Bank Reconciliation Discrepancy Sage 50

Sage 50 Reconciliation Discrepancy

Solve SAGE 50 Reconciliation Discrepancies Problem

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Sage 50 Discrepancy Reconciliation Error Problems


Issue Name : Sage 50 Bank Reconciliation Error
Applicable for Product: Sage 50,Sage 50 Accounts,Sage Line 50,Sage 50 Premium,Sage 50 Canada
Description : Mismatch in SAGE 50 & Bank transaction accounts.
Errors Messages : Discrepancy , Adjustment Required, Crashes,Slow,Unresolved Amount
Reports : Bank Statement ,Bank Statement PDF ,Retrospective Bank Reconciliation

To confirm the accuracy of the account, every organization uses the Bank reconciliation feature in accounting software. This process reduces the difference between the statement and bank transactions. After transactions matching, the differences between them should be zero. When the difference is not zero that is nothing but also known as a discrepancy. At this point, if it’s found not zero then you should look for fixation methods of Sage 50 reconciliation discrepancy. The entire troubleshooting solutions are explained in this ultimate blog. Let’s explore in-depth including Sage 50 discrepancy problems and their significant causes. Get detailed information how to start Sage 50 Reconciliation .

Quick Navigation : Reconciling Discrepancies Sage 50, Peachtree
  1. Why is Sage 50 Reconciliation Discrepancy Comes ?
  2. Correct Reconciliation Discrepancy Peachtree
  3. How To Check Discrepancy In Sage 50
  4. Sage 50 Discrepancy Negative
  5. Sage 50 Positive Discrepancy
  6. Sage 50 Unresolved Amount Issue
  7. Help To Resolve Sage Accounting Reconcile Discrepancy
  8. FAQs

What Are The Possible Reasons That Lead To Reconciliation Discrepancy?

The discrepancy may occur due to various reconciliation adjustments such as journal entries, added, modified, or deleted reconciled transactions. The primary reasons are: Past reconciled transactions have been added, deleted, or altered or reconciliation arrangement.Hence you have face issue while Reconcile Sage 50 Bank Statement

How Do You Fix The Reconciliation Discrepancy In Sage 50?

How to tackle Sage 50 bank reconciliation adjustment required /Sage 50 last reconciled balance wrong error?
Here are the steps you need to follow if you have an unresolved amount or discrepancy issues in Sage 50:

Step 1- Verify The Below Causes Of The Discrepancy:

  • ● Check the entries of statement Opening balance, Ending Balance, Statement Start date, and Statement End Date
  • ● Check the date of the transactions
  • ● All the transactions are recorded in the system
  • ● Verify you have cleared the bank statement’s transaction
  • ● Check the book balance of the bank account linked with Sage 50
  • ● The outstanding sum is the same as the sum of all the unchecked items that appear in the Reconciliation window
  • ● Find out you have correctly added bank fees and gains in the expenses and income option respectively
Once verified and found that they don’t and then it is recommended to reset the reconciliation in Sage 50.

Step 2: If You Getting A Discrepancy Bank Reconciliation Will Not Posting An Error:

To calculate the discrepancy here is a formula:
Discrepancy = opening book balance - (opening outstandings + statement opening balance)
To discover the opening outstanding values you need to refer to the previous year remaining outstanding sum of the reconciliation.
If you are performing reconciliation for the first time then your “opening outstanding” is the same as the sum of prior outstanding as you have added to the start date.
Below mentioned are the steps to discover the opening book balance value:

  • ● Without fixing the discrepancy, the bank reconciliation cannot proceed to the next step
  • ● If there is data corruption in the bank reconciliation then perform the below comparison:
  • ● Check Opening book balance= statement opening balance + opening outstanding?
    • ○ If they are not equal then it displays a difference known as a discrepancy amount
    • ○ If they are the same however you still have a discrepancy amount then there is damaged data in the bank reconciliation table. To resolve this, you need to reset the bank reconciliation
  • ● The balance that appears on the top is the opening balance
  • ● Click Ok button
  • ● Choose the account
  • ● Adjust the beginning and finishing dates it should be the same as the bank reconciliation dates
  • ● After this give a click on Reports >> choose Financials >> click General ledger

✌ Do You know , reports processing time can be reduced upto 15% if customer opt SAGE 50 Cloud Hosting ✌.

What Do You Mean By Discrepancy Is Negative In Sage 50?

It determines the opening book balance is lesser than the total amount of statement opening balance + opening outstanding (Opening book balance (Total amount of statement opening balance + opening outstanding)
Below are the reasons associated with negative discrepancy:

  • ● Too high opening outstanding or the statement opening balance
  • ● Too low opening book balance
Find out full information how you can easy Sage 50 Out Of Balance Fix Sage 50 Out Of Balance issue step by step .

