Reconciling your bank statement is a crucial step in ensuring your financial records are accurate. Sage 50 offers a user-friendly feature to streamline this process. This article guides you through reconciling your bank statement in Sage 50.
Before You Begin
- Gather your latest bank statement (paper or online).
- Ensure your Sage 50 data is up-to-date. If you use batch posting, post your accounts to the General Ledger before reconciling.
Step-by-Step Guide
- Open the Account Reconciliation Window:
- Go to Tasks Account Reconciliation.
- Select Account and Statement Details:
- Choose the bank account you want to reconcile from the Account to Reconcile dropdown.
- Enter the ending date (statement date) from your bank statement in the Statement Date field.
- (Optional) Enter any interest earned and the corresponding date in the dedicated fields.
- (Optional) Enter any account charges and the date.
- Match Transactions:
- Sage 50 displays a list of transactions in your chosen account.
- Compare this list to your bank statement.
- Click the checkbox next to each transaction that matches an entry on your statement.
- Use the Find button to locate specific transactions in Sage 50.
- Handle Discrepancies:
- If you find transactions missing from Sage 50, you'll need to add them manually. Sage 50 provides options for entering deposits, checks, fees, and other adjustments.
- Conversely, for transactions appearing in Sage 50 but not on your statement, investigate their legitimacy. You might need to contact your bank for clarification.
- Reconcile the Statement:
- Once all matching transactions are selected, click Reconcile.
- Sage 50 will display a reconciliation report summarizing the matched transactions, outstanding items, and the adjusted bank balance.
- Verify the information and click OK to finalize the reconciliation.
Additional Tips
- Sage 50 allows you to save reconciliation reports for future reference.
- If you encounter difficulties, consult Sage 50's Help documentation or online resources for further guidance.
By following these steps and tips, you can efficiently reconcile your bank statements in Sage 50, ensuring your financial records remain accurate and reliable.
