How To Sage 50 First Bank Reconciliation?

Bank account Reconciliation is an essential option to maintain the accuracy of bank transactions and balances. If you are looking for simple guidance to use the reconciliation feature in Sage 50, you are in the right place. ReconcileBooks will be a helping hand for setting up Sage 50 Bank reconciliation for the First time. Before starting this task, you have to set up an account that you need to reconcile monthly.

Table of Contents

Sage 50 Bank Reconciliation First Time

Reconciliation Account Setup:

Firstly, if you do not have any existing account, then integrate the below-mentioned account in Sage 50:
Income Account
Reconciliation Account
Expense Account
Adjustment Account
After adding accounts now locate Home window and then select Accounts
Select the account you need to reconcile
Discover Account Reconciliation option and verify the displaying box named Save Transactions For Account Reconciliation
Hit on a Setup option and then choose the above-added accounts (Adjustment accounts, income, and expense)
Click on the Ok option

ReconcileBooks complete instruction for Sage 50 Creditors Reconciliation step by step as well as latest information about Sage 50 Debtors Reconciliation you can also get benefit to view it.

Process of Sage 50 First Bank Reconciliation

Start reconciling an account for the first time in Sage 50:

To do this, follow the below instructions:

Discover the most recent statements associated with Bank or Credit account that you are attempting to reconcile
Locate the window named Reconciliation & Deposits
To perform this, here are the steps:
Go to the Home window and select the Banking option listed on the navigation pane
View the tasks pane and then hit on Reconcile Account button
Choose the preferred account for reconciliation
Write the Statement Start & Ending dates, and then fill in the Reconciliation date. You are allowed to reconcile multiple statements for a single account. In case there are many statements, you can easily combine them individually, along with the oldest one.
Fill both the fields named Statement Opening & End balances
Choose the Transaction option and then hit Add Prior Outstanding
Write a date to the field which says Show Resolved Transaction On or After. Select the date that you already know about, the oldest outstanding transaction date associated with the account, or set the default date
You can use a sort method to choose the preferred transaction from the list. Set the order of entry feature for sorting the transaction according to the entered order
Choose the outstanding transactions on the beginning date displayed on the bank statement.
Hit on the Add option to route them towards the Outstanding Transaction table
If all transactions appeared to be outstanding, then select Add All.
Verify the pending transactions that you have not yet recorded in the software
If found, then you can manually add those transactions by clicking on the Insert Outstanding button.
You can preview the reports by selecting the Report option.
It is an ideal decision if you take a print copy of the report named Reconciliation Transaction with both Resolved and Outstanding Transactions.
The print file can be easily saved in the account reconciliation documents.
These reports consist of cleared and outstanding transactions so that they can be used to monitor data entry during the bank records analysis.
Hit the Ok option and then click Process.

Frequently Asked Questions