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Bank Reconciliation in SAGE 50 – How To Reconcile Sage Bank Account

Bank Reconciliation

Reconcile Sage 50 Bank With Statement

Sage 50 users should ensure that before bank reconciliation in Sage 50, you need to ensure that you have entered their financial transactions for the reconciliation period. With the advent of online banking, it is easier to reconcile your bank account on a much more regular basis. If a user found any Sage 50 Bank Reconciliation Discrepancy check out this help topic to get step-by-step details.

Users can reconcile accounts in SAGE for the current fiscal year without any flaw by using a reconciliation setup. If want to reconcile older transactions that are not in the current fiscal year, you have to do manual reconciliation till the end of the previous fiscal year and afterward, you come back again Sage 50 bank reconciliation setup.

Why is it important that your bank reconcile Sage 50 accounts?

Doing a bank reconciliation is important as it will help you identify errors in transactions and will let you know that your bank balance matches the balance in your accounts. It can also help identify fraudulent transactions and flag delays in your bank settlement statement check clearance.

Why Reconcile your bank account in Sage 50

Bank Reconciliation is the process of comparing the transactions in your Sage accounting software to the transactions in your bank statement. This ensures that:

  • All transactions have been entered correctly in Sage.
  • The bank balance in Sage matches the balance in your bank statement.
  • Your financial reports are accurate.

You can reconcile a current or credit card account in Sage. However, you cannot reconcile a cash account.

To reconcile an account in Sage:

  • Open the Banking menu and select Reconcile.
  • Enter the statement date from your bank statement.
  • Sage will list all transactions that have been entered in Sage up to the statement date.
  • Compare each transaction in Sage to the corresponding transaction on your bank statement.
  • If the transactions match, select the Reconcile checkbox next to the transaction.
  • If a transaction does not match, investigate the discrepancy and correct Sage or on your bank statement.
  • Once all transactions have been reconciled, click Reconcile.

If the difference between the balance in Sage and the balance on your bank statement is zero, then your reconciliation is complete. However, if there is a difference, you will need to investigate the discrepancy and make a correction in Sage or on your bank statement.

Note: Reconciliation is an important process that helps to ensure the accuracy of your financial records. It is recommended that you reconcile your accounts on a regular basis, such as once a month.

How To Reconcile Sage 50 Bank Account

There are four main steps that you need to take to Set up Bank Reconciliation.

Step 1: Allow Bank Reconciliation

  1. Go to SAGE 50 Home Window:
  2. If You are in Enhanced View first select Company and Then double-click on Charts of Accounts.
  3. For a classic view: Double Click Chart of Accounts.
  4. On Bank Account Double Click.
  5. Click on the Reconciliation and Deposits tab check the transactions and save for account reconciliation.
  6. See the bottom of the page you can view now setup button. Click on it to make a setup for revenue accounts of the following: Exchange gain, Interest Income, Adjustments, and Error-Gain.
  7. Use can also be for bank charges, Interest expenses, and NSF Fee setup expense accounts.
  8. Now rename all types of Expenses and Interest listed in the bank statement.
  9. Click OK -> Save -> Close

Step 2: Set up for Bank Reconciliation

  1. Go to the Home window to start reconciliation after proper selection of the journal and bank account to which want to reconcile.
  2. Now enter an end date, Start date, and date of Reconciliation to match with your financial institution report which includes Statement opening & Closing balance.
  3. Click the Add Prior Outstanding button to add those transitions that come before the stated start date.
  4. The system indicates to save changes -> Click Yes.
  5. Click the OK button, if there are no outstanding transactions before the stated start date.
  6. Set the Show Resolved Trans. On or after: date to the oldest outstanding transaction.
  7. Select outstanding transactions from the list of Resolved Transactions that are dated before the statement’s beginning date.
  8. Click Add to transfer to the Outstanding Transactions list.

Check or Verify Sage 50 Bank Reconciliation

Generally, the easiest way to select outstanding transactions is to click on the Add All button, and then remove any particular transactions that have cleared your account, and then click Remove. If an outstanding transaction does not appear in the list of resolved transactions as of the statement start date you can click on Insert Outstanding, and add it manually. Once finished selecting outstanding transactions, click OK.

How to Reset the Bank Reconciliation in Sage 50?

Bank reconciliation in Sage 50 is important to ensure that your actual bank balance and your Sage 50 bank balance match. But sometimes, users may need to reset bank reconciliation due to many causes listed in the below paragraphs.

There can be many reasons behind resetting bank reconciliation in Sage. Some of them are as follows:

  1. Last month’s account reconciliation has already been posted, and now a different amount has been set.
  2. Even if the closing balance is equal to the open balance and nothing is cleared, there is an amount that has not been settled.
  3. Sage 50—Canadian Version Reading incorrect data because there is some incorrect data in the Bank Reconciliation database.
  4. Sage 50 cannot reverse bank reconciliations for a given month.

