Pimbrook Software

4429: Bank reconciliation – Sage Accounts V21 and above

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Author: Pimbrook Support

Reconciling your bank is simply the process of matching your Sage transactions to those that appear on your bank statement.

A bank reconciliation flags the selected bank transactions to show you’ve checked they are correct, and records the date you checked them. You can then look back at any time to see which transactions are reconciled and which aren’t.

Complete the statement summary
  1. On the navigation bar, click Bank accounts then select the bank account you want to reconcile.
  2. From the toolbar, click Reconcile and complete the Statement Summary window as required.

 

Statement ReferenceThis shows the bank account reference, date and statement number. You can amend this, as required.
Ending BalanceThis defaults to the current balance of the selected bank. Enter the end balance from the actual bank statement you’re about to reconcile.
Statement DateEnter the end date of the actual bank statement you’re about to reconcile.
Interest EarnedEnter the details of any interest earned.
Account ChargesEnter the details of any account charges.

Tip: You can also edit this information once in the Bank Reconciliation window by clicking Edit.

3. Click OK.

 

Check your last reconciled balance

In the bank reconciliation window, check the Last reconciled balance.

This should match the opening balance on the bank statement you’re reconciling.

  • If it doesn’t match, to identify the reason look for the following:
  1. A reconciled transaction has been deleted.
  2. The bank reconciliation flag has been removed from a transaction that was reconciled.
  3. The value of a reconciled transaction has been amended.
  4. Additional transactions have been reconciled.
  5. A reconciled transaction has been moved to a different bank account.
  6. An opening balance has been posted to the bank account.
  • If it does match, continue to Match your transactions.
Match your transactions
  1. In the Un-matched transactions window, find and select the first transaction that appears on your bank statement, and click Match.
  2. The transaction appears in the Matched transactions window, check your running balance agrees with the running balance on your bank statement.
  1. If a transaction isn’t listed in Sage Accounts, but is on your bank statement, you can enter it using the Adjust option.
  2. Repeat steps 1 to 3 until all transactions are matched on your bank statement.

Note: If required, you can save the reconciliation at any point and complete it at a later date. To do this, click Save progress. Next time you open the Reconcile window, click Use Saved to open the previously saved reconciliation.

Reconcile your bank statement

Once complete, check the Matched Balance and the Statement Balance are the same, giving a Difference of zero.

  • If the Difference is zero, click Reconcile.

A progress bar appears while the software flags your transactions and creates a PDF file of your reconciled statement. The time this takes depends on the number of transactions you’re flagging.

  • If the Difference is not zero

 

End Balance – This should match the end balance on your bank statement. If it doesn’t enter the correct balance.
Last reconciled balance – This should agree with the opening balance on your bank statement and should also be the same as the matched balance from the previous period. If this is different, please refer to article 32811.
Adjustment postings – Ensure that you’ve posted any adjustments for bank charges or interest received.
Double check matched transactions:

  • Check for missing transactions.
  • Check for duplicate transactions.
  • Check the value of each transaction matches your bank statement.

Tip: If you prefer, temporarily you can post a transaction to correct it. To do this, use the Adjust option in the bank reconcile window to post a bank receipt or bank payment to nominal code 9998. If you’re unsure, please contact your accountant.

 

 


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