How to Add a Bank Account in Sage 100

Prerequisites

Before adding a bank account, ensure you have:

• Administrative access to Sage 100
• The General Ledger module installed and activated
• Your company's bank account information readily available
• Appropriate security permissions

Initial Setup Process

Accessing Company Maintenance

The first step is to verify your company setup in Sage 100:

1. Navigate to Library Master > Main > Company Maintenance
2. Confirm your company code is active
3. Verify the General Ledger module is activated in the Activated Modules section

Configuring General Ledger Options

Before adding bank accounts, configure your General Ledger options:

1. Go to General Ledger > Setup > General Ledger Options
2. Set up your retained earnings account (default is 32000)
3. Configure your fiscal year settings
4. Enable transaction tracking for audit purposes

Adding a New Bank Account

Step 1: Account Structure Setup

First, establish your account structure in the General Ledger:

1. Navigate to General Ledger > Setup > Account Structure Maintenance
2. Create a four-digit main account segment
3. Add a two-digit department segment if needed
4. Configure up to 10 segments as required for your organization

Step 2: Bank Account Creation

Follow these detailed steps to add the bank account:

1. Go to General Ledger > Main > Account Maintenance
2. Click "New" to create a new account
3. Enter the account number following your established structure
4. Select "Asset" as the account type
5. Enter the bank account name as it should appear on reports
6. Add any relevant account description

Step 3: Bank Code Setup

Configure the bank code for the new account:

1. Navigate to Bank Reconciliation > Setup > Bank Code Maintenance
2. Enter a unique bank code identifier
3. Link the General Ledger account number created earlier
4. Enter the bank's contact information and routing details
5. Configure check number sequences if applicable

Opening Balance Configuration

Setting Initial Balances

To establish the opening balance:

1. Go to General Ledger > Main > Transaction Journal Entry
2. Select "BT" (Bank Transfer) as the source journal
3. Enter the opening balance date
4. Input the transfer number (use MMDDYY format if no specific number exists)
5. Enter the opening balance amount

Reconciliation Setup

Prepare the account for reconciliation:

1. Verify the current balance matches your bank statement
2. Confirm all transaction registers are empty
3. Ensure the book balance matches your opening date balance

Advanced Configuration

Multi-Currency Setup

If dealing with foreign currencies:

1. Enable multi-currency in Company Maintenance
2. Select the appropriate currency for the bank account
3. Configure exchange rate settings
4. Set up currency conversion parameters

ACH Configuration

For electronic payments setup:

1. Enable ACH in AP Options
2. Configure bank information for ACH transfers
3. Set up vendor banking details
4. Establish ACH payment formats

Best Practices

Account Management

Maintain accurate records by following these guidelines:

1. Use descriptive account names for easy identification
2. Maintain consistent numbering conventions
3. Document all account modifications
4. Regularly reconcile account balances

Security Considerations

Implement these security measures:

1. Set appropriate user access levels
2. Enable audit trails for all transactions
3. Regularly review security logs
4. Maintain separate credentials for bank connections

Troubleshooting Common Issues

Account Setup Problems

If you encounter issues during setup:

1. Verify all required fields are completed
2. Confirm account number format matches your structure
3. Check for duplicate account numbers
4. Ensure proper module activation

Balance Discrepancies

To resolve balance issues:

1. Compare General Ledger balances with bank statements
2. Review all unposted transactions
3. Verify opening balance entries
4. Check for unreconciled items

Maintenance and Updates

Regular Account Review

Implement these maintenance procedures:

1. Perform monthly reconciliations
2. Review account activity regularly
3. Update bank information as needed
4. Archive old transactions according to retention policies

System Updates

Keep your system current:

1. Install all Sage 100 updates
2. Review release notes for banking module changes
3. Update security protocols as needed
4. Maintain current bank integration settings

Integration Considerations

Bank Feeds

To optimize bank feed functionality:

1. Configure secure connections to your bank
2. Set up automatic transaction downloads
3. Establish matching rules for transactions
4. Configure alert notifications

Additional Modules

Consider integration with:

1. Accounts Payable for payment processing
2. Accounts Receivable for deposits
3. Payroll for salary payments
4. Cash Management for forecasting

Conclusion

Adding a bank account in Sage 100 requires careful attention to detail and proper configuration across multiple modules. Following these comprehensive steps ensures accurate financial tracking and efficient business operations. Regular maintenance and adherence to best practices will help maintain the integrity of your financial data and streamline your banking processes.

Remember to document all changes and maintain proper backup procedures throughout the setup process. With proper configuration, your Sage 100 bank account will serve as a reliable foundation for your company's financial management system.

Citations: [1] https://help.sbc.sage.com/en-ie/partner-edition/Accounting/SetUpBankFeeds.html [2] https://www.youtube.com/watch?v=gF5nE-xgONU [3] https://help.sbc.sage.com/en-us/start/banking/extra-bank-accounts-create.html [4] https://www.microaccounting.com/resources/how-to-make-a-bank-transfer-in-sage-100/ [5] https://www.youtube.com/watch?v=ZWhCHNj1gi4 [6] https://www.swktech.com/tutorial-sage-100-bank-reconciliation-tips-tricks/ [7] https://cdn.na.sage.com/docs/en/customer/100erp/2024/open/GetStart.pdf [8] https://www.linkedin.com/pulse/sage-100-tips-tricks-how-enable-setup-ach-llbpartners-dnmuc