Account Reconciliation

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How do I reconcile an account

Importing bank statements

Void payables checks

Account Reconciliation fields

Perform other Sage 50 General Ledger procedures

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)

To reconcile an account, you enter the bank statement date and the ending bank balance. Then, you need to clear transactions that are reported on the bank statement. Each time you clear a transaction, the difference is reflected in the Outstanding Checks, Deposits in Transit, and Unreconciled Difference fields.

Reconcile an account

Autoclear: When you're working in Account Reconciliation and select a general ledger account containing transactions from Sage Bank Feeds that have not been matched to existing Sage 50 transactions, Sage 50 tries to make a match. Any imported records that are successfully matched this way are listed as autocleared. Sage 50 also gives you the ability to manually match and clear any transactions that can't be autocleared.

Once all transactions are cleared, the account can be reconciled in the usual manner.

Learn more about using Bank Feeds

Manually match and clear transactions

Autoclear: When you're working in Account Reconciliation and select a general ledger account containing electronically imported transactions that have not been matched to existing Sage 50 transactions, Sage 50 tries to make a match. Any imported records that are successfully matched this way are listed as autocleared. Sage 50 also gives you the ability to manually match and clear any transactions that can't be autocleared.

Once all transactions are cleared, including the electronic transactions, the account can be reconciled in the usual manner.

Import a bank statement into Sage 50

Manually match and clear imported bank records

If you need to make an adjustment because an amount is different or you forgot to record a transaction, use the Add New button at the top of the window. This will open a menu where you can choose what you want to add. You can make an adjustment by selecting General Journal Entry. You can add a new check by selecting Write Check or Account Register. You can add a new receipt by selecting Receipt or Account Register.

Record a General Journal Entry

Enter a Write Check

Enter a Receipt

Use the Account Register

To search for a specific transaction in the Account Reconciliation, select the Find button. The search is completed in a separate window.

Find a transaction in Account Reconciliation

If you void a check in Sage 50, the original check will appear in the Checks and Bank Debits section of the Account Reconciliation window. The void (reverse) transaction will appear in the Deposits and Bank Credits section.

Learn about voiding payables checks