Separate Bank Accounts

Question

Hello. We have Sage 50 Pro Accounting (Release 2020.1) and are wondering if there is a way to add new bank accounts and have the taxes owing go into those accounts. For example, all payroll taxes due to government each month, instead of that amount still showing in our general ban account, can it be separated out to another account automatically? This way we don't look at our account and say oh we have $60,000 but in reality $20,000 of that will be sent to the government for payroll tax. And if that is possible can we set that up for GST and WorkSafe as well?

Richard S. Ridings · Accepted Answer

Yes you can open accounts for this purpose but no, the transfer of money to those accounts would have to be done manually. I've seen a couple of companies set up accounts for this purpose but the last one I know about has since closed the account for lack of use and too many fees. 
 When it comes time to pay the CRA, you can pay out of those accounts directly as well without transferring back to your operating chequing account. You just need to switch the bank account in Sage 50 to the correct account.

Erzsi_I · Answer

Hello AceCopper , thanks for reaching out! Regarding payroll, KB 56633 details how to set up payroll remittance. You'll want to create a vendor record for each remittance vendor. The help menu is available to you with further instructions. 
 Once you have all this setup, provided that you have purchased a subscription with access to the Payroll module. You can generate a report with your remittance amounts. Regarding GST / PST / HST, KB 11325 details how to track non-payroll remittance for federal / provincial sales taxes. Similar to payroll, a report is also available, which you can pull per period. The help menu has more in depth details for you. Hope this helps! Erzsi

Agate · Answer

Hi AceCopper: 
 To solve your problem just setup with your banking institution separate bank accounts for what you need. Just transfer manually through on-line banking. in some businesses that I have seen they calculate the GST/HST received from clients and make a transfer to their GST/HST bank account. When they have to pay the HST they can pay directly from that bank account or transfer it back to their main account to be paid. The same goes for CRA for payroll. To save bank charges set up your other bank accounts as savings accounts and just transfer only. 
 Another suggestion is to use Sage EFT to pay and receive money using the newly created bank accounts. Hope this helps!

Sage 50 Canada

Separate Bank Accounts

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