How to Enable Bank Reconciliation in Sage 50?
It’s not tough at all to guess why Sage 50 is extremely popular among the business community across the world. This premier accounting software helps businesses perform their accounting tasks in a more streamlined and efficient manner. Sage 50 is also widely appreciated for its user friendly interface. Even a novice accountant can use this accounting software with ease. However, as per the feedback received from a section of Sage users, there are some accounts related features they often find difficult to use. Some of them have informed that they are not quite aware of how to enable bank reconciliation in Sage 50. In this blog, we are going to address this. Here, we will look at a simple and step-by-step procedure to enable bank reconciliation in Sage 50.
Also Read – Reconcile Accounts in Sage 50
Here we go!
Procedure to Enable Bank Reconciliation in Sage 50?
Please follow the steps below-
- Open the Sage 50 application
- Go to the Home window:
- If you are in Enhanced View, choose Company and then double-click on Chart of Accounts.
- If you are in Classic View, double-click on the tab named Chart of Accounts.
- Now, do a double-click on your bank account
- Click on the Reconciliation & Deposits tab
- Next, checkmark the box adjacent to Save Transactions For Account Reconciliation.
- The Set Up button will be displayed at the bottom of the page.
- Click on this button and set up the revenue accounts for:
- Exchange gain
- Interest income
- You can also set up expense accounts for the following
- bank charges
- NSF Fee, and
- Interest Expense.
- If required, you can rename the types of Interest and Expenses available in the bank statement.
- Click OK to save your settings
We hope the sequential steps mentioned above have helped you a great deal to enable bank reconciliation in Sage 50. If you are still experiencing any difficulties in carrying out the above-mentioned steps or if you have any more queries, we would recommend you to get in touch with some authorized Sage experts.
Also Read: Credit Card Reconciliation in Sage 50
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