How to Enable Bank Reconciliation in Sage 50?

To be able to prepare a bank reconciliation statement on a periodic basis is basically a necessary cash control process. Its main function is to verify the balance of cash shown on the general ledger against the balance shown on the bank statement. These two balances are rarely equal owing to both differences in timing in being able to record the transactions and any errors that have been thus made. The bank reconciliation process can also uncover any errors recorded in either the company books or within the bank statements. In this topic we will try and explain where and how a bank reconciliation is prepared 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
  • Adjustments
  • Error-Gain
  • 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

Also Read : Credit Card Reconciliation in Sage 50

Final Words

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