How to Fix Sage E-Banking Error – ‘Unknown Bank Specified’ or ‘No Banking Specified’ ?

How to fix Sage E-Banking Error – ‘Unknown Bank Specified’ or ‘No Banking Specified’ ?

DavidAnderson Asked on December 5, 2017 in Sage.
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    Sage can be very useful and at the same time be a pain for certain factors as it is very specific in what it needs. It doesn’t allow any illegal or unauthorized action to occur and therefore there are important points one should keep in mind while using Sage 50. In case of e payment or e reconcile, one might have to come across errors like “unknown bank was specified” or “no banking component defined for this account”.

    The only reason behind this is that no banking component has been selected.

    The default process is to click on Bank Accounts, the select the required bank account and then finally click on New or Edit.

    If it is a Sage account 2013 and 2014, the process might vary by a slight difference. You will need to click on Bank, and then choose the required bank account and then bank record. For any other sage account of 2012 and below, you need to select bank>required bank account>record.

    Now after selecting the bank accordingly, you need to select the bank component. From the drop down list, choose appropriate bank component and save.

    Let us all accept that E payment is the most convenient mode of payment used and it is important that this is a feature that Sage 50 enables e payment. You are only a few steps away.

    Step by Step Method to Setup E Banking

    1. Download e banking component

    First of all, you need to download and install the e banking component. For this, you will need to visit sage.co.uk/ebanking and then look for compatible banks. Once you have located your bank from the list, download the plug in. Run the plug in and then click OK.

    1. Enter Bank Details and Configure e banking

    Every time you log in to sage as a non admin user, you will have to configure the settings each time into the system. It is therefore advisable that you log in as an admin to save the settings.

    • Click on Company and then choose settings
    • From the settings, choose the bank and then enter the company’s bank account details
    • You will be taken to a page which will have the e banking check box. Enable that
    • Then from the company drop down list, choose the required software of the bank
    • Finally complete the sage e banking configuration
    1. Set up employees for electronic payment

    You need to follow the BACS payment method in order to set employees for future electronic payment.

    • Select the employees you want to set up e payment for by following Select relevant employees>employee>employee record
    • From the Employment tab, choose payment method drop down and then choose BACS
    • Now in the Banking section, enter the payees account details
    • After entering all the details, click on Save and then click on Next
    • Follow the same process to enter each employee’s details
    1. Create payment file to import into banking software

    To accomplish this final step, you need to do the following-

    • Select the employees relevant to the payment>payroll>e banking>OK
    • You can select as well as deselect employees you don’t want to pay and then click on Post
    • Click OK after this
    • If need be, you may change the File name and File location and then finally click on Save

    No one would like to miss this feature as it is the ultimate banking solution in the smartest way possible. People prefer this facility to enhance mobility of viewing bank balance and statement, make payments, transfer of funds and download statements whenever required. These utility make it the most desired feature.

    You can dial +1888-489-0694 Sage 50 customer support number and talk directly with the expert technicians about your issue. The experts are available round the clock to help you give instant solution to all your tech issues.

    Support Team Answered on December 5, 2017.
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