Summary

E-Banking in Sage 50 Accounts makes paying your suppliers and reconciling your bank account much easier. With e-banking you can export a payments file to upload to your bank and import a bank statement for reconciliation.

To note & check

For e-payments, you’ll need to set up your banking component and will then be able to export an e-payments file to be uploaded to your bank if it’s compatible. You will need to check which banking software you are using and make sure you export the file in the correct format.  This is usually CSV or TXT.

For e-reconcile, you will need to download your online bank statement from your bank, in the correct format.  Depending on which banking software you’re using, this will be a CSV, TXT or OFX file.

In this blog, we walk you through how to set up e-Banking in your Sage 50 Accounts.

How do I set up e-banking in Sage 50?

In Sage 50 Accounts click Settings > Bank Defaults > Select the Enable e-banking checkbox > OK.

Once you’ve checked the enable e-Banking box, you need to download the relevant component from the Sage website.

Find the plug-in that is relevant for your e-Banking set-up and click Download Plug-in. Once the file has downloaded, choose to open the file which then prompts Sage e-Banking to start installing your plug-in.
Follow the simple steps through the installation process.

NOTE: Some plug-ins require Sage 50 Accounts to be closed whilst you go through the installation process. If you receive an error during installation, try closing Sage 50 Accounts and clicking retry.

Once the plug-in has installed, head back into Sage 50 Accounts and complete the following steps:

1. Bank accounts > select the bank account you want to use for e-Banking > New/edit.

2. Bank Details tab from the Electronic Banking section, select the component you have just installed from the drop-down component list. Next, click the config button next to the component you have selected.

3. Next, click the configure button next to the component you have selected.

NOTE: Within the configure, you are telling the software where you would like to save the payment file and what type of file extension you would like to use. If you would like to change the common directory select the browse button in that section and select the folder you wish to use. Please make sure that it is a secure location. You may also need to speak to your bank about what file extension you will need and if a file identifier is needed.

4. Once you have completed this click Open > OK and head back to the Bank tab.
From here you should start populating your bank details information in the fields provided, including your account name, account number and sort code. BACS reference is optional – you can leave it blank if you need to. Once completed, click OK.
The company has now been set up to produce the e-Banking file, next you need to set up the suppliers.

5. Select Suppliers from the left-hand sidebar, select Supplier Record and select the Bank tab. Within here you need to populate the account name, account number and sort code.

6. Finally, you need to head to the Payment Method field and make sure this has BACS selected as the payment method and click Save.

How do I set up e-banking in Sage 50?

1. Post the supplier payments in the usual way.
(Sage 50 Accounts Payments posted using batch supplier payments, and payments posted via the batch invoice window, can’t be sent as an e-payment.)

2. Click Bank accounts then select the required bank account and click E-payments. You may need to click the double chevron to access the E-payments option.

3. Select the required payments and click Send – The Payment Confirmation window summarises the payments.

4. Click OK and complete the Sage Payment Processing window as required then click OK.

To e-reconcile

Before following the steps below, you must download your online bank statement from your bank, in the correct format.

1. Click Bank accounts, select the required bank account and from the Reconcile drop-down, click E-reconcile.
   
   
2. Enter the Statement End Date and Statement End Balance and click OK.
   
   
3. Click File then click Import Bank Transactions and browse to the bank statement file to be imported then click Open.

From the Reconciliation window, select the required Automatic option. The automatic matching options are:

• Match Full – Automatically matches transactions with the same reference and amount.
• Match Amounts – Automatically match transactions with the same amount
• Match Refs – Automatically match transactions with the same reference

Anything that can’t be automatically matched can then be manually matched.

To verify the matched transactions click Confirm.

To reconcile the confirmed transactions click Reconcile.

Sage 50 Accounts e-banking FAQ’s

Q: What can I use e-Banking with?

A: A list of compatible bank accounts can be found via the following link

Q: I want to use e-banking but it is not showing in the Bank Record?

A: You need to enable e-banking first by going to Company > Bank Defaults > ticking Enable e-banking.

Q: The format my bank is requesting is not the same as what Sage has produced?

A: There are a number of different plug-ins that are available and sometimes a bank can have variations of the plugin. You can use the following link to look at the different formats available and make sure you select the right one, File formats for Accounts e-banking.

Q: Can I set the directory where I want my file to be saved instead of browsing it every time?

A: Yes! This can be set under Bank Record > Bank Details > Electronic Banking > Configure.  If you browse to the directory path you want your file to be saved in the top Common Directory box, your file will default to this location (you can still amend when saving).

Q: Can I pay suppliers directly through Accounts without logging on and uploading a file?

A: Using the standard e-banking method is not possible.  It is a manual process of saving the file and then uploading it to your bank.  You can take a look at Sage Salary and Supplier Payments which automates this a bit more.

Further Information

If you have any questions about this or need assistance, then please contact the GCC Group Support Team on 0345 260 1151 or servicedesk@gccgroup.co.uk