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How To Reconcile Accounts in Sage 50? +1-844-857-4846

by Bizfin Consulting Accountants

You may utilize the bank reconcile function in order to match bank transactions that you enter in Sage 50 Accounts, with the assistance of those transactions that displays on an actual statement from the bank.


The reconciliation of these values implies the transaction and bank balances are accurate. You must reconcile the bank account balance every time when you receive a bank statement. Before starting the reconciliation of the bank account, you must ensure that you have entered every transaction accurately and completely.


In case you are using a net banking service, you can easily download the bank statement from over there. Here in this article, we have specified the step by step procedure Sage 50 bank reconciliation. Follow the procedure that is mentioned below.


How to Reconcile the Bank Account in Sage 50?


  1. Enter the statement summary of your bank account


  •  Click on the Bank accounts option, after that click on the related bank account.
  • Click on the Reconcile option and then enter the end balance of your account from the statement.
  •  Enter the Date of Statement from the bank statement.
  •  This is the end date, which your bank statement goes up to.
  • Enter the Interest if Earned and Date.
  • Enter the Charges of Account and Date.
  • Now, Click on the OK button.
  • If required, you can alter the information of your bank statement into the Reconcile dialogue box by clicking the Edit button.                                                                                                                                                                                                                                                        2. Check the end reconciled balance

  •  Into the Matched transactions window, verify the end reconciled bank balance.
  • Does the end reconcile bank balance is matched with the opening balance of the bank on the statement which you are reconciling?
  • Yes, it is matched - proceed to match the transactions.
  • If it shows No it isn’t matched - you should examine why is not matching.


  3.  Match the transactions


  • Into Un-matched transactions window:
  • Choose the first transaction which displays on the statement of your bank.
  • Click on the Match button >>

Ø  The transactions are moving from an Un-matched transactions window to Matched transactions window.

Ø  Repeat the steps 1 as well as 2 until all the transactions on the statement of your bank are matching.                

      

You should hold the Ctrl key to select more than one transaction.


In case you didn’t enter the transaction into the Sage Accounts, however, it appears on the statement of your bank, you may post the adjustment.


If needed, you may save the reconciliation anytime you want and finish it later. Now click on the Save progress option. Next time when you open your Reconcile screen in order to open your saved reconciliation, click on the Use Saved button.


      4.  Reconcile the statement of your bank


  • When you have matched every relevant transaction:
  • Verify the Matched bank Balance, as well as Statement Balance, must be the same.
  • The Difference should be zero.



     5.  In case of the difference:

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  • In case it’s zero, then click on the Reconcile button.
  • A progress bar displays when the software program flags the transactions and makes a PDF file of the reconciled bank statement.



If it’s not zero, then you should find out the reason.


      6.   View your reconciled report – (optional)


  • Click on the Bank accounts after that click on the bank account.
  • Click on the Reconcile option after that click on the OK button.
  • Click on the View history.
  • A PDF file displays for all of the reconciliation with the name of the file which is showing on the bank account as well as reconciliation date.
  • Now, tap the Double-click on the PDF file which is required.


 If you are facing any issue while applying the procedure, or you are unable to reconcile your bank accounts in Sage 50, reach our Remoteaccounting247 Sage 50 tech support team by calling toll-free number +1-844-857-4846.


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About Bizfin Consulting Advanced   Accountants

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Created on Aug 9th 2018 03:48. Viewed 188 times.

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