Resolution: Negative Balance Amount Sage 50 Reconcile

Verify the below:

  • ● Missing debit entries in earlier start date, vast credit entries, and the start date of the statement is incorrect on the bank reconciliation window
  • ● There might be many outstanding debit cheques, wrong posted cheques dates or duplicates, bank errors, human mistakes, incorrect statement end balance is incorrect. etc.
  • ● Find out the suitable reason and make the adjustments
  • ● If you have clear a receipt and does not void a credit note then clear it
Check out How To Setup Sage 50 Bank Feed , a guide which helps you to do reconciliation first time .

What To Do If The Discrepancy Is Positive Sage 50

The significant factors for it can be:
Too high opening book balance:
It is due to missing credit entries, found many debit entries preceding the beginning date, wrong start date on the bank reconciliation window
Too low opening outstanding:
When the outstanding in a debit cheque is not enough. It might result due to wrong posted dates for cheques or when duplicate entries. It may also occur with massive outstanding credit cheques, and more.
Too low statement opening balance:
This occurs with Bank statement errors from the bank side, bank human mistakes. It also includes duplicate entries, entered the wrong amount in the bank reconciliation window, or unmatched account balance.

  • ● Perform the suitable adjustments in case you find any problem
  • ● It may require resetting the bank reconciliation once you posted the entries or adjustments.

Step 4- How To Handle An Unresolved Reconciliation Sage 50 Issue?

It usually comes up on the screen as unresolved is negative or unresolved is positive.
The unresolved formula is as below:
Unresolved = (Statement end balance + ending outstanding) - ending book balance.
The outstanding amount is the amount on the bank reconciliation window.
Negative unresolved can be found due to the following reasons:

  • High ending book balance:
    It is because of many debit entries, missing credit entries when adjusted transactions take place, wrong end date in reconciliation, and more.
  • Too low ending outstanding:
    Missing outstanding, outstanding account mistakes, or incorrect statement end date.
  • Too low statement ending balance:
    • ○ It is because of bank errors, human mistakes, and wrong end date entered in the statement
    • ○ You need to find the suitable reasons
    • ○ Once you come up with the appropriate cause then do the suitable adjustments
    • ○ If still issues persist then reset the reconciliation.
    When resolved is positive?
    • ● Firstly search for the causes
    • ● This error encounters due to the below reasons:
    • Wrong debit entries, many credit entries, adjusted transaction, failed replacing debit entry, wrong recording of bank interest and gains, or date is not properly entered, outstanding value is high, or statement ending balance is too large.
    • ● Discover the valid reason and accordingly perform the adjustments.

    Help & Technical Support Bank Reconciliation Issue With SAGE 50

    Here the post on how to fix the reconciliation discrepancy in Sage 50 completes! If you need to explore more information on Account reconciliation, Sage 50 un-reconciled difference or more, connect with the professional team. Reach Via Sage 50 Live Chat . If the process mentioned above is not working or you are unable to do bank reconciliation yourself, then contact SAGE 50 Support Number for quick resolutions alternatively you dial Toll Free number +1-888-800-0165

    Bank Reconciliation Discrepancies Sage 100, Sage 300, Peachtree

    How I can resolve the Sage 50 Bank reconciliation crashes ?

    There are many causes of sage 50 crashings including window registry errors, corrupted data, update missing, wrong windows installation, or more. Resolve the issue by renaming the userpref.dat file, damaged bankrec.dat, renaming sage.ini file, or fixing the compatibility problems.

    How do I reset the account reconciliation in Sage 50 ?

    • ● First of all, create a backup
    • ● Make a list of outstanding transactions
    • ● Now clear out the bank reconciliation with the following instructions:
    • ● Locate chart of accounts
    • ● Double click on the desired bank account
    • ● Choose the Reconciliation & deposits option
    • ● Unselect the field located near “save transactions for Account Reconciliation”
    • ● Hit Save and Close button
    • ● Click Ok
    • ● Re-enable the bank account to process bank reconciliation
    • ● Once again, attempt to set up the bank reconciliation.

    How to delete a reconciled transaction in Sage 50 ?

    You can reverse a bank reconciled transaction in Sage 50 by following the below instructions:
    • ● Discover Bank Accounts
    • ● Choose the desired bank account
    • ● Hit Reconcile button and then choose to reverse reconciliation
    • ● Pick the suitable reconciliation and then select Reverse reconciliation
    • ● Give a click to yes option
    • ● Again hit the yes button

    What do you mean by Sage 50 auto reconciliation ?

    In Sage 50 automatic reconciliation permit you to automate the reconciliation process. It decreases the cut-down time, cost and errors as involve in the manual reconciliation process. In this, transactions get automatically imported to Sage 50 in the background when it's set as default.
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