  Account Number: Enter the actual bank account number associated with this account. This is important for recording purposes but is not shown on checks.
   –  Opening Balance: Enter the opening balance for the account if you are setting it up for the first time. Otherwise, leave this field blank for the account to be automatically updated as transactions occur.
   –  Bank Name: This field is optional, but you may want to include the name of the bank or financial institution.
4. Save the New Bank Account:
   –  Once all information is entered, click “Save” to create the bank account in the Chart of Accounts.

Step 5: Set Up Bank Account for Check Writing

1. After creating the bank account, you can set it up for check writing.
2. In the Chart of Accounts, locate and highlight the new bank account you just created.
3. Click on the Edit button at the bottom of the window to open the account details.
4. Check the “Use for Checks” box:
   –  Ensure that the “Use for Checks” checkbox is selected. This enables the account to be used for writing checks within Sage 50.
   –  If this option is already checked, the account is already set up to write checks from.
5. Save Changes:
   –  Click “Save” to confirm that the bank account is ready for writing checks.

Step 6: Set Up Bank Account for Reconciliation (Optional)

1. Go to the Banking Section:
   –  Click on Banking in the top menu and select “Reconcile” from the dropdown menu.
2. Select the Account:
   –  In the Bank Reconciliation window, you should see the bank account you just created listed in the Account drop-down menu.
   –  Select this account to reconcile it with your bank statements.
3. Enable Online Banking (Optional):
   –  If you want to connect your bank account for online banking (to download transactions directly from your bank), go to Banking > Set Up Online Banking and follow the prompts. This is optional and can help streamline your reconciliation process.

Step 7: Check Print Setup (Optional)

If you’re going to print checks from Sage 50, you’ll need to make sure your check printing settings are set up properly:

1. Go to File > Printer Setup:
   –  From the top menu, click on “File” and then select “Printer Setup”.
2. Select the Printer:
   –  Choose the printer you’ll use to print checks. Ensure that your printer is compatible with your check paper.
3. Choose Check Format:
   –  You will be prompted to select the format of the checks (check your check printing paper for these settings).
   –  Choose the correct alignment options for your specific type of check stock.
4. Test Print:
   • You may also want to do a test print on regular paper to confirm the alignment is correct before using check paper.

Step 8: Writing Checks from the Bank Account

Now that your bank account is set up, you can proceed with writing checks from this account:

1. Navigate to Banking > Write Checks:
   –  From the Banking menu, select Write Checks.
2. Select the Bank Account:
   –  In the Bank Account drop-down menu, select the bank account you just created.
3. Enter Check Information:
   –  Continue with writing your check by entering the payee, check number, amount, and other necessary details as described in previous instructions.
4. Print or Record the Check:
   –  After entering the details, print the check if needed or simply record it if you’re manually writing it out.

If the bank account does not appear in the list when you try to write checks, ensure that the “Use for Checks” option was checked when you created the account.   If you cannot find certain details, double-check the bank account setup to make sure everything was entered correctly.  If you have trouble reconciling, ensure that the opening balance and transactions are accurately recorded.

Once the bank account is set up in Sage 50, you can start writing checks directly from it. You can also track your bank account balances and transactions.