Account Reconciliation

Sage 50 reconciles the selected G/L account against your monthly statement. You can reconcile any general ledger account in Sage 50. Typically, you would reconcile bank accounts, cash accounts (such as petty cash), and credit card accounts. You should systematically reconcile accounts each period so that you can quickly detect bank errors, match real-world data with Sage 50 data, and identify possible fraudulent activity.

To avoid fraud and quickly detect errors, strive to have your bank send statements toward the end of a period or month. Then always reconcile your account as soon as it arrives.

You can apply (or clear) transactions in three different categories:

  • deposits in transit
  • outstanding checks
  • other outstanding items (such as General Journal entries)