Available in Sage 50 Premium Accounting and higher.

Online Banking (Overview)

How Do I...

Online banking makes Sage 50 even more productive because it helps you stay current with your company's financial activities. The ability to go to your financial institution's Web page anytime and automatically download bank statements to Sage 50 means greater accuracy and hours of data entry saved.

As long as your bank supports online banking, setting up the feature is as simple as contacting your bank for a user ID and password that will uniquely identify your electronic transactions. To acquire your ID and password, just call your bank, or contact one of its online account representatives through the bank's Web page. When you do, be sure to tell the representative that you need to be set up for online banking through a PC accounting software package.

Note: The user ID and password that the bank gives you for online banking will probably be unique to that activity. It will probably be different from the ID and password you use to access your account on the bank's Web page.

The Import Process

Once your company is set up for online banking, you can start importing electronic statements from your bank.

ClosedImporting a statement into Sage 50

Here are the easy steps in the import process:

  1. In the Account Reconciliation window, select the account you want to download the statement to.
  2. Select the Import button.
  3. In the Import Statement - Choose How You Want to Import Your Statement window, choose your bank from the drop-down list of available banks.

  4. Next, enter your user ID and password; then click the Import button.
  5. In the Select Account window, choose the account you want to import from; click OK.

    6. Sage 50 automatically imports the statement. Once it has been downloaded to your computer, Sage 50 displays a summary of the statement, including its date and the total of all debits, credits, and any interest/service charges reflected in the statement.

  6. Finally, to bring the statement into Sage 50's account reconciliation feature, select Finish.

Even if your bank does not support the transfer of statements directly to Sage 50, you can still download them from your bank manually, then bring them into Sage 50. Tell me more about both the automatic and manual import processes.

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Published: March 21, 2017
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