What are the Steps for Resetting the Bank Reconciliation in Sage 50?

In this blog post, we will show you how to reset the bank reconciliation in Sage 50. This is a very important process for financial advisors who use Sage 50 to manage their clients’ finances.

Know in this exclusive blog post the complete procedure to reset Bank Reconciliation in Sage 50.

Method 1: Create a Backup File

Back up your data because if you do not do this the previously completed Bank Reconciliation information will be lost permanently.

Open your data file to backup:

  1. Ensure you are logged into the company you want to backup
  2. If you are using Sage 50 Premium or Quantum, ensure you are in Single-User Mode in Administration
  3. Proceed to the File >>> Backup
  4. You can also utilize the toolbar at the top of the Home screen to choose the Backup icon. (it looks like a file cabinet)
  5. Write the file name in the Sage 50 Backup window
  6. It might be a good idea to include the date in this name
  7. Select the folder where you want to save your backup
  8. Please do not put the file location in the SAJ folder, as this is where the software backs up the files.
  9. The latest backup file path is recognized and used as the default for the next backups.
  10. If you’re not sure whether you want to overwrite an existing backup, don’t do it.
  11. In the end, click “OK” to start the backup.

Method 2: Receive a list of outstanding transactions

  1. First, choose report >>> Banking >>> Account Reconciliation Report
  2. Use the next report type: Summary information with unique transaction details
  3. Select the appropriate bank account and then choose a suitable beginning date and end date
  4. To show the latest successfully reconciled term
  5. Choose Option Statement as per Report end date
  6. To view the report, click “OK”
  7. In the end, keep this report by choosing “Print” or “Open in Excel.”

Method 3: Clear the bank reconciliation

  1. Double-click on the chart of Accounts first (if it is in Enhanced View then from the left pane go to the Chart of Accounts Company tab)
  2. Then double-click on the bank account
  3. Select the tab Reconciliation and Deposit
  4. Unmark the box next to Save transactions for account Reconciliation
  5. Close the account just by clicking on the Save and Close
  6. Finally, press “OK” to delete all reconciliation reports.

Method 4: Re-enable bank account for bank reconciliation

  1. First, double-click on the bank account
  2. Next, choose the “Reconciliation and Deposit” tab
  3. Place a checkmark in the box next to “Save transactions for account resolution.”
  4. Click on the “Set Up” button that appears at the bottom of the page
  5. After setting up revenue accounts for interest income, error gain, exchange profit, and adjustment
  6. You can also make expense accounts for bank charges, insufficient funds fees, and interest rates.
  7. Close the account by clicking the “Save & Close” tab
  8. Finally, close the Accounts window with the X in the corner.

Method 5: Setup the bank reconciliation once again with sage 50

  1. Firstly, open the Reconciliation and Deposit journal and then choose the appropriate bank account
  2. Next, re-enter the Reconciliation Date, Statement Start Date, Statement End Date, Statement Opening Balance, and Statement End Balance for the month you were trying to reconcile.
  3. Now, click on “Add past balance” to state the opening balance: Transactions outstanding on the start date of your statement using the export/printed report in step 2 (only after the statement start date) between the transactions Manually roll backdated) and Expiry date of details will be automatically imported by Sage 50)
  4. After that, set the date within “Show Solved Transactions” and then “On or After”, where the balance is the oldest before the transaction.
  5. Choose “Outstanding Transactions” from the list of resolved transactions
  6. To go to them to the “Outstanding Transactions” list, you need to click “Add”
  7. If a transaction that was outstanding as of the Detail Start Date does not appear in the “Resolved Transactions” list even after the search date has been modified.
  8. You can tap on the Insert Outstanding tab and then add it manually
  9. Once you have added all the outstanding transactions tap on “OK” (Leave the outstanding transactions list blank and tap OK if you have no outstanding transactions to fetch)
  10. Lastly, try reconciling your bank account once again.

In the End!

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Frequently Asked Questions(faq)

How to reset bank reconciliation in Sage 50?

To reset bank reconciliation in Sage 50, follow these steps:
✅ Go to “Tasks” and select “System.”
✅ Select “General Tasks” and click “Rebuild Data.”
✅ Select “Bank Reconciliation” from the list of options.
✅ Click “OK” to confirm the reset.

How to do bank reconciliation in Sage 50?

To do bank reconciliation in Sage 50, follow these steps:
✅ Make sure your bank account is up to date in Sage 50.
✅ Print off a copy of the bank statement.
✅ Compare the bank statement to the transactions in Sage 50.
✅ Identify and record any discrepancies.
✅ Make any necessary adjustments in Sage 50.
✅ Reconcile the bank statement with the transactions in Sage 50.
✅ Print off a reconciliation report to make sure everything matches up.
✅ Save the reconciliation report for your records.

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