Why isn't my bank reconciliation difference zero?

Summary

This guide explains checks you should make if your bank reconciliation difference after reconciling your bank account in Sage 50 Accounts is not zero.

Description

When reconciling your bank account, if all transactions match, then the difference should be zero. If this is not the case, there are several things you should check.  We'll run you through these checks below to establish why it is not zero.

TIP: In Sage 50 Accounts, you can speed up bank reconciliation and reduce mistakes by downloading transactions directly from your bank, using Bank Feeds.

Resolution

In the Bank reconcile window, check the following:

End Balance Check the End balance matches the end balance on your bank statement.
Last reconciled balance This should agree with the opening balance on your bank statement and should also be the same as the matched balance from the previous period. If this is different, please refer to our guide.
Adjustment postings Ensure that you've posted any adjustments for bank charges or interest.
Double check matched transactions
  • Check for missing transactions.
  • Check for duplicate transactions.
  • Check the value of each transaction matches your bank statement.

If you have difficulty finding a transaction on your bank reconciliation window, please refer to our guide.

If transactions are grouped together, you can change this if required.

I can't find the difference

If you can't find the difference we recommend starting the bank reconciliation again. Read more >

Once you identify the problem, if you need to correct a transaction please refer to our corrections guide >

If you prefer, you can post an adjustment transaction to the suspense nominal code 9998 to temporarily correct the balance. If you're unsure, please check this with your accountant.

 

Solution Properties

Solution ID
200427112355308
Last Modified Date
Fri Dec 16 14:45:31 UTC 2022
Attributes
Product Details
Modules: Bank
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