What to look forWhen you reconcile you are confirming that transactions in Sage Accounting match those on your bank statement. If everything matches, the starting balance will match the closing balance. To confirm this the difference will be zero. When the difference isn't zero, this could be that: - The statement end date is not correct
- The statement end balance is not correct
- The starting balance does not match the opening balance on your bank statement
- You saved a previous reconciliation with a difference
- You saved a previous reconciliation with the wrong date
- Some transactions have the wrong date
Check the statement end date matches the closing date on your bank statement. Why this is important On the reconciliation page we only show transactions up to the statement end date. This defaults to today's date. To see only relevant transactions, match the statement end date with your bank statement's last date. What to do - Change the statement date and select Apply.
- If transactions are missing, the date of the transaction in Sage Accounting may be different to your bank statement.
- Use the Activity tab to look for any transactions that you may have entered with the wrong date.
- Change the statement date to include these in the reconciliation.
Check the statement balance matches the closing balance on your bank statement. Why do this The purpose of the reconciliation is for the statement end balance to match the reconciled balance. As you reconcile, we update the reconciled balance to include reconciled transactions. If the statement end balance is not correct, the reconciled balance will also be incorrect. What to do - If the balances are different, enter the correct balance and choose Apply.
- Reconcile all transactions and check that the difference is now zero. If so, you are ready to Finish the reconciliation.
If they still don’t match, you either have missing transactions or duplicates. The best way to find the differences is with the Detailed Nominal Activity report. You can find this in Reporting and can run it specifically for your bank accounts nominal code. You can then add any missing transactions or reverse any duplicates as appropriate. Once you’ve corrected the differences, include the changes in your bank reconciliation. You should now have a successful reconciliation. Check that the starting balance matches the opening balance on your bank statement. Why do this Your starting balance is the total of all your reconciled transactions prior to the date you’re reconciling. Every time you reconcile new transactions or delete a reconciled transaction, the starting balance updates. If you reconcile earlier or later transactions, the starting balance will not match. What to do - Check for transactions that you have reconciled incorrectly or deleted.
- Check previous reconciliations from the Reconciliations tab. Make sure the end date from your last reconciliation and the starting date for your new reconciliation are consecutive days. If there is a gap, you may have transactions that have not yet reconciled.
- Check for missing transactions or duplicates. The best way to find the differences is with the Detailed Nominal Activity report. You can find this in Reporting and can run it specifically for your bank accounts nominal code.
- If you have reconciled a transaction incorrectly, delete the transaction and re-enter it. The value of the deleted transaction will have removed from the starting balance. The new transaction is ready to reconcile again
- If you have reconciled a duplicate transaction, delete the duplicate. The value of the deleted transaction will have removed from the starting balance
If you’ve reconciled the correct transactions for that period, this isn’t a problem. Any differences aren't carried over to the next period. Before completing the next reconciliation ensure: - the Statement End Balance is correct
- the Reconciled Bank Balance matches the Statement End Balance
If you missed a transaction include it on the next reconciliation. Or, create another reconciliation for the same period. Check that all the reconciled transactions match your bank statement and have the correct date. Any unreconciled transactions will show in the next bank reconciliation. Delete any transactions that have been incorrectly reconciled and enter them again. We remove the value of the deleted transaction from the starting balance. The new transaction is ready to reconcile again. You can only edit certain fields on reconciled transactions. This includes the reference, ledger account and description. You can change the date as long as it falls within the period of the reconciliation. To change the amount, bank account or the date to outside the reconciliation period, delete the transaction and re-enter it. The value of the deleted transaction will show as removed from the starting balance. The new transaction is ready to reconcile again.  TIP: We recommend reconciling the new transaction straight away. This is to make sure your balances are correct.
We show you a pop up message before editing or deleting a bank reconciled transaction. 
[BCB:299:UKI - Personal content block - Dane:ECB][BCB:306:UKI - Search override - Accounting UK / IE:ECB] [BCB:276:UKI - hide back button:ECB]
|