How to Modify the Start Date of the Statement of Bank Reconciliation?

How to modify the start date of the statement of bank reconciliation

There’s no way to avoid the fact that running or maintaining a company necessitates; the completion of regular administrative tasks. Statement of bank reconciliation is one such term that should be done on a regular basis. However, this term may make your cringe but the technology advancements have rendered it a far easier and quicker process than it was previously. With the right accounting software, Sage 50 makes your daily task much simpler and quicker that significantly boosts the visibility of your business finances.

Before you start bank reconciliation in Sage 50, make sure you’ve entered the majority of your financial transactions for the time when you’re reconciling such as Statement Start Date, Statement End Date, Reconciliation Date, Statement Opening Balance, and Statement End Balance.

Majority of users’ concern is whether they can modify the start date of the statement of bank reconciliation. Well, the answer is no because once you posted your first bank reconciliation then you’re no longer able to change the statement start date, as it follows the previous statement end date. If you do need to change then you have to go through the below provided steps in this article.

Causes behind modifying the start date of the statement of bank reconciliation:

The below listed are some of the possible causes:

  • The previous month’s account reconciliation has already been released, and a difference number has now been determined.
  • Even if the ending balance matches the open balance and nothing is cleared, there is a sum that has not been resolved.
  • Sage 50—Canadian Edition is reading the wrong numbers because the bank reconciliation table includes some bad results.
  • Sage 50 does not have the capability to reverse bank reconciliations for a specific month.

Reliable steps for how to modify the start date of the statement of bank reconciliation:

Before you start implementing the steps, make sure you consider important note: If you have a Sage 50 Cloud subscription and are using Sage 50 2020.2 or Sage 50 2021 in order to reverse single bank reconciliation rather than resetting all bank reconciliations for an account.

Step 1: Create a backup:

Make a copy of your data because all previously completed bank reconciliation records will be permanently lost if you don’t. Here is the steps need to follow in order to create a backup:

  • Make sure you are logged into the company which you want to backup
    • If you’re using Sage 50 Quantum or Premium then make sure you be in single-user mode under the sysadmin
  • Next, go to the File menu and select the Backup option
    • You can also click on the Backup icon from the Toolbar which is located at the top of your Home screen 
  • Enter the file name in the Sage 50 Backup window
    • It would be great idea if you include the date as part of the name (example: UC141222)
  • Choose the folder where you want to save the backup
    •  Please do not place the file location in the.SAJ folder, as this is where the program backs up the files.
    • The most recent backup file path is remembered and used as the norm for subsequent backups.
    • If you’re not sure if you want to overwrite an existing backup, don’t do it.
  • At last, click Ok to begin the backup.

Step 2: Get a list of the Outstanding Transactions:

  • Initially, go to the Reports >> Banking >> Account Reconciliation Report
  • Use the Report type: Summary report with Outstanding transaction detail
  • Choose an appropriate bank account and then select the relevant start date and end date so as to display the latest successfully reconciled period
  • Now, select the option “Report By Statement End Date”
  • And then hit Ok to display the report
  • Select the Print tab or simply click “Open in Excel” in order to save the report.

Step 3: Clear the Bank Reconciliation:

  • Perform a double-click on the Chart of Accounts
  • Note: If it is in Enhanced View then go to the Chart of Accounts >> select the Company tab from the left pane)
  • Next, do double-click on your Bank Account
  • Now, select the tab “Reconciliation & Deposits”
  • After that, uncheck the box which is beside the “Save Transactions for Account Reconciliation”
  • Click on the Save & Close tab to close the account
  • In the end, select Ok in order to remove all reconciliation information. 

Step 4: Re-enable the bank account for the bank reconciliation:

  • First, do a double-click on the bank account
  • Next, select the tab “Reconciliation & Deposits”
  • Now, put a checkmark in the box which is next to “Save Transactions for Account Reconciliation”
  • After that, a Setup button appears  on the bottom of your page
  • Click on it and set up revenue accounts for Exchange gain, Interest income, Adjustments, and Error-Gain
  • You can also set up expense accounts for NSF, bank charges, Interest Expense, and Fee
  • And then click Save & Close to close the account
  • Also, close the accounts window by clicking X which is at the corner.

Step 5: Once again setup the bank reconciliation:

  • Open the Account Reconciliation journal and then choose an appropriate bank account
  • Next, try to enter the Statement Start Date, Statement End Date, Reconciliation Date, Statement Opening Balance, and Statement End Balance again for the month where you were trying to reconcile
  • Once done with that then click “Add Prior Outstanding” and use the report you printed/exported earlier to manually put in the transactions that were pending prior to your statement start date.
  • In the “Show Resolved Trans”, you have to set the date
  • On or After as far back as the older prior outstanding transaction
  • From the list of “Resolved Transactions” you have to select the outstanding transactions
  • After that, click Add to move them down to the Outstanding Transactions list
  • Even after changing the search date, if a transaction that was outstanding as of the Statement Start Date does not appear in the list of Resolved Transactions, you can manually add it by clicking Insert Outstanding (A journal entry will not be created)
  • When all of the outstanding transactions have been added and then click Ok (If you don’t have any outstanding transactions to put in, click OK and leave the Outstanding Transactions list blank)
  • Finally, you can try again to reconcile your bank account.

Frequently Asked Questions

Q1. What do you understand with Bank reconciliation in Sage 50?

Ans. It is a process where you match the financial statements of your accounting software against the original bank statements. If the two balances match that means that you have successfully reconciled. Preparation of a bank statement on a regular basis is a key cash management practice.

Q2. How to do Bank Reconciliation on Sage?

Ans. The bookkeeper or accountant will use the bank reconciliation to track down any missing transactions and correct any mistakes. In layman’s terms, reconciliation ensures that what has been paid for matches what has actually occurred in the business; it brings (or reconciles) the company accounts to the bank or other statements. Bank reconciliations must be performed on a regular basis to ensure that accounts are up to date and that nothing is overlooked.

Q3. How to view a reconcile report in Sage 50?

Ans. First, do click on the bank Accounts and then click on the concerned bank account. Click on the Reconcile and then click on the OK button. After that, check the history by clicking on the View History.

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