Sage 50 displays this window when you select the Beginning Transactions button in the Account Reconciliation window. Beginning transactions provide a way to account for transactions made prior to starting Sage 50 that have not yet cleared the bank (not appeared on the bank statement). They are primarily used to resolve unreconcilable differences during the first account reconciliation. Future account reconciliations should, in theory, display all transactions entered in Sage 50 that need to be cleared.
Note: Beginning transactions are not posted to the general ledger. They are used only when initially reconciling an account. Once you have reconciled an account in two or more periods, the beginning transactions should be cleared.
The toolbar at the top of the window contains the following buttons: Cancel, OK, Row, and Help.
When to enter beginning transactions
Beginning transactions should include all the following criteria:
- The beginning transaction amount was originally included as part of the general ledger account beginning balance.
- The beginning transaction is dated prior to the general ledger beginning balance date. For example, if you started Sage 50 on 1/1/11, you would typically enter G/L beginning balances as of 12/31/10. Beginning transactions would typically be dated in December 2010.
- The beginning transaction has not cleared the bank as of this statement (the first statement you are attempting to reconcile in Sage 50).
During the first account reconciliation, beginning transactions must not be cleared but must remain outstanding. These outstanding transactions will adjust the Sage 50 Unreconciled Difference to zero (0.00). Later in the second or future reconciliation, clear these transactions, which will allow you to balance your account.