Credit Card Reconciliation in Sage 50 Accounting Software

Credit Card Reconciliation in Sage 50 Sage Accounting software needs to be linked with the bank account. However, credit card reconciliation into Sage 50 helps in running the business properly. When a user has reconciled the bank account or cash account, as well as credit card accounts with the Sage 50 program, it ensures that the transactions into credit cards accounts inside the company file matches the transactions in the statement of account from the financial institution.

The reconciliation of credit card in Sage 50 not just ensures that the accurate records/entries have been properly given to the accounts; it provides a user the insight about service fees, interest charges or even the unauthorized transactions too.

Step by step instructions to Create Credit Card Reconciliation in Sage 50:

Before beginning the reconciliation of credit card in Sage 50, confirm the time.

1. Click on the Account Reconciliation option inside the Tasks menu.

2. Select the credit card account for the account that should be reconciled.

3. You need to provide the last date right from the statement which you selected.

4. Verify in case the un-reconciled disparity is the beginning balance of your Statement, prior to entering the ending balance of your Statement. Verify the last month’s reconciliation in case the result is wrong.

5. For the credit card, you have to enter an amount as the negative number and then go to the lower side of the right part of the screen and after that provide the ending balance of your Statement.

Grouping of the Transactions:

Transactions are usually divided into two sections-

1. Checks 2. Deposits, Credits, and Debits.

“For all of the transaction or reference information for example date, check numbers, amount, and payees/retailer or either description appear’

Transaction via Credit card into Sage 50:

1. Pick the Clear checkbox which is appearing next to the bank statement. It is partitioned into two sections, in the base part you can see payments and at the top part, you can find charges on your bank statement.

2. Software is vital for keeping track the transactions that are recorded into General Ledger is basically cleared or not.

3. The un-reconciled dissimilarity ought to be (0.00) once all of the transactions are listed on the ​credit card reconciliation in sage 50 are clear or blank as well as entered into the Sage Accounting. In case it’s not, ensure by checking the bank statement so that all of the transaction which is recorded is accurately entered into the Peachtree Accounting.

4. For any loans, select the right icon in order to go into changing journal and add some other lost transactions on the bank statement and enter your charges into the chart of "Service Charges".

5. Now click the OK button to quit the screen, if you have reconciled the account successfully.

If you need to know more about this topic or you need any kind of Sage 50 Technical Support, you must reach our Sage technical support team on ​+1-844-857-4846 ​. Our Sage Tech Support team has knowledgeable experts who can provide the best resolution in a very short turnaround time.