Simplifying the Bank Reconciliation Process

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.

 

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

EN 

FR

How to setup the bank reconciliation for the first time or after the bank reconciliation has been reset?

10310

23595

Modifying closed bank reconciliations

23449

 

Discrepancy and/or an unresolved amount

10237

10400

 19813

260-1007325

"No account has been selected" when trying to post my bank reconciliation

11318

260-1006936

Reset the bank reconciliation

10073

20467

Bank reconciliation is missing transactions

13203

 

Print the bank reconciliation report

34354

 

Reconcile an account using Sage 50

43210

23595

Save a partially completed bank reconciliation in Sage 50

16655

 

Bank reconciliation has a discrepancy amount of a few pennies.

16409

20024

Lisez ce blog en Français

Special thanks to Luc Letarte for providing the infographic!

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