What is the procedure to setting up a new bank in Sage300?
The first step is to ensure there is an active GL account for the bank. If the account does not yet exist, create it in GL Accounts / Accounts. Then go to Common Services / Bank Services / Banks. Enter a 6 character code for the new bank account. Fill in the relevant information on the tabs:
- Profile - enter bank account numbers and if bank is multi-currency
- Account - enter GL account numbers for this bank
- Address - list address & contact information
- Check Stocks - list the check forms that are to be used in AP, AR (refunds) and Payroll and assign the next check numbers for each.
- Currency - this tab will only show up if the bank is multi-currency
- Taxes - select a default tax group for bank entries
- Balance - this is a read only screen and will be updated by the system
In some cases, using an existing bank record to guide the entries in the new bank record is helpful. Particularly on the Check Stocks tab, if the printed checks are to be the same as an existing bank. However, if the check forms are different, than new check stocks should be listed, and new check forms may need to be designed.
Once the Bank is setup in the Bank Services module, it will be available to be selected for Receipts and Payments, anywhere cash is received, or cheques are issued, typically in AR, AP, and CP.