Account
Reconciliation
How Do I...
Sage 50 reconciles the selected G/L account against your monthly statement.
You can reconcile any general ledger account in Sage 50. Typically,
you would reconcile bank accounts, cash accounts (such as petty cash),
and credit card accounts. You should systematically reconcile accounts
each period so that you can quickly detect bank errors, match real-world
data with Sage 50 data, and identify possible fraudulent activity.
To avoid fraud and quickly detect errors, strive to have your bank send
statements toward the end of a period or month. Then always reconcile
your account as soon as it arrives.
You can apply (or clear) transactions in three different categories:
- deposits in transit
- outstanding checks
- other outstanding items (such as General Journal
entries)
Online
Banking (Sage 50 Premium Accounting and higher)
Online banking lets you electronically
import statements directly from your bank into Sage 50, where they can
be reconciled just as you do with information manually entered from a
paper statement. Once imported, the financial transactions contained in
these files can be matched
against existing Sage 50 transactions. And once successfully matched,
they are marked clear in the Account Reconciliation window. Tell me more
about online banking.
Learn More
Reconciling
bank statements
To reconcile an account, you enter the bank statement date
and the ending bank balance. Then, you need to clear transactions that
are reported on the bank statement. Each time you clear a transaction,
the difference is reflected in the Outstanding
Checks, Deposits in Transit,
and Unreconciled Difference fields.
Reconcile
an account
Importing
and reconciling bank statements with Online Banking (Sage 50 Premium Accounting and higher)
Sage 50 can electronically import bank statements that
are in OFX
format. A wizard lets you connect with your bank and import the statement
into Sage 50. The import process brings in any debit or credit transactions contained
in the statement, as well as any interest or service charge items.
Autoclear: When
you're working in Account Reconciliation and select a general ledger account
containing electronically imported transactions that have not been matched
to existing Sage 50 transactions, Sage 50 tries to make a match. Any
imported records that are successfully matched this way are listed as autocleared.
Sage 50 also gives you the ability to manually match and clear any transactions
that can't be autocleared.
Once all transactions are cleared, including the electronic
transactions, the account can be reconciled
in the usual manner.
Import
a bank statement into Sage 50
Manually
match and clear imported bank records
Making
an adjustment
If you need to make an adjustment because an amount is different or you forgot to record a transaction, use the Add Newbutton at the top of the window. This will open a menu where you can choose what you want to add. You can make an adjustment by selecting General Journal Entry. You can add a new check by selecting Write Check or Account Register. You can add a new receipt by selecting Receipt or Account Register.
Record a General
Journal Entry
Enter a Write Check
Enter a Receipt
Use the Account Register
Finding
transactions in the Account Reconciliation window
How
are void transactions treated in Account Reconciliation?
If you void a check in Sage 50, the original check will
appear in the Checks and Bank Debits
section of the Account Reconciliation window. The void (reverse) transaction
will appear in the Deposits and Bank
Credits section.
Learn about voiding
payables checks
Help
with specific fields or buttons