Before you start Sage 50 bank reconciliation, you have to make sure that you have entered the entire financial transaction for the time that you need to reconcile. Generally, accountants would reconcile the bank account towards the finish of every month, once they got their bank statements.
However, the coming of online banking implies that it is presently easy and simple to reconcile your bank account on a regular basis. Basically, you can reconcile your transactions day by day or most probably by every week.
You can utilize the bank reconcile function in order to match the transactions of the bank that you recorded into the Sage 50 accounting support application with those transactions which appear on the bank statement. Sage 50 bank reconciliation of these values implies that the bank balance and the transactions are precise and accurate.
You ought to reconcile the bank account every time you get a bank statement. Before the Sage 50 bank reconciliation of your bank account, you must ensure that you’ve entered the whole transaction of your bank statement. In case you are utilizing an online banking service, you can easily download your bank transactions as opposed to entering them manually.
How to Download Bank Statement for Sage 50 Bank Reconciliation:
- Enter the summary of your statement
- Click the Bank accounts option, after that click on the relevant bank account.
- Click on the Reconcile and then enter the Ending Balance from the bank statement.
- Enter the Date of the bank statement that appears on your statement.
- This is an end date, which your bank statement goes up to.
- Enter the Date and any Interest Earned.
- Enter the Date and any Account Charges.
- Click the OK button.
If required, you can alter the information of your statement summary in the Reconcile screen by clicking the Edit button.
- Check the end reconciled balance
- Check your end reconciled balance from the Matched transactions window.
Is the End reconciled balance matching the opening balance on the statement of the bank that you are reconciling?
- Yes, it matches – proceeds to match the transactions.
- No, it’s not matching – you should know the reason why.
Match the transactions from the Un-matched transactions window:
- Click on the first transaction which appears on the statement of your bank.
- Click on the Match button
- The transactions are moving from an Un-matched transactions window to Matched transactions window.
- Repeat the procedures 1 and 2 until the whole transactions of the bank statement are matched accurately.
- If you want to select more than one transaction then you should hold down the Ctrl key and select the transaction.
In case you have not entered the transaction into the Sage Accounts, however, it appears on the statement of your bank, you may post the adjustment.
You can save your Sage 50 bank reconciliation anytime and finish it whenever you require, now click the Save progress function. Next time open your Reconcile dialogue box in order to open your saved reconciliation, and then click on the Use Saved.
Reconcile the statement of your bank
When you have matched all the applicable transactions:
- Check if your Matched bank Balance and the Balance of the Statement are the same.
- The Difference must be zero.
- When the difference is zero, then click the Reconcile button.
- A progress bar displays when the application flags the transactions and make a PDF file of the reconciled statement.
- If it’s not zero, then you should find out why.
If needed, click on the Save progress button. Next time you access your Reconcile window, in order to access your saved reconciliation and then click on the Use Saved button.
View your reconciled report – optional
- Click on the Bank accounts, after that click on the appropriate bank account.
- Now Click on the Reconcile button then you have to click the OK button.
- Click on the View history function.
- A PDF file will appear for all reconciliation with your file name which appears on the bank account as well as reconciliation date.
- Tap the Double-click on the appropriate PDF file.
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