Skip to content
logo Knowledgebase

How do I reconcile a bank account, Visa, Mastercard or other credit card?

Created on  | Last modified on 

Summary

This article advises on the account reconciliation process.

Resolution

Note: The following steps are for reconciling a bank/credit card account when it has been done at least once. If not done once, or the bank reconciliation has been reset, then follow the instructions in How to set up the bank reconciliation for the first time or after a reset


  1. In Enhanced View, click the pane Banking, then the task Reconcile Accounts.
    • In Classic View, under General, click Reconciliation & Deposits.
  2. In Reconciliation & Deposits window, choose the bank/credit card Account to reconcile.
  3. Enter the bank/credit card Statement End Date.
  4. Enter the bank/credit card Reconciliation Date.
  5. Enter the bank/credit card Statement End Balance.
  6. (optional) Insert a Comment if desired.
  7. (optional) On Income tab, enter any amounts that are necessary.
  8. (optional) On Expense tab, enter any amounts that are necessary.
  9. In the Transactions tab: Mark as Cleared the transactions that have cleared the bank (click beside it in the Cleared column).

    Note: If an online bank/credit card statement has been imported, then Sage 50 will match the transactions based on the source number and the amount. 

    How to Import Online Bank Statement for account reconciliation?
  10. If there is no discrepancy, click Process to post the bank reconciliation.
  11. Print the Account Reconciliation reports.

Note: If there is a Discrepancy or Unresolved amount, See the different articles related to Discrepancy / Unresolved issues in Related resources below).


DocLink: Discrepancy and Unresolved are even. One is a positive and one is a negative

DocLink: My bank reconciliation has a discrepancy and / or an unresolved amount
DocLink: How to set up the bank reconciliation for the first time or after a reset
DocLink: In the Bank Reconciliation, I have an Unresolved amount but discrepancy amount is zero
DocLink: How to Import Online Bank Statement for account reconciliation?

DocLink: Bank reconciliation has a discrepancy amount of a few pennies.


Chat with support