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Using Sage 50 Accounting to Set Up Bank Reconciliation

Users of Sage 50 should make sure that they have entered their financial transactions for the reconciliation period before doing a bank reconciliation in Sage 50. It is now much simpler to reconcile your bank account on a lot more frequent basis thanks to the introduction of online banking. To acquire step-by-step instructions, users who discovered any Sage 50 Bank Reconciliation Discrepancies should refer to this help article.

By adopting a reconciliation configuration, users can flawlessly reconcile accounts in SAGE for the current fiscal year. You must perform manual reconciliation up until the end of the prior fiscal year and then return to the Sage 50 bank reconciliation setup if you want to reconcile older transactions that are not included in the current fiscal year.

Sage 50 Bank Account Reconciliation Instructions

You must complete the following four steps in order to set up bank reconciliation.

Step I: Permit the bank reconciliation.

  • Access the SAGE 50 Home Window:
  • First choose Company if you are in Enhanced View, and then click twice on the Charts of Accounts.
  • Also, double-click the Chart of Accounts for the traditional view.
  • Double-click the
  • Check the transactions by selecting the Reconciliation and Deposits tab, then save for account reconciliation.
  • See the setup button at the bottom of the page. To set up the revenue accounts for exchange gain, interest income, adjustments, and error-gain, click on it.
  • Use is also permitted for the establishment of expenditure accounts for bank fees, interest costs, and NSF fees.
  • Rename all of the bank statement’s listed expenses and interest categories at this time.
  • Click OK -> Save -> Close

Step II: Create a Bank Reconciliation System

  • After properly choosing the journal and bank account to which you want to reconcile, go to the Home window to begin.
  • Enter an end date, start date, and reconciliation date to match the information from your financial institution’s report, which includes the opening and closing balances of the statements.
  • To include any transitions that begin before the specified start date, click the Add Prior Outstanding button.
  • The system prompts you to save changes; select Yes.
  • If there are no outstanding transactions as of the stated start date, click the OK button.
  • The Show Resolved Trans to true. the date of the oldest outstanding transaction or later.
  • Choose the Resolved Transactions that are dated prior to the statement beginning date from the list of pending transactions.
  • To add a transaction to the list of pending transactions, click Add.

Verify or check Sage50 Bank Reconciliation

Typically, clicking Add All, removing any specific transactions that have cleared your account, and then clicking Remove are the simplest ways to pick pending transactions. You can click on Insert Outstanding and manually add an outstanding transaction if it does not appear in the list of resolved transactions as of the statement start date. Click OK when you have done selecting all outstanding transactions.

How can I reset Sage 50’s bank reconciliation?

It’s crucial to perform bank reconciliation in Sage 50 to guarantee that your real bank balance and the balance recorded in Sage 50 are identical. However, there are numerous reasons stated in the following paragraphs why users might occasionally need to reset bank reconciliation.

Resetting bank reconciliation in Sage may be necessary for a variety of reasons. Here are a few of them:

  • The account reconciliation for the previous month has already been posted, and a new sum has been determined.
  • There is still a balance that hasn’t been settled even if the closing balance is equal to the open balance and nothing is cleared.
  • Canadian version of Sage 50 Reading inaccurate data because the Bank Reconciliation database contains some inaccurate data.
  • Sage 50 is unable to undo monthly bank reconciliations.

How to Reset Sage 50’s Bank Reconciliation in Steps

We’ll demonstrate how to reset Sage 50’s bank reconciliation in this blog article. For financial advisors who use Sage 50 to oversee their clients’ accounts, this procedure is crucial.

Learn the entire process to reset Bank Reconciliation in Sage 50 in this exclusive blog post.

Method 1: Making a Backup File

If you don’t make a backup of your data, the information from previously completed Bank Reconciliations will be permanently lost.

To backup your data, open the file:

  • Verify that you are signed into the organisation you want to backup.
  • Make sure Single-User Mode in Administration is selected if you are using Sage 50 Premium or Quantum.
  • Proceed to the File >>> Backup
  • The Backup icon can also be selected from the toolbar at the top of the Home screen. (It resembles a filing cabinet)
  • It might be a good idea to include the date in this name
  • Select the folder where you want to save your backup
  • Please do not put the file location in the SAJ folder, as this is where the software backs up the files.
  • The latest backup file path is recognized and used as the default for the next backups.
  • If you’re not sure whether you want to overwrite an existing backup, don’t do it.
  • In the end, click “OK” to start the backup.

Method 2: Get a list of all unfinished business:

  • First, choose report >>> Banking >>> Account Reconciliation Report
  • Use the next report type: Summary information with unique transaction details
  • Select the appropriate bank account and then choose a suitable beginning date and end date
  • To show the latest successfully reconciled term
  • Choose Option Statement as per Report end date
  • To view the report, click “OK”
  • In the end, keep this report by choosing “Print” or “Open in Excel.”

Method 3: Put the bank reconciliation in order:

  • Double-click on the chart of Accounts first (if it is in Enhanced View then from the left pane go to the Chart of Accounts Company tab)
  • Then double click on the bank account
  • Select the tab Reconciliation and Deposit
  • Unmark the box next to Save transactions for account Reconciliation
  • Close the account just by clicking on the Save and Close
  • Finally, press “OK” to delete all reconciliation reports.

Method 4:Bank reconciliation should now be enabled once more:

  • First double click on the bank account
  • Next, choose the “Reconciliation and Deposit” tab
  • Place a checkmark in the box next to “Save transactions for account resolution.”
  • Click on the “Set Up” button that appears at the bottom of the page
  • After setting up revenue accounts for interest income, error gain, exchange profit, and adjustment
  • You can also make expense accounts for bank charges, insufficient funds fees, and interest rates.
  • Close the account by clicking the “Save & Close” tab
  • Finally, close the Accounts window with the X in the corner.

Method 5:Re-configure the bank reconciliation in Sage 50:

  • Firstly, open the Reconciliation and Deposit journal and then choose the appropriate bank account
  • Next, re-enter the Reconciliation Date, Statement Start Date, Statement End Date, Statement Opening Balance, and Statement End Balance for the month you were trying to reconcile.
  • Now, click on “Add past balance” to state the opening balance: Transactions outstanding on the start date of your statement using the export/printed report in step 2 (only after the statement start date) between the transactions Manually roll backdated) and Expiry date of details will be automatically imported by Sage 50)
  • After that, set the date within “Show Solved Transactions” and then “On or After”, where the balance is the oldest before the transaction.
  • Choose “Outstanding Transactions” from the list of resolved transactions
  • To go to them to the “Outstanding Transactions” list, you need to click “Add”
  • If a transaction that was outstanding as of the Detail Start Date does not appear in the “Resolved Transactions” list even after the search date has been modified.
  • You can tap on Insert Outstanding tab and then add it manually
  • Once you have added all the outstanding transactions tap on “OK” (Leave the outstanding transactions list blank and tap OK if you have no outstanding transactions to fetch)
  • Lastly, try reconciling your bank account once again.


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