Reconciling Your checking account in Sage 50
Before you start a bank reconciliation in Sage 50, you would like to make sure that you simply have entered the bulk of your financial transactions for the amount that you are reconciling. Traditionally, bookkeepers would reconcile the checking account at the top of every month, once they received their bank statements. However, the arrival of online banking means it's now easier to reconcile your checking account on a way more regular basis. In theory, you'll reconcile your transactions daily, although weekly is probably more likely. Click now-: Reset The Bank Reconciliation in Sage
Check that all sales invoices are posted and updated on your accounts system. This ensures that any remittances received are often allocated to the right invoice.
Ensure all receipts which are paid into the checking account manually are posted to the accounts system. you'll post any BACS receipts directly from the bank statements.
Make sure that you’ve posted any cheques onto the accounting that you’ve written and sent.
Check that you’ve posted all supplier invoices onto the system. This ensures that any payments you create to your suppliers are often allocated against the right invoice.
If you’re using Sage 50, make sure that you’ve processed any bank recurring entries that you simply may have found out for normal payments made or received.
When you are satisfied that you’ve completed all the above tasks, you'll begin the reconciliation process.
From the Bank Accounts module, select the account you would like to reconcile and click on the Reconcile icon.
This will open up the Statement Summary window where you would like to enter a title for the bank reconciliation and enter the statement balance, you're reconciling to and therefore the date of the statement.
When you click OK, the bank reconciliation screen will open and you’ll be ready to use your bank statements to check all the transactions that are currently showing in Sage 50 against the bank statements themselves.
If any items haven't been ticked off, like direct debits and BACs receipts, you'll add these by using the adjustment button and selecting the acceptable sort of payment or receipt.
Don’t forget that you simply can save the reconciliation at any point in time, so if you get interrupted, you'll save the reconciliation and return thereto later. Any matches that you’ve made are going to be saved. Just confirm that once you open the bank reconciliation subsequent time, you click the ‘Used Saved’ option and not the ‘Discard Saved’, otherwise you'll need to start everywhere again!
When you are happy that you’ve matched all the things in Sage with an entry on your statement s which no remaining items are left un-ticked on your actual bank statement, you're during a position to finalise the reconciliation process.
However, before you click the Reconcile button, make sure that the ‘Difference’ box up rock bottom right corner is showing zero. If not, make sure you've got the right statement amount entered, and countercheck all of your items that you’ve ticked off. you'll have inadvertently matched a further item by mistake.
When you are happy that your figures are accurate and therefore the difference box is zero, then click Reconcile. Job done!
A copy of your bank reconciliation is going to be saved within the archives for future reference. Visit -: Reset The Bank Reconciliation in Sage