Set up banking and track spending and payments

To get the most out of Sage Accounting you need to make sure that the information in the system reflects reality.

In this section we’ll show you how to set up your bank accounts and how you can quickly and easily create transactions to represent those in your actual bank account.

You’ll need to set up a representation of the bank account(s) you use to manage your business finances and enter opening balances to reflect the date on which you want to start using Sage Accounting.

You can save time entering transactions by importing an electronic statement file from your bank into Sage Accounting, or setting up a communication channel between Sage Accounting and your online banking service - a bank feed. We’ll explain how to do this and the differences between types of bank feeds.

With your bank accounts established and transactions data able to be imported, we’ll show you how to keep track of how much you owe your suppliers, by entering purchase invoices to serve as a record of these transactions.

We’ll also show you how to account for payments received from a customer when they pay your invoice. And how to account for money coming in (a receipt) and money going out (an expense) when you don’t have an invoice.