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Kimberly Ammons

Bank Reconciliation

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Posted By

1st timer at reconciling!  Have a few questions.

1.  I input the statement ending balance and change date to date of the statement I'm working on. Are those the only 2 things I put in?

2.  Are there any other reports I need to print prior to starting to reconciliation? 

2.  If there is a transaction on my statement, but not in Sage, do I enter it manually?  If so, how do I enter it?

3.  Vice versa- If there is a transaction in Sage but not on my statement, do I need to delete or void that transaction?

5.  I've entered my ending balance, however, every time I clear an entry, my unconsolidated amount goes higher, why?

6.  Do I enter a deposit from my statement that isn't showing in Sage? If so, how?

7. If I see an entry from a past date/year that I know cleared, do I check the cleared box, even if that specific entry isn't on the statement I'm currently working on?

TIA!!!

  • 0
    SUGGESTED

    Hi  ,

    Congratulations on taking on bank reconciliation with Sage 50! Did you ever find an answer for this issue?

    Here's some resources to help you through the process:

    1. Yes, input the statement ending balance and the date of the statement you're working on. No other initial inputs are necessary for starting the reconciliation.

    2. Before starting, it’s not mandatory to print any reports, but some users find it helpful to print the Trial Balance or General Ledger reports for reference.

    3. If you find a transaction on your bank statement that's not in Sage, you should enter it manually. Use the 'Tasks' menu, select 'Account Reconciliation', then 'Enter Transactions'.

    4. If a transaction is in Sage 50 but not on your statement, do not delete or void it. It may be an outstanding item that has not yet cleared the bank.

    5. An increase in the unconsolidated amount when clearing entries could indicate that some transactions are incorrectly marked or there are discrepancies in the amounts. Ensure the transactions match your statement exactly.

    6. For deposits not showing in Sage, enter them manually as well. Use the same process as for bank transactions.

    7. If a past transaction that you know has cleared is showing up, ensure you've not accidentally unchecked it in a previous reconciliation period. If it's correct, you may leave it unchecked for the current period you're working on.

    Remember, each transaction on your bank statement should have a corresponding entry in Sage 50 US, and vice versa. The 'Account Reconciliation tips' and the 'How to resolve an unreconciled difference in Account Reconciliation' articles from Sage Knowledgebase provide further guidance on reconciling accounts and handling discrepancies.

    And a quick note: Sage Customer Support does not assist with third-party products or enhancements, hardware, report customizations, tax-related questions, or specific accounting queries. For detailed assistance, it’s best to contact a Sage business partner or accountant.

    If you need more hands-on instruction, the 'Reconciling bank accounts training' available in the Sage Knowledgebase can be a great resource.

    Best of luck with your reconciliation, and don't hesitate to reach out if you have any more questions!

    Warm regards,
    Erzsi

*Community Hub is the new name for Sage City