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The bank reconciliation option

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Summary

This guide explains how to use the bank reconcile option to match the bank transactions you enter into Sage 50cloud Accounts, with transactions on your bank statement.

Description

This guide explains how to use the bank reconciliation feature. If it doesn't answer your question, you can find further help in our Banking Help Centre >

You should reconcile your bank account each time you receive a statement from your bank. This is to make sure that the transactions and bank balances you have in Sage 50cloud Accounts are accurate. 

We'll run you through how to do this reconciliation process step-by-step.

TIP: If you use an online banking service, you may be able to download your bank transactions instead of entering them manually.

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Before you start

Before reconciling your bank account, you should make sure you've entered all of your transactions up to the end date of your bank statement.


Step 1 - Enter your statement summary


  1. Click Bank accounts, then click the relevant bank account.
  2. Click Reconcile.

     TIP: Do you get a message appearing saying The bank account selected has been marked as not requiring bank reconciliation? - Read more >

  3. Enter the Ending Balance from your statement.
  4. Enter the Statement Date from your statement.

    This is the end date, that your statement goes up to.

  5. Enter any Interest Earned and the Date.
  6. Enter any Account Charges and the Date.
  7. Click OK.

If necessary, you can change statement summary information in the Reconcile window by clicking Edit or the pencil icon.


Step 2 - Check your last reconciled balance


  1. In the Matched transactions pane, check the Last reconciled balance.
  2. Does the Last reconciled balance match the opening balance on the bank statement you're reconciling?

Step 3 - Match your transactions


In the Un-matched transactions pane:

  1. Select the first transaction that appears on your bank statement.
  2. Click Match >>

    The transaction moves from the Un-matched transactions pane to the Matched transactions pane.

  3. Repeat steps 1 and 2 until all transactions on your bank statement are matched.

    To select more than one transaction you may need to hold down the Ctrl key. Read more >

    If you haven't entered a transaction into Sage 50cloud Accounts, but it shows on your bank statement, you can post an adjustment.

If required, you can save the reconciliation at any point and complete it at a later date, click Save progress. Next time you open the Reconcile window, to open the saved reconciliation, click Use Saved.

At any point before you reconcile, to see a list of currently unmatched items, click Report.


Step 4 - Reconcile your bank statement


Once you match all the relevant transactions:

  1. Check the Matched Balance and the Statement Balance are the same.

    The Difference should be zero. If the difference:
    Is zeroClick Reconcile.

    A progress bar appears while the software flags your transactions and creates a PDF file of your reconciled statement.
    Is not zeroYou must find out why.

    If required, click Save progress. Next time you open the Reconcile window, to open the saved reconciliation, click Use Saved.

Step 5 - View reconciled report - optional

  1. Click Bank accounts then click the relevant bank account.
  2. Click Reconcile then click OK.
  3. Click View history.

    A PDF file appears for each reconciliation, with the file name showing the bank account and reconciliation date.

  4. Double-click the required pdf file.

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