Most of the user already knows that their Sage Accounting system should be linked to the bank account, but credit card reconciliation in Sage 50, investment accounts, makes the business run smoother.
When the user has reconciled bank accounts, cash accounts, and credit cards accounts with sage 50, it makes sure that the transactions in the credit cards accounts within the organization file matches to the transactions in the accounts statement from its financial institution.
credit card reconciliation in Sage 50 not only gives off the surely that your accounts/entries have been rightly provided to the accounts, but it gives the user the clue about service fees, interest or even unauthorized transactions.
How to Create Credit Card Reconciliation in Sage 50:
Before starting the credit card reconciliation in Sage 50, verify the time that is most fit for reconciling.
- Select the Account Reconciliation under the Tasks menu.
- Choose the account of credit card the account to be reconciled.
- You have to enter the last date from the selected statement
- Check whether the un-reconciled disparity is the Statement beginning balance, before entering the Statement ending balance. Review last month’s reconciliation if the result is incorrect.
- For credit cards, enter the balance as a negative number and in the lower part of the right section of the window and then enter the Statement ending balance
Groupings of Transactions:
Transactions are mainly divided into two groupings-
- Firstly by Checks and
- Secondly by Credits, Deposits, and Debits.
“For every transaction, reference details such as date, amount, check numbers, and retailer/payees or descriptions appear’
Step for the transaction through Credit card in Sage 50:
- Choose the Clear checkbox right next on the bank statement. It is divided into two divisions, in the bottom section you will see all the payments that you have made and in the top division you will find all the charges on your statement
- Peachtree is essential for keeping track the transactions recorded in General Ledger is cleared or not.
- The un-reconciled disparity should be zero (0.00) when all transactions listed on the credit card are blank and entered in Peachtree Accounting. And transactions have been accounted for. If not, make sure by verifying the statement so that every transaction listed is entered in Peachtree Accounting.
- For any cash advances, select the correct icon to go into adjusting journal and/or any other lost transactions on the statement and form your charges in the “Service Charges” chart.
- Select OK to close the window, in case you have effectively reconciled the account
Additional Support Credit Card Reconciliation in Sage 50:
By the end of the article, we hope that you are totally cleared about the credit card reconciliation in Sage 50, how to enter credit card transactions in sage 50, Sage 50 bank reconciliation unresolved, sage 50 bank reconciliation discrepancy, how do i reset the bank reconciliation in sage 50, how to post credit card payments in sage and much more.
But in case you want to know more, our sage 50 technical support team is always there for you to remove all your doubts and help you out of an issue. The team is full of experience, and knowledgeable member to give the user the best solution to every query.