Bank rec on sage

Bank rec on sage

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Help Please!!!

I have just started a new job and I need to reconcile the bank on sage 50.

It has not been reconciled since 29/11/2013 so my closing balances do not match?!?!

What is the easiest way to reconcile the bank should I:

1) Ensure I have all statements in order from 29/11 to present date and input the closing balance on the final (Most recent) statement and match everything that way.

2) match each statement individually?

Sage has not been closed of for the year end, does the fact that it goes over two years even matter as long as everything is agreed and matched?

Really need a fast response to anyone that can save me I really appreciate this.

Replies (5)

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By User deleted
15th Jan 2014 15:08

I would reconcile ...

... month by month, or at least twice, to year end and to date.

Make sure at year end you print this report.

Bank/Reports/Reconciled and Unreconciled Reports/Bank Statement - reconciled and Unreconciled.

I usually save as a pdf too - this to me is the single most important report on SAGE. This report should match to the bank statement balance, and then list the unpresented items., depending on the number of pages I would save for the whole accounting year range, but if massive just print for the last month date range.

 

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By Monsoon
15th Jan 2014 15:21

Do it in batches

I tend to do bank recs in batches, so break each statement into sheets or into sections - definitely wouldn't do it all in one go! I find it's somehow quicker this way. And much less daunting if you have a lot to do! 

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By Kay_
15th Jan 2014 15:27

Outstanding items

Thank you,

 

On reconciling I have also noticed there are items not reconciled relating to 2010/2011?!?

 

SO to me does this mean that my balance will never match?

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By Monsoon
15th Jan 2014 15:38

Not quite

Your bank rec should always match as you will only match the items that relate to the bank statement.

 

However the bank balance on the books will always be adrift until you get rid of those transactions. As it's a new job, flag it up with your manager and ask them what they want you to do by way of dealing with them (writing them off/ reversing/ etc).

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By DKB Tiger
15th Jan 2014 22:38

Just be carefull if you have unreconciled it could be that the person has posted the item twice and has already matched it, if you have items on the bank rec that have not been matched then yes you will not have a Reconciled bank statement and as its a couple of years ago I find the journal number and find out why the posting happened and it could be that the (asume) a cheque has be send but never been cashed so then its right that its Not Reconciled.

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