Setting Up Bank Services

Before setting up Bank Services for the first time:

1. Gather all your current bank records. More...

   You should have:

   • A list of the bank accounts used in your general ledger, including addresses, phone numbers, contact persons, bank account numbers, and transit numbers.
   • A list of the types of transactions that you process for each of your bank accounts (such as service charges, transfers of funds between accounts, and interest income).
   • Records of your most recent bank reconciliation for each bank account (including bank statements), with each General Ledger bank account reconciled up to the end of its most recent bank statement.
   • A list of outstanding transactions for each bank account.
   • The physical check stocks and deposit slips you use for each bank account, or a list of the next check numbers and deposit slip numbers to use for the accounts.

2. Add to your general ledger the accounts you need for bank transactions. More...

   General ledger accounts you require include:

   • A general ledger account for each bank account you use.
   • Income accounts to which the program posts interest earned on your bank account balance and other income that is reported on your bank statements.

     You can set up one or more income accounts for each bank account, or use the same income account for all bank accounts.

   • Expense accounts to which the program posts amounts charged against your bank account for interest on loans, penalties on returned checks, bank service charges, and other expenses that are reported on your bank statements.

     You can set up one or more expense accounts for each bank account, or use the same expense account for all bank accounts.

   • An error account to which the program posts minor discrepancies between the bank statement and your computerized records.

     You can set up an error account for each bank account, or use one error account for all bank accounts.

   • An account to which to post credit card charges.
   • An account to which the program posts exchange gains and losses, if you use multicurrency accounting. You can set up a separate gain account and loss account (or a combined gain and loss account) for each bank account, or use one account or pair of accounts for all bank accounts.

     (If you are using a Sage 300 product that does not support multicurrency and you want to use multicurrency databases, you must install the Sage 300 Multicurrency product.)

   Important! Do not set the Post To Account field to Prohibited for any of these accounts.

Before upgrading and activating Bank Services:

• Post any open Accounts Receivable receipt batches.
• Resolve, clear, and post any deposits that were cleared with a bank error and posted, if the error amounts remain in transit.
• Post reconciliations for any banks for which reconciliation is in progress. (Specifically, reconcile statements with deposits marked "Cleared," "Cleared with Bank Error," or "Cleared with Write-off".)
• Create G/L batches.