Automating your bookkeeping processes, where possible, not only frees up more of your time, but it also reduces the chance of human error and gives you peace of mind that you are making decisions based on reliable and consistent information.

When you are running a business, it is likely that you will have some frequent or recurring transactions going through your bank – for example, rent payments or utility bills.

Rather than manually entering these into SAGE Cloud, you can introduce automation by setting up bank rules that will recognise similar transactions on your bank feed and create them in the cloud accounting software accordingly.

To set up bank rules in SAGE Cloud:

Step 1: Select the ‘Banking’ tab, then select ‘Manage Bank Rules’.

Step 2: Select ‘Create Rule’.

Step 3: Give the rule a name and select whether the rule is for a Payment or Receipt.

Step 4: Input the conditions you want the rule to meet. Select ‘Reference contains’ and then copy over the reference that appears on the bank statement line. This will ensure the rule is matched to the correct bank statement line.

Step 5: Input details for the transaction that is to be created in SAGE, making sure to input transaction type, supplier, ledger account, and VAT rate.

When you come to match transactions on the bank, the bank rules will appear as a suggestion against the relevant bank statement line.

If you wish to edit a bank rule, navigate to the ‘Manage Bank Rules’ screen and double click to open the relevant rule. Change the rule as necessary and then click ‘Save’.

If you are a Xero user, we cover how to create bank rules in Xero in an earlier Tips & Tricks article, here.

An important note about older versions of Sage

We have recently had a number of clients contact us about the news that older versions of SAGE will be retired at the end of September 2022.

Versions 26.2 and below of Sage 50 Accounts will be discontinued on 30th September and you will not be able to access your data after this point as the servers that currently hold the data will be retired.

Anyone using version 26.2 or below would need to upgrade to a newer version of SAGE or consider an alternative cloud-based software.

How can George Hay help?

Our cloud accounting experts in Cambridgeshire, Bedfordshire and Hertfordshire are here to help you explore what works for your business, and to ensure you are getting the most out of your chosen software.

If you would like to find out more about the efficiencies SAGE Cloud could bring to your business, please contact us.

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