Reconcile your bank account

Summary

How to use the bank reconcile option to match the bank transactions you enter into Sage 50 Accounts, with transactions on your bank statement

Description

To ensure your transactions and bank balances in Sage 50 Accounts are accurate. Reconcile your bank account each time you receive a statement from your bank. 

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

Resolution

 

 

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Before you start

Before reconciling your bank account, ensure 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'? 

  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 match your bank statement.
    TIP: To select more than one transaction, hold down the Ctrl key. You can amend your settings to allow you to select multiple records by clicking them.
  4. If you haven't entered a transaction into Sage 50 Accounts, but it shows on your bank statement, you can post an adjustment.

You can save the reconciliation at any point and complete it later, click Save progress. 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 zero Click Reconcile.

    A progress bar appears while the software flags your transactions and creates a PDF file of your reconciled statement.
    Is not zero You 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 the reconciliation date.

  4. Double-click the required pdf file.

TIP: Need to reverse a bank reconciliation? Find out how >

 

Solution Properties

Solution ID
200427112313525
Last Modified Date
Fri Feb 21 11:30:44 UTC 2025
Attributes
Product Details
Modules: Bank feeds
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