Reconcile an Account for the First Time

Set up the account you want to reconcile.

To reconcile an account for the first time:

  1. Find the most recent statement for the Bank or Credit Card account you want to reconcile. If you have never reconciled this account, find all the statements you have received for it.
  2. Open the Reconciliation & Deposits window.
    1. In the Home window, click Banking on the navigation pane.
    2. In the Tasks pane, click the Reconcile Accounts icon.
  3. Select the account that you are going to reconcile.
  4. Enter the Statement Start and End dates (from the statement you are reconciling), and then enter the Reconciliation date.

    5. Note: If you are reconciling more than one statement for the account, you can reconcile them together or separately. If there are several statements, it is easier to reconcile them separately, starting with the oldest one.

  5. Enter the Statement Opening and End balances.
  6. Select the Transactions tab, and click Add Prior Outstanding.
  7. Enter a date to Show Resolved Transactions On Or After. If you know the date of your oldest outstanding transaction for this account, choose that date; otherwise, accept the default date.
  8. (Optional) Select a sort method for the transactions from the list. The Order of Entry option sorts transactions in the order in which you originally entered them.
  9. Select the transactions that were still outstanding on the start date of your bank or credit card statement, and click Add to move them to the Outstanding Transactions table. Click Add All if all listed transactions were outstanding.

    10. (Optional) Change the Show Resolved Transactions date to find other transactions.

  10. If you have performed any transactions that you have not recorded in Sage 50 Accounting, click Insert Outstanding to add these amounts manually.
  11. (Optional) Display the reports in the Report menu. It's a good idea to print these Account Reconciliation Transaction reports (Resolved or Outstanding transactions or both) to save in your account reconciliation files.

    12. These reports provide a list of the transactions cleared and outstanding and can be used to verify data entry against your bank records.

  12. Click OK and then Process.

You are now ready to complete an account reconciliation.