Sage 50 Undo Last Reconciliation

Sage undo Last Reconcilation

No prizes for guessing why Sage 50 is extremely popular among the business community across the world. With its amazing functionalities, Sage 50 helps businesses perform their accounting tasks in a more streamlined manner. In addition to the normal accounting functions, Sage 50 has offered several reconciliation components as well. With the help of these, you can reconcile your savings, credit card amounts and other transactions.

However, some users of Sage have informed that they are finding it difficult to undo the last reconciliation made in Sage 50. If you are also one of them, simply go through this blog. Here, we would be showing you a simple and step-by-step procedure to undo the last reconciliation made in Sage 50.

Here we go!

First and foremost, we will look at why a need may arise to undo the last reconciliation.

Why do Users need to Undo the Last Reconciliation in Sage 50?

Several situations may arise that may prompt a user to revert the last transaction. Some of them are listed below-

  • The transaction does not appear to be clear
  • The corresponding invoice may have been recorded on a wrong date
  • The bank reconciliation table includes irrelevant data and Sage 50 is not able to extract the correct figure
  • Inability to reverse a transaction pertaining to a particular month
  • Incorrect documentation of the transaction

Procedure to Undo the Last Reconciliation in Sage 50?

Here, we are providing a simple, step-by-step method to undo the last reconciliation in Sage 50-

Total Time: 35 minutes

Create a Proper Backup

Before reversing the last reconciliation, it is important for you to take a proper backup. this will help you restore your data quickly at any point later on. It will also help you avoid the loss of crucial business information.

Gather Information on Outstanding Transactions

Please follow the instructions given below-
🔸 Open Sage 50
🔸 Locate report
🔸 Click on the Banking tab
🔸 Now click on Account Reconciliation Report
🔸 On the Report Type box, choose summary report with the outstanding transaction details
🔸 Select the specific account
🔸 Select the start and end date
🔸 Adjust the report with respect to the Statement End date
🔸 To monitor the report, click Ok
🔸 You may not proceed to print or save the report

Remove the Bank Reconciliation

🔸 Open Sage 50
🔸 Locate Chart of Accounts
🔸 Double-click on it
🔸 Select the corresponding bank account
🔸 Click on the Reconciliation and deposit option
🔸 Uncheck the box adjacent to Save Transactions For Account Reconciliation
🔸 Click Save
🔸 Click Close
🔸 Finally, click OK to clear all the reconciliation information

Enable the Account for Which Reconciliation was Done

🔸 Select the corresponding bank account
🔸 Click on the Reconciliation and deposit option
🔸 Check the box adjacent to Save Transactions For Account Reconciliation
🔸 A set up option will be displayed at the bottom. Click on this option
🔸 Set up revenue accounts for adjustments, exchange gain, error gain and interest income
🔸 If needed, you can also set up expense accounts for bank charges, interest expenses and NSF fee
🔸 Click Save & Close
🔸 Finally, click on X to close the window

We hope the sequential steps mentioned above have helped you a great deal to undo the last reconciliation made 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 consult with some of the authorized Sage experts.

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Frequently Asked Questions (FAQs)


How can I E-file the 941/941B Federal Tax Forms?

🔹 Open the Sage 50 application
🔹 Navigate to the Reports and Forms menu
🔹 Select Forms
🔹 Browse to the Tax Forms section
🔹 The Select a Report or Form window will pop up on your screen 
🔹 Now, double-click on the Payroll Tax Forms tab
🔹 Click on the Available Forms box
🔹 Choose the current 941/Schedule B/941-V Report
🔹 Navigate to the select filing period section 
🔹 Select the relevant year
Please note: If you select a new form, you should select the relevant year again
🔹 Click OK to proceed
🔹 Follow the on-screen instructions to complete the procedure

What are the Basic Requirements of e-filing Tax Form 941 in Sage 50?

You need to fulfill the below-mentioned requirements-
🔹 A compatible Sage 50 version
🔹 An active subscription to Sage 50 Payroll Solutions
🔹 The latest Payroll update
🔹 A stable internet connection
🔹 Enrollment in the IRS e-File program
🔹 10-digit unique code assigned after successful enrollment to the IRS e-File program

How can I Print or E-file the State Quarterly Forms?

🔹 Open the Sage 50 application
🔹 Navigate to the Reports and Forms menu
🔹 Select Forms
🔹 Browse to the Tax Forms section
🔹 The Select a Report or Form window will be displayed on your screen 
double-click on Payroll Tax Forms 
🔹 Click the State form type tab
🔹 Choose your State for which you need to print or E-file
🔹 Open the select filing period section 
🔹 Select the relevant quarter and the year
Please note: If you select a new form, you should select the relevant year and quarter again 
🔹 Click OK 
🔹 Follow the instructions displayed on your screen


FAQs

How to Unflag a Transaction Made in Sage 50?

If restoring a transaction is not a practical option, you can remove the bank reconciliation flag manually from any individual transaction. To do this, follow the steps below-
🔹 Go to the navigation bar 
🔹 Click on Transactions
🔹 Choose the required transaction 
🔹 Click on Edit.
🔹 Unmark the Bank rec on checkbox
🔹 Click Save 
🔹 Click Yes
🔹 Navigate to the navigation bar again
🔹 Click on Bank accounts
🔹 Double-click on the bank account 
🔹 Click Memo.
🔹 Double-click on Statements
🔹 Right-click on the statement to remove
🔹 Click Delete.
🔹 Click Save
🔹 Finally, click Close.

What Happens when I Reverse a Reconciliation?

When you choose to reverse a bank reconciliation, the corresponding transactions are marked ‘ unreconciled’. Also, the bank rec date is deleted. In case you decide to reverse a bank reconciliation that includes other subsequent reconciliations, all these reconciliations get reversed as well.

What is the Procedure to Setup a Credit Line Bank Account in Sage 50

It’s simple! You can simply set up a credit line account just like any other bank account. You can then name it accordingly. Here are the steps to follow-
🔹 Navigate to Chart of Accounts 
🔹 Create a new bank account 
🔹 Make sure to keep the Account Class as Bank.
🔹 Mark the Account as a Credit line account.
🔹 You may also select to make regular payments from this account 
🔹 If you want to transfer money between this account and other bank accounts, follow the steps below-
🔹 Click on the Banking tab
🔹 Click the tab named Transfer funds.
🔹 You can click on the Transfer from /Transfer to bank name as you require 
🔹 Enter the amount as desired.
🔹 Click on Process.

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