Sage 50 Support Phone Number

1. Sage Bank Reconciliation https://www.accountings-age-50.net/

2. Are you confused about your financial records or bank statements? Reconciling Sage Bank account on a periodic basis is one of the most daunting tasks that you’ve ever dealt with. It enables you to verify that your real bank balance matches your Sage Business Cloud bank balance and to make sure charges and interest payments are recorded. The bank statement generally keeps a record of all the deposits, withdrawals, and other financial operations and a minor mistake in this may put you into trouble. This will let you generate your own statement to compare the transactions. If the transactions within your company file will be equivalent to the transactions mentioned on the account statement then your reconciliation is completed successfully, and now you can be confident about the accuracy of your tax reporting. Bank reconciliation also helps you to detect and identify bank-related errors, data entry errors, and other fraudulent activities as well. To clear all such doubts and uncertainty, we come up with this blog that will definitely make you understand how to do Sage Bank Reconciliation. Let’s get started:

3. Why is it compulsory to do Bank Reconciliation Sage? Reconciliation is all about you have verified that the transactions entered into Accounting are equivalent to the transactions in your actual bank account. This ensures the following: You have entered all the transactions appropriately. The bank balance you see in Accounting precisely reflects the balance of your actual bank account. Your financial reports should be correct. You can only reconcile a current or a credit card account, not a cash account.

4. Understand how to do Sage Bank Reconciliation! Sage Bank Reconciliation is necessary every time when you receive a statement from your bank. Its purpose is to verify that your bank balance is accurate and matches the opening balance from your bank statement while doing your first reconciliation. For this, you need to write down the closing balance from your bank statement and then check all the transactions equal to the bank statement. If everything matches, the total of all reconciled transactions included in the starting balance must be similar to the closing balance. Be sure that the difference will be zero if you want to confirm this. From Banking, access the bank account you wish to reconcile. Tap on the Reconcile link.

5. Step 1: Enter your statement details Sage Bank Reconciliation is necessary every time when you receive a statement from your bank. Its purpose is to verify that your bank balance is accurate and matches the opening balance from your bank statement while doing your first reconciliation. Make sure that the statement summary you enter is accurate and precise. This information affects the transactions you see and also the target balance for the bank reconciliation Sage. 1. 2. 3. 4. Statement Date: You need to enter the statement date from your bank statement. Ending Balance: Type the closing balance from your bank statement. Reference: Add a reference from your bank statement. This is not mandatory. To change the statement summary information in the Reconcile window, tap on Edit to the pencil icon. At last, choose Apply. From Banking, access the bank account you wish to reconcile. Tap on the Reconcile link. 5.

6. Step 2: Include interest and charges It’s very simple to add interest and charges right at the beginning of your reconciliation. Any interest or charges you include here are automatically marked as reconciled too. 1. 2. To kick off, choose Interest and Charges to enter the details. Now, try out the available options to record interest paid and received, as well as normal bank charges. Type the amount in the relevant box to record a Bank Charge, Interest Charge, or Interest Earned as required. In the Date box, enter the date when the transactions are done Press Save.

7. Step 3: Check your last Reconciled Balance 1. 2. Under the Matched transactions window, check for the last reconciled balance. Does the Last reconciled balance is similar to the opening balance on the bank statement you're reconciling? If, it matches - Continue to Match your transactions. No, it doesn’t match- You need to identify the reasons why?

8. Step 4: Reconcile your transactions If you use a bank feed or import from your bank statement, your imported transactions must be already chosen as they have come from your bank account. To reconcile your transactions, perform the steps as follows: 1. 2. 3. First of all, check each transaction opposite to your bank statement. If the transaction matches, tap on the check in the Reconcile column. To reconcile all transactions, click the drop-down arrow next to Interest and Charges and select Reconcile All Entries. Once you reconcile each transaction, the reconciled balances start updating at the bottom of your screen. 4.

9. Step 5: View Reconciled Report 1. 2. 3. 4. 5. In the inception, select Bank Accounts and then tap on the relevant bank account. Hit Reconcile then press OK. You need to choose View History. Once done, a PDF file pops up along with the bank account and reconciliation date. Click twice on the required pdf file.

10. Step 6: Save as a Draft You have an option to save the reconciliation as a draft if you want to stop it at any point and come back to complete it later on. 1. 2. 3. For this, click the drop-down arrow next to Finish and select Save for later. It is important to finish the draft reconciliation before starting a new one. Tap on the Reconcile link to come back to the saved reconciliation. The saved reconciliation will open up automatically.

11. Step 7: Un-reconcile transactions You won’t be able to un-reconcile transactions once you select Finish. The transactions can only be unreconciled when you save the reconciliation as a draft. 1. To un-reconcile the transactions altogether, hit the drop-down arrow next to Interest and Charges and select Un-reconcile All Entries. Tickmark the check box in the Reconcile column to un-reconcile each transaction separately. This will erase the tick and reconciles the transaction. 2.

12. Step 8: Complete the Bank Reconciliation The Bank Reconciliation Sage is over, if you have 1. 2. 3. Reconciled all transactions, The reconciled balance is similar to the target balance. The difference is zero. When the reconciliation comes to an end, select Finish. After this, 1. 2. 3. We will mark all transactions as reconciled so they are not involved in another reconciliation. You are unable to reverse or delete the reconciliation. You cannot un-reconcile transactions individually.

13. What if when the difference is not zero? There are multiple factors when the difference is not zero, all of them are highlighted below: 1. 2. 3. 4. 5. 6. The end date of the statement is not accurate. The Statement end balance is faulty. Some transactions have a diverse date to your bank account. The starting balance is not equal to the opening balance on your bank statement. A previous reconciliation has variations. Also, the last reconciliation is stored with the wrong date.

14. Closure! Still, struggling with Sage Bank Reconciliation issues or don’t know what to do? Stay calm as our Sage 50 Support experts are here to assist you when you get stuck somewhere. So, if you’re a new user having less technical knowledge and looking for an appropriate way to reconcile your bank account then feel free to speak up with us. We’ll give our best to answer your every single query within no time. Call for Sage Technical Support +1(833) 561-0071

15. Thank You Business Strategy Team