About Banks

Use this tab to enter identifying information for the bank account.

You need to enter: 

• The number of the next deposit batch for this account.
• The maximum error amount that the bank accepts without investigating the cause of the error.
• General ledger accounts for the bank and for clearing errors posted during bank reconciliation. If you do not use Sage HRMS Payroll General Ledger, you can enter the account number from another system.

You can optionally enter the bank's transit number and the bank account number. You find these numbers encoded on the bottom of your checks; sometimes referred to as MICR #s, or Magnetic Ink Character Recognition numbers.

Use this tab to select the following:

Bank Account

The operating account for this bank.

Write-Off Account

The account to which are posted small discrepancies between the bank statement and the general ledger.

In a multicurrency bank, if the transaction currency is not the same as the statement currency, errors are posted to the Exchange Gain/Loss accounts as chosen on the Currency tab, rather than to the Write-Off account.

Credit Card Charges Account

The account that is used for writing off credit card charges applied to a deposit. The charges will be written off during bank reconciliation in the same way that bank errors are written off.

Do not select an account that has the Post To Account field set as prohibited.

Enter the address (up to 60 characters), telephone and fax numbers (up to 30 characters each), and contact person (up to 60 characters) of the bank account.

You can change the information after adding a bank record.

Use the Check Stocks tab to enter printing information for checks drawn on the bank account.

For each physical check stock you use with this account, you need to:

• Enter a code and the next number to assign to checks drawn on this account.
• Select the type of stock whether you are printing combined, sequential, or separate checks and advices.
• Select the report specifications for the check and advice forms you use.

You normally keep your reports specifications in the Customization Directory or in the folder for the language associated with the check forms you have specified (for example, in the \ENG folder, if your checks use the English language). When a check is ready to be printed, the program searches for the file you name in these folders. If it cannot find the file, you can use Browse to specify the file location.

• Select the language that you want to display on the body of the check. The language you select here is a default; the language set up in individual employee and vendor records takes precedence when you print checks in Payroll. You can also change the default at the time of printing for other types of checks you issue from this bank account.

You can change the information on this tab after saving the bank record.

This tab displays up-to-date information for a bank account, including:

• The last statement date, the last reconciliation date, and the year and period to which the reconciliation was posted.
• If there is no posted reconciliation for the bank, the program displays the year and period from the oldest year for which a fiscal calendar was created.
• The closing balance of the last bank statement to which the account was reconciled.
• The total of all deposits outstanding as of the last reconciliation plus subsequent deposits, including post-dated deposits that have been entered in Sage HRMS Payroll.
• A total of all withdrawals outstanding as of the last reconciliation, plus any withdrawals issued since that date. This figure includes post-dated checks that have been entered in Sage HRMS Payroll.
• The current balance, which is the sum of the last statement closing balance, plus deposits, less withdrawals. Because this amount includes items that have not yet cleared the bank, and because your bank may have cleared items that you not have recorded in Sage HRMS Payroll, this figure may not match the account balance calculated by your bank.