Reconciliation Process Sage 50
Reconciling the accounts in sage 50 can be a tricky process. Most users do bank accounts, but whenever anyone reconciles the accounts in sage 50 you ensure the transactions with your company file should match with the transactions in the account statement of financial institution.
The below steps are for reconciling the bank account, credit card account when it is done for at least once. If not done once then you need to first set up the bank reconciliation for the first time or after the bank reconciliation has been reset. Simply follow the below steps and you can easily do the reconciliation in sage 50.
Steps To Reconcile The Accounts In Sage 50
- Click the pane banking>>click on task reconcile accounts in the enhanced view
- Under General, click on option Reconciliation and Deposits in the classic view
- Now select the bank/credit card account to reconcile in reconciliation and deposit window
- Now mention the bank /credit card statement end date
- Mention the bank /credit card reconciliation date
- Write down the bank /credit card Statement End Balance
- Type the comments if desired ( this is optional)
- On Income, tab enter the amounts which are necessary( optional)
- Now in transactions tab mark as Cleared the transactions that have cleared the bank
- If there is no mismatching, click on the process to post the bank reconciliation
- Now print the Account reconciliation reports
As mentioned above that you need to first set up the bank reconciliation for the first time hence steps are given for the same. You can also do Sage 50 Accounts Receivable Reconciliation in General Ledger .
How To Set Up The Bank Reconciliation For The First Time Sage
If you are going to do Reconcile Sage 50 Bank Accounts first time, then you need to follow the below process carefully.
Enable Bank Reconciliation
- In-Home window
- Select the company and click on Chart of Accounts in Enhanced view
- Under classic view click on Chart of Accounts
- Now double click on the bank account
- Go to reconciliation and Deposits tab and mark in the box beside Save Transactions for Account Reconciliation
- The setup button comes at the bottom
- Now you can click on it and set up revenue accounts for following
- Exchange gain
- Interest income
- Error Gain
- optionally you can also set up an expense account for bank charges, NSF fees, and Interest expense
- You can also rename the types of interest and expense found from bank statement
- click on ok
- Settings are now saved
Configure Reconciling Bank Account Sage 50
To set up Bank Reconciliation
- Starting from home window double click on the Account Reconciliation journal and choose the bank account for which you want to set up the reconciliation
- Mention the statement start date, statement end date, and reconciliation date, and the Statement opening balance and statement end balance from the report provided from the financial institution
- You need to also mention those transactions that were outstanding before your statement start date: Click the add prior outstanding button
- The system will ask you to save changes then click on yes
- If you have no outstanding transactions before statement date click ok
- set the show resolved transaction. On or after oldest date outstanding transaction
- Now select the outstanding transactions from the list of Resolved transactions that are date before the statement starting date
- click add to move them to Outstanding TRansactions list
- If a transaction that was outstanding as of the statement start date doesn’t appear in the data of resolved transactions, you can click on Insert Outstanding, and add it manually
- after finished selecting outstanding transactions click ok
Do you know what you can do when you are getting Sage 50 Bank Reconciliation Unresolved Amount issue ,ReconCileBooks explain all processes in an easy way .
Help Reconciliation Errors , Problem Sage 50 Accounts
For any help contact Sage 50 Support Phone Number and get back to sage 50, your problem will be resolved on a priority basis. Sage team is available 24*7 to assist you with every aspect regarding sage errors and issues. Sage experts are friendly, professional, polite, and experienced in the same domain. You can also email at ReconCileBooks team or visit ReconCileBooks and you will be helped by the sage experts.