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Bank Reconciliation using Sage

Bank Reconciliation using Sage

I work as a contract bookkeeper with a small company that uses Sage Instant.  They have been using it for 4 years, and NEVER EVER completed a bank reconciliation.  I want to start with the latest 2 or 3 months - can I do this without having to go right back to the start of the current financial year, because it is bringing up the whole years information.  I guess in a nutshell, can I enter a Start Date and Balance anywhere??


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30th Mar 2012 17:13

No reconciliation for yrs

I am not an accountant or expert, but the company should seek to reconcile their accounts for the 4yrs.  No telling what has been missed.

But what's the minimum, I do not know.

Maybe you could back up the previous years and start anew for this year.

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30th Mar 2012 18:45

Oh Dear!

I once spent many hours reconciling a Line 50 account that was only 18 months old.  If they have been VERY careful you could try ticking ALL the items in the rec. and UNTICK those that you know are unpresented.  You wil at least see whether the difference is significant.

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By alattax
30th Mar 2012 18:53

I would contact the company's accountants as they will (hopefully) have prepared a bank reconciliation for the last set accounts.

I would guess that they use your sage figures as the starting point. If so, ask them for their amendments to the bank account and when you incorporate them it will at least balance up to the last accounting year end. But this is probably easier said than done with sage. 

You only then have to reconcile the current year.

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