Set Up an Account for Reconciliation
Before you can complete monthly account reconciliation, you must first set up a reconciliation account and then complete an initial account reconciliation.
To prepare Sage 50 Accounting for account reconciliation:
- If they do not already exist, add the following accounts to Sage 50 Accounting:
- In the Home window, choose Accounts.
- Open the account you want to reconcile. On the Account Reconciliation tab, check the Save Transactions For Account Reconciliation box.
- Click the Set Up button, and select the income, expense, and adjustment accounts you added in step 2 (you don't need to fill in every box).
- Click OK.
Account to be reconciled
You can reconcile most accounts in the 1000 to 2999 range. For example, you may use accounts for purchases, payroll, and credit-card payments.
Income accounts
For amounts that your financial institution deposits to your account, such as Bank Interest. Number them in the 4000 to 4999 range.s
Expense accounts
For amounts that your financial institution charges you or withdraws from your account, such as bank charges or merchant fees. Number them in the 5000 to 5999 range.
Adjustment account
An income or expense account for errors that you find on your statement and for occasional, small adjustments, numbered in the 4000 to 4999 or the 5000 to 5999 ranges.