Need more, need help now?
- - - - - - - - - - - - - - - - - - pay-as-you-go support - no contract - tenth of an hour billing - expert help - fast service - no call queues
Need integration?
- - - - - - - - - - - - - - - - - - with your shipping system - website - invoicing system - crm - cms - manufacturing - order import - back to back orders..
Need a report?
- - - - - - - - - - - - - - - - - - Excel reporting that pulls data from Sage - custom layouts - layouts that change adapt to your brands and/or for drop shipping.
Want web hosting?
- - - - - - - - - - - - - - - - - - Your own domain name - email - a shop - wordpress - woo commerce - ticket systems - help desks - forums - portals

Bank reconciliation

Sage 50 general help forum - Free help and support for all general issues
Post Reply
Office1
User
User
Posts: 32
Joined: 16 Jan 2020, 12:05
Sage Version: Other

Bank reconciliation

Post by Office1 » 16 Jan 2020, 12:13

Hi,

I am new to forums. I have recently joined a company where use of SAGE 50 has been hit and miss with employees coming and going in the office.

At the moment I am trying to reconcile a bank statement from 01/01/2020. However, when I go to do this, there are transactions dating back from 2016 to 2018 not reconciled. This would take me forever to do this. Is there anyway of clearing these and starting with the balance on my current statement.

TIA

User avatar
brucedenney
Site Admin
Site Admin
Posts: 4619
Joined: 28 Feb 2006, 09:56
Sage Version: v28 UK/Europe/Africa

Re: Bank reconciliation

Post by brucedenney » 16 Jan 2020, 12:29

Hi Tia

You didn't say which version of Sage 50 you are using when you registered.

So I will have to be general in my response.

The items should not be there.

They should have been dealt with a long time ago.

There are 2 potential reason for their presence.

1/ They could predate bank rec being set up and not relevant.
2/ They could be erroneous transactions entered into sage that never appeared in the bank.

If they are just about every transaction that had been done, then in all probability they are reason 1. if there are only a few transactions, then it is probably reason 2

Let me know which and I will tell you how to handle them.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.

Office1
User
User
Posts: 32
Joined: 16 Jan 2020, 12:05
Sage Version: Other

Re: Bank reconciliation

Post by Office1 » 17 Jan 2020, 09:45

Hi thanks for your reply.

I only work 2 days a week and not in until Monday next. All I can tell you is that the last bank rec was in 2016 and there are a lot of transactions since then 2016 - 2018 still listed.

I will give you more details monday evening.


Thanks

Office1
User
User
Posts: 32
Joined: 16 Jan 2020, 12:05
Sage Version: Other

Re: Bank reconciliation

Post by Office1 » 17 Jan 2020, 15:27

Im just wondering if I could just 'match' the old transactions just to clear them from the screen. Would that work ? Or would it affect any other reports for 2020 ?


TIA

User avatar
brucedenney
Site Admin
Site Admin
Posts: 4619
Joined: 28 Feb 2006, 09:56
Sage Version: v28 UK/Europe/Africa

Re: Bank reconciliation

Post by brucedenney » 20 Jan 2020, 11:09

It depends on if these are genuine outstanding transactions or if they are historical transactions that never got reconciled when reconciliation was first configured.

When you answer the question we will know which scenario this is and which way to handle it.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.

Office1
User
User
Posts: 32
Joined: 16 Jan 2020, 12:05
Sage Version: Other

Re: Bank reconciliation

Post by Office1 » 21 Jan 2020, 19:25

Hi,

These are historical transactions that were never reconciled. The company stared using SAGE in 2016. Could I 'archive' old transactions ? Would the balance be still brought forward from previous years ?


TIA

User avatar
brucedenney
Site Admin
Site Admin
Posts: 4619
Joined: 28 Feb 2006, 09:56
Sage Version: v28 UK/Europe/Africa

Re: Bank reconciliation

Post by brucedenney » 22 Jan 2020, 10:35

You need to do a bank rec for just the brought forward stuff.

Because all the items are perfectly entered the balance at the end of it should be the same as at the beginning.

In real life this is rare to see happen. You will almost certainly have a balance left over representing historical errors as a result of not having done bank recs in the past. Get rid of that balance ie bring the balance back to what it started at) by posting a bank receipt or payment to the suspense account (typ 9999), date it the last day of previous financial year and give it a good description (adjustment to fix Bank Rec), make a note of it and pass it on to the accountant at year end
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.

Post Reply

Who is online

Users browsing this forum: Ahrefs [Bot] and 15 guests