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Reconcile your bank account

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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

Reconcile your bank account each time you receive a statement from your bank. This ensures your transactions and bank balances in Sage 50 Accounts are accurate. Let's go through the 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.

Resolution

Step 1 - 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 2 - 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.

    TIP: To select more than one transaction, you may need to hold down the Ctrl key. You can amend your settings to allow you to select multiple records just by clicking them.  


    If you haven't entered a transaction into Sage 50 Accounts that show on your bank statement, you can post an adjustment.

If required, you can save the reconciliation at any point and complete it later, 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 3 - 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 flagging your transactions and creates a PDF file of your reconciled statement.
    Isn't zeroYou must find out why the difference isn't zero.

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

 NOTE: The Book Balance is the bank account balance as of the End date.

Step 4 - 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, follow our step-by-step article.