Frustrated and need help troubleshooting your bank reconciliation? Our support colleague Luc Letarte, has graciously put together the following flow chart resource on the subject.
Why is the Bank Reconciliation Important?
"Bank reconciliation is the practice of comparing your records against the bank's records. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors." - thebalance.com
Common Issues:
Issues arise when you adjust or reverse transactions from previous months already reconciled, forcing the reset of the bank rec and or restore of a backup if bank reconciliations have already been posted.
Resources:
See below and contact the Sage 50 CA support team at 1-888-522-2722 if you still need help.
- Click this link for an online form that walks you through the flowchart 1 step at a time: https://www.cognitoforms.com/Me21/TroubleshootingABankRecWithSage50Canada
KB links and resources from the flowchart above
- KB10400: In the Bank Reconciliation, I have an Unresolved amount but discrepancy amount is zero
- KB38081: How to restore from a backup
- KB40861: How to run Advanced Database Check
- KB16409: Bank reconciliation has a discrepancy amount of a few pennies.
- Involves contacting Sage Customer Support (Level 2) at 1-888-522-2722 for a data rebuild.
- KB10073: How do I reset the bank reconciliation?
- KB10310: How to setup the bank reconciliation for the first time or after the bank reconciliation has been reset?
- KB10237: My bank reconciliation has a discrepancy and/or an unresolved amount
Want to Learn more?
Visit SageU for a variety of training resources.
Learn the benefits of using deposit slips, making it easier to complete account reconciliation at month end. Also, learn how to activate and use account reconciliation, one of the most important steps at month end for businesses.
Sage 50C now also enables the import of Sage One automatic bank feeds. Sage 50 2018.1 brings enhancements to the bank reconciliation process as well, you can now enter missing transactions easily and breeze through reconciliation routines with matching of bank transactions from imported statements for more information, see What's New in 2018.1 PDF document.
Other Resources from the blog on Sage 50 Common Questions
Bank Reconciliation |
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How to setup the bank reconciliation for the first time or after the bank reconciliation has been reset? |
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Modifying closed bank reconciliations |
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Discrepancy and/or an unresolved amount |
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"No account has been selected" when trying to post my bank reconciliation |
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Reset the bank reconciliation |
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Bank reconciliation is missing transactions |
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Print the bank reconciliation report |
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Reconcile an account using Sage 50 |
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Save a partially completed bank reconciliation in Sage 50 |
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Bank reconciliation has a discrepancy amount of a few pennies. |
Special thanks to Luc Letarte for providing the infographic!
