Chapter 8

Recording Your Bank Entries

In This Chapter

  • Looking at the different types of bank account
  • Processing bank receipts and payments
  • Dealing with bank transfers
  • Setting up recurring transactions
  • Keeping track of petty cash
  • Balancing credit card transactions

If you're the sort of person who likes checking your bank accounts and keeping track of spending on the company credit card, this chapter is for you. In this chapter I show you how to process bank payments and receipts that aren't related to sales invoices or purchase invoices. I look at processing credit card transactions and deal with petty cash – one of the bookkeeping jobs that can be a real pain in the backside if you don't do it properly.

I also show you how you to transfer money between bank accounts – perhaps to take advantage of earning some extra interest (every little helps!). As many businesses often have a lot of banking transactions, I show you ways to speed up the processing by using recurring entries.

Understanding the Different Types of Bank Account

Clicking Bank accounts from the Navigation bar shows you the default bank accounts that Sage provides, including the following:

  • Bank accounts: These include current, deposit, and building society accounts.
  • Cash accounts: These include a petty cash account.
  • Credit card accounts: These include a credit card receipts account in case you receive customer payments via credit card.

You can add new bank accounts, rename existing accounts, and delete accounts you ...

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