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Bank reconciliation shows a discrepancy or an unresolved amount

Created on  | Last modified on 

Summary

How to solve bank reconciliation discrepancies or unresolved amounts in Sage 50 Accounting.

Resolution

CAUTION: Sage Customer Support cannot assist with issues related to third-party products or enhancements, hardware, report customizations, state or federal tax-related questions, or specific accounting questions. Refer to our Scope of Support document for details. For assistance, contact your Sage business partner, network administrator, or accountant. 

 

Notes:

  • The purpose of bank reconciliation is to test whether your account records match your bank statement
  • If you have a discrepancy and/or an unresolved amount, you need to investigate the source
  • Sage Support doesn’t provide bank reconciliation analysis services or a quick fix as it isn’t possible to know what entries must exist in your company books or what must be posted to your bank statement
  • This article is used to aid in your bank reconciliation investigation

Check the following before you begin:

  1. You’ve entered the correct:
    • Statement Opening Balance
    • Statement Ending Balance
    • Statement Start Date
    • Statement End Date
  2. All the transactions in your bank statement are recorded in Sage 50.
  3. All the transactions are dated correctly.
  4. You’ve cleared the transactions that appear in your bank statement.
  5. Your bank account in Sage 50 has the proper book balance.
  6. If applicable, you have added bank fees in the Expense tab.
  7. If applicable, you have added gains (interest, exchange, errors) in the Income tab.
  8. The Outstanding amount matches the total of all the unchecked items in the Reconciliation window.
  9. If they don't, then reset the reconciliation by following How do I reset the bank reconciliation?

 

DocLink: How do I reset the bank reconciliation?

DocLink: How to reverse bank reconciliations

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