opening balance from 2021, how to reconcile stmt to bring up to date

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Hi there,  

I took over the book keeping for a company and the previous book keeper was not consistent with using the bank rec for the credit cards.  The Company year end is Oct 1 - Sept 30th. 

I am trying to go backwards to clear out and reconcile 2022/2023 but I am not able to change the previous opening balance. I've been reconciling manually for the past year and all is balanced on my end, but I would like to start using the reconciliation in sage. 

From what I have read, in order to fix this I can enter the end statement balance and clear them out. The issue is no matter what month I try to reconcile, I get the same negative amount for both outstanding & unresolved amount that was from the previous year.

What is the best way to get rid of this unresolved -2029.45 and outstanding -2029.45 amount so I can move forward?

Thank you,

Sheila

Top Replies

  • Hi  ,

    Thanks for reaching out. First, ensure all transactions from your bank statements are correctly recorded in Sage 50 with the accurate dates, and that all transactions that appear in your bank…

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    SUGGESTED

    Hi  ,

    Thanks for reaching out. First, ensure all transactions from your bank statements are correctly recorded in Sage 50 with the accurate dates, and that all transactions that appear in your bank statement have been cleared in Sage. If there are discrepancies or unresolved amounts, it might be necessary to reset the reconciliation to correct any incorrect entries from previous periods.

    If your opening book balance is too low, it could be due to missing debit entries or too many credit entries before the start date. Conversely, if your opening outstanding is too high, it may be due to too many outstanding debit checks or not enough credit checks.

    Since you’re seeing a negative discrepancy and unresolved amount, it might be useful to look at Option 5 and 7 from this article, which discusses steps to take when you have a negative discrepancy or unresolved amount.

    Here are a few immediate steps you could consider:

    1. Double-check your statement opening and ending balances, as well as the transaction dates.
    2. If there's a discrepancy or unresolved amount, attempt to locate the source of the error by reviewing the transactions preceding the current reconciliation period.
    3. Consider using the 'Rebuild' option in the Support Utilities if there's a potential data corruption (as advised by this article - option 3).

    It's crucial to remember that adjustments or entries to correct the discrepancy should precede the current bank reconciliation period. If the problem persists after making the necessary adjustments, you might need to reset your bank reconciliation.

    If you need a step-by-step guide on resetting the bank reconciliation, you can refer to this article from our knowledge base: How do I reset the bank reconciliation?

    Additionally, if after adjusting your transactions, the unresolved amount remains unchanged, it may be worthwhile to reach out to your Sage business partner or a Sage-certified accountant for personalized guidance.

    If this helps please mark it as verified :)

    Warm Regards,
    Erzsi

  • 0 in reply to Erzsi_I

    Thank you so much.  I will continue to work on this and I appreciate the info. 

    Sheila Slight smile