Setting Up a New Bank in Sage 300c

Switching banks or opening a new account at an existing bank are common activities in the treasury area. With any of these scenarios you will need to set up a new Bank in Sage 300. Follow along as we review the related steps.

You will find the Bank menu option under Common Services> Bank Services.

Bank Services Menu

The first step is to complete the Bank Profile. This will allow you to specify things such as your next Deposit Slip Number, Account Number and Write-Off Spread.

Bank – Profile Tab

Next up is the Account Tab. Use this tab to select the GL accounts to be used for the Bank Account, Write-Offs and Credit Card Charges.

Bank – Account Tab

Enter the bank’s address (up to 60 characters), telephone and fax numbers (up to 30 characters each), and contact person (up to 60 characters).

This information can be modified after saving, if necessary.

Bank – Address Tab

Use the Check Stock Tab to enter printing information for checks drawn on the bank account.

For each physical check stock that you use with this account, you must:

Enter a code and the next number to assign to checks drawn on this account.
Select the type of stock (combined, sequential, or separate checks and advices).
Select the report specifications for the check and advice forms you use.
Select the language that you want to appear on the body of the check.

You can change the information on this tab after saving the bank record.

Bank – Check Stocks Tab

The Currency Tab appears only if the Multicurrency option has been selected on the Profile tab.

Use this tab to enter currency information for multicurrency and foreign currency banks.

Note: Must be a multicurrency company for this option

For each currency you use with this bank account, you must enter:

The default check and deposit rate types.
The General Ledger accounts to which realized gains or losses in currency exchange are posted.

Bank – Currency Tab

The Balance Tab displays up-to-date information for a bank account, including:

The last statement date, the last reconciliation date, and the year and period to which the reconciliation was posted.
The closing balance of the last bank statement to which the account was reconciled.
The total of all deposits outstanding
A total of all withdrawals
The current balance