in Sage March 18, 2018
A bank reconciliation in Sage 50 is the process of matching balances in your companies accounting records for a cash account to its corresponding bank statement. This process is designed to highlight the differences between the two and make changes to the accounting records as appropriate. To run a Bank Reconciliation in Sage 50 please take a look below at our brief guide which outlines the process step by step.
1. Select Bank Account from the side stacked menu.
2. Highlight the bank account which you wish to reconcile.
3. Select Reconcile from the top menu
4. Fill in the information required in the statement summary.
(a) Put in the Statement Ref (most often used is the end date of the reconciliation i.e. 31 July 2017). This will allow you to reference your reconciliation in the future.
(b) Input the Ending Balance which is the closing balance as per your bank statement as at the end date of reconciliation
(c) Input the Statement Date, which is the end date of the reconciliation.
Note: If any transactions went through with a date after this date you will not be able to see it in the reconciliation screen.
(d) Insert your Interest Earned or Charges in using the applicable date, nominal code and tax code.
Note: These can also be input at a later time using bank receipt or bank payment options.
(e) Once you have completed the process select OK.
5. The reconciliation page should open on your screen. This page will contain the Bank Account details, any unmatched transactions prior to the Statement Date, a blank reconciliation page containing the opening balance (which will be carried forward for the prior reconciliation) alongside the details entered in the steps outlined above.
6. The next step is to transfer the unreconciled transactions from the Unreconciled Transactions section at the top of the screen to the Transactions to be Reconciled section below, in the order, they appear on your bank statement.
7. If there are any transactions which do not appear on the unreconciled transaction screen select the Adjust option at the lower right-hand side of the screen. This will bring up an adjustment window, which will allow you to enter the missing transactions.
8. Select the transaction you wish to enter using the adjustment screen and enter the transactions as you usually would using the supplier, customer or bank account screens. Once you have entered the transaction, it will automatically appear on the lower, to be reconciled screen.
9. Once you have completed and reconciled your bank account you are free to start the reconciliation of the next period.
Note: If you cannot complete the reconciliation it can always be saved using the Save Progress option at the bottom right-hand side of the screen. However, once all transactions are entered and your matched balance and statement balance matches giving a zero difference you can reconcile your bank account, using the Reconcile option, also at the bottom right-hand side of the screen.
All prior reconciliations can also be viewed and printed in PDF format using the View History option at the top left hand of the reconciliation screen.
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