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 .
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 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:
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:
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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:
Verify the below:
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.
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:
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
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