Steps to reconcile your bank accounts in Sage 50

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The Sage 50 software is a user-friendly desktop accounting tool that is used by small growing businesses. It includes standard accounting features such as accounts payables and accounts receivable. It also handles the payment of bills and management of monetary transactions.

Sage 50 software has application versions for iOS, Android, and BlackBerry devices. It is extremely compatible with popular tools of productivity, such as Word, Outlook, Microsoft Excel, and Exchange.

In case you have any questions regarding the Sage 50 accounting software that you can’t seem to find information on anywhere, feel free to call the Sage 50 support number and clear all your queries regarding this tool.

This article is to provide you with instructions that you can undertake in order to reconcile your bank accounts. But, before we get into the steps that will help you in the reconciliation of your bank accounts, you will need to make sure that you have entered most of your financial transactions for the period that you want to reconcile.

Make a note of these:

The following are the list of things you need to ensure that you’ve posted before reconciling your bank accounts in Sage 50 :

  • You need to make sure that all your sale invoices have been entered and updated on your accounts system. This will ensure that you can allow any payment you receive to the correct invoice.
  • Make sure that all your receipts which have been paid into the bank account manually have been entered in the accounts system.
  • Ensure that you have posted any cheques that you have written and sent into the accounting system.
  • You should also check whether or not you have entered all your supplier invoices into the system. This will ensure that any payments you make to your suppliers can be allotted against the correct invoice.
  • Make sure that you have processed any recurring bank entries that you may have set up for past payments.

In case you are facing any issues with following any of the instructions provided above, you can contact the Sage 50 support phone number and seek the guidance you require in order to get over the hindrances that you might be facing.

To begin reconciliation:

Follow these in order to begin the reconciliation of your bank accounts:

  • First, you will need to choose the account that you want to reconcile.
  • Then click on the Reconcile icon from the module of your bank accounts.
  • This will open up the window of your Statement Summary.
  • Here you will need to enter a title for the reconciliation of the bank
  • Then enter the balance of the bank statement that you are reconciling to along with the date of the statement.
  • Next, you will have to click on OK.
  • Doing so will open up the bank reconciliation screen and allow you to use your bank statements to tick off all the transactions that are currently appearing in Sage 50 against the bank statements themselves.
  • In case any items you have ticked off, like direct debits, you can add them now by using the adjustment button and picking the right type of payment or receipt.

    In case you get interrupted:

  • You can also save the reconciliation at any time you want and return to it later. Any matches that you might have made will be saved. Ensure that you click on the ‘Used Saved’ option and not the ‘Discard Saved’ option when you open the bank reconciliation section the next time. If not you will have to repeat the steps from the beginning.
  • Once you are content with all the items you’ve matched in Sage with an entry on your bank statements. Make sure that no items are left un-ticked on your actual bank statement. You should be in a position to complete the process of your bank account reconciliation.
  • Make sure that the ‘Difference’ box located in the bottom right-hand corner is completely empty. Do this before you click on the Reconcile button. If such is not the case, then check whether or not the bank statement amount that you have entered is correct. Then, double check all the items that you have ticked off. You might have matched an additional item by mistake.
  • Finally, after you are confident about the fact that your figures are accurate and the difference box is completely empty, click on the Reconcile button.
  • Make a note to self that for future references, a copy of your bank reconciliation will be saved in the archives.

Call if you need us

Following the process that has been mentioned above will help you in the reconciliation of your bank accounts in Sage 50. We hope that this article has helped you in clearing any doubts you might be having about this topic earlier. In case you are not able to follow through with the procedure even after following all the steps or if you are stuck on a particular step, please do contact the Sage 50 Support Phone Number and seek the assistance necessary to resolve the issues that you might be facing.