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Thea Baird

My reconciliation is not balancing due to an incorrect entry made a year ago before I became the Treasurer. How do I fix this?

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I am the newly elected Treasurer for our National Board and I'm new to Sage. When the books were passed over, I was advised that there was an error made on one of the entries about a year ago. Sage is showing our balance having $50.00 more than what is in our bank account. I'm wondering what steps would need to be taken to correct this so our reconciliation can match what is in our bank account? Do we have to do a journal entry to correct? If so, can you help direct me to the resources so I can obtain the steps to correct this. Thank you so much. 

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    Hi  

    Thank you for reaching out, and congratulations on your new role as Treasurer for your National Board.

    To resolve the discrepancy in your balance, the specific steps you'll need to take can vary depending on which Sage software you are using.

    If you are using Sage 50 Canada, I recommend you post your question in our Sage 50 CA General Discussion Forum. This way, other Sage 50 CA users can offer their thoughts and guidance.

    If you are using Sage Accounting, our cloud-based software, you can refer to this FAQ - Differences in Bank Account Balances - Accounting article, which explains how to adjust discrepancies in detail.

    Regardless of the software, you are correct that a journal entry is often required to correct such an error. Both of the resources mentioned above will guide you through the steps for making a correction.

    Warm Regards, 

    Erzsi

*Community Hub is the new name for Sage City