Sage Reconcile Accounts Receivable

How To Reconcile Accounts Receivable In Sage 50

In Sage accounting software, reconciliation of accounts is used to match the entries with the financial statements. Among such operations, Account receivable reconciliation is there. In this the detailed amount of the un-paid customer is matched with the Account receivable that appears in General Ledger.  The below article will explain the reconciliation procedure of the Accounts receivable in Sage 50 also you can find full details How To Reconcile Sage 50 account step by step process .

Step By Step AR Reconciliation Sage 50

What Is Account Receivable Reconciliation Sage Accounting ?

It is the procedure of matching the unpaid customer billings in-depth information to the Account receivable in the General ledger in Sage. This matching process is essential to justify the receivable, general ledger figure.

How To Reconcile The Accounts Receivable To General Ledger In Sage 50?

Step 1- Post Entries and check setup:

  • Use the Task, Post entries option to post entries in the Account Receivable & General Ledger.
  • Verify the posting journals and check the rejections
  • If there appears rejections, resolve the rejection prior to proceeding with the below steps:
  • Locate the File menu
  • Select Accounts Receivable
  • Click Company Settings, GL settings, AR Settings, or Balance sheet accounts
  • Now fill in the below information related to accounts:
  • Account receivable Account
  • Customer cash receipt account
  • Retainage receivable Account

Find out full details as well what user can do for Sage 50 Bank Reconciliation Unresolved Amount .

Reconciling Process AR Account Sage 50

Step 2-Reconcile procedure:

Discover the Accounts Receivable section and follow the below steps:

  • Locate Reports button
  • Choose” Aging, Detail by Customer”
  • Hit the Transaction file named Current AR
  • Write the month Aging As of Date for which you are reconciling
  • Note down the month-end date you entered
  • Choose Accounting fate for the Aging Basis
  • Click on the check box which says Include Retainage column
  • Now check the customer cash receipts, and the account receivable amount are the identical General Ledger accounts
  • Hit Start to begin report printing
  • If the accounts are not the same General Ledger account, then here are the steps:
  • Select Conditions button
  • Writer a condition for the Type named Cash Receipt not identical to the Customer cash Receipt
  • Hit Start

Even you can get help from Sage 50 Live Chat team, in case you are getting Sage 50 reconciliation issues or error.

Go to General Ledger:

  • Open the reports menu
  • Choose Year-to-date ledger
  • Click on the checkbox named Modify date range
  • Write the Start date as the initial Date for the month you are reconciling; it must be the identical month as you filled in the previous step.
  • You only need to reconcile a single month at a time
  • If you use prefixes, then follow the below steps:
  • Hit Conditions button
  • Embed a condition for the base account same to the AR account that you noted down previously while applying Account Receivable settings
  • If not using Prefixes

You need to add the accounts receivable that you previously received in the Account Receivable Settings.

  • Hit Start button

Report review:

If the retainage receivable accounts and account receivable accounts are identical, then match the ending balance for the Year-to-date ledger for all accounts to the Amount column report plus the total of Retainage column on the Aging Detail.

If there are different Accounts Receivable & retainage receivable accounts, you need to compare the ending balance to the reports. If the month is not in balance, you need to print the previous month’s reports and check you have a balance.

If you do Sage 50 Reconciliation First Time and its goes wrong, then you have option Undo Reconciliation Sage 50 which is very easy.

Sage 50 Out Of Balance Issue After Reconcile AR

How to determine the out-of-balance or Sage Balance Sheet Doesn’t Balance issue during Account Receivable reconciliation?

Follow the steps:

  • Locate the Accounts Receivable
  • Check the Sales Journal, Finance Charge Journal, and Cash Receipts journal have been updated.
  • Discover Sales Order, check the daily sales report to check the updates
  • Now execute the daily transaction Register
  • Check all the source journals are updated
  • It’s better to print the report of the General Ledger module instead of checking an individual module
  • Now expand module, Main, General Ledger, and Daily Transaction Register
  • Check the current period in the report and write the Accounts Receivable Account
  • Verify you are balancing the Accounts Receivable
  • Now check no entries were posted to the Account appears from Sales Order
  • If the transaction was not posted from Accounts Receivable, then reverse the entry in the suitable module
  • Re-write the necessary transaction in the practical module
  • Use the hard copies of the journals, register, and daily transaction register to check missing entries from General Ledger.
  • If General Ledger does not contain a transaction, then check the postings were to the proper accounts.
  • Make General Ledger’s journal entry that does not contain the transaction
  • Check the used amount, posting Date and accounts

That’s all for today! Hopefully, the information is beneficial. If you experience any difficulty while implementing the above steps or need further advice, call Sage experts. Dial Toll-free phone Sage 50 Support Number, or use a live chat to resolve the issues.

FAQs: Reconcile AR Sage 50, Pro, Premium, Quantum

What is Account receivable ?

It acts as the due money to the firms for the delivered goods or services or used services that are not yet paid. The Accounts receivables appear on the balance sheet working as current assets. Account receivable referred to the money owed by the clients for the purchases.

How do I reconcile un-matching values in customer cash receipt amount and AR Account ?

  • Open the Reports menu
  • Choose” Aging”
  • Hit Detail by Customer
  • Choose the current AR Transaction file
  • Write the Aging as of Date for the reconciling month
  • Click Accounting date in Aging Basis
  • Choose the check box including retainage column
  • Hit Conditions
  • Write condition for the Customer cash report and Cash Receipt type similarity.
  • Hit Start

What is the use of the General Ledger Detail Report ?

It is used in Sage accounting software to verify the posted journal entry through the column named Sources Module. It must be AR or SO; if it contains the entries from other accounts, it is not reflected on the Account Receivable Trial Balance.

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