Sage 50 users should ensure that prior to bank reconciliation in Sage 50, you need to ensure that you have entered your financial transactions for the reconciliation period that. 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.
User can reconcile accounts in SAGE for the current fiscal year without any flaw by using reconciliation setup. If want to reconcile older transactions which are not in the current fiscal year, you have to do manual reconciliation till the end of the previous fiscal year and afterwards you come back again Sage 50 bank reconciliation setup
Step I: Allow Bank reconciliation
➔ Go to SAGE 50 Home Window:
➔ If You are in Enhanced View first select Company and Then double click on Charts of Accounts.
➔ And for classic view: Double Click Chart of Accounts.
➔ On Bank Account do Double Click.
➔ Click to Reconciliation and Deposits tab check the transactions and save for account reconciliation.
➔ See the bottom of the page you can view now setup button. Click on it to make setup for revenue accounts of the following: Exchange gain ,Interest income,Adjustments and Error-Gain .
➔ Use can also for bank charges,Interest Expense and NSF Fee setup expense account .
➔ Now rename all types of Expense and Interest listed in the bank statement.
➔ Click OK -> Save -> Close
Step II: Set up for Bank Reconciliation
➔ Go to the Home window to start reconciliation after proper selection of journal and bank account to which want to reconcile.
➔ Now enter an end date, Start date and date of Reconciliation to match with your financial institution report which included Statement opening & Closing balance.
➔ Click the Add Prior Outstanding button to add those transitions comes before statement start date.
➔ The system indicates to save changes -> Click Yes.
➔ Click the OK button , if there no outstanding transactions before statement start date .
➔ Set the Show Resolved Trans. On or after: date to the oldest outstanding transaction.
➔ Select outstanding transactions from the list of Resolved Transactions that are dated before the statement beginning date.
➔ Click Add to transfer to the Outstanding Transactions list.
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.
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