itas bank reconciliation faq

Your FAQs on Bank Reconciliation in Sage 200 (And More…)

In Sage 200 by Holly Crompton

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Bank Reconciliation, it is an important process for any business. When working on Support, we get asked countless amounts of questions surrounding this subject. We figured, what better way to help Sage users than to create an FAQ on Bank Reconciliation.

What is a Bank Reconciliation?

A Bank Reconciliation makes sure that the Cash Book and Bank Statement transactions are recorded. It makes sure that there are no differences between the transactions appearing on the Bank Statement and what is entered in the Cash Book.

1. Where in Sage do I perform a Bank Reconciliation?

This one of the most common questions we receive. It is part of the Sage 200 Financials module, and it can be found within the Cash Book > Period End Routines > Bank Reconciliation.

2. Can you part reconcile a transaction?

Yes, this is possible. You can do this by selecting the transactions that you want to part reconcile, and then entering the amount you want against it.

This will then appear on the reconciled report showing you the amount reconciled and the amount unreconciled. The transaction will still appear when the ‘Show all unreconciled transactions’ button is selected, however, it will have a status of ‘Part’.

Bank Reconciliation - Part Reconciled

3. Can you un-reconcile a transaction?

Yes, you can, however, the method varies depending on which version of Sage 200 you have.

In the 2015 version and below, you will do it in the Bank Reconciliation screen by selecting ‘Show All Transactions’. You will then find and tick the transaction you wish to un-reconcile and change the statement value to ‘0’. Then, when you click ‘Reconcile’ it will produce the two reports and the transaction will now be on the Unreconciled Report.

Bank Reconciliation - Unreconcile 2015

 

In the 2016 version of Sage 200, they have new features which include the ‘Unreconcile Bank Transactions’ menu item. This allows you to select the transactions you want to un-reconcile.

Bank Reconciliation - Unreconcile 2016

4. Where does the Opening Balance figure come from?

The opening balance on the Cash Book Account comes from the last Bank Reconciliation closing balance. You are able to see this on the Cash Book Account when you click on ‘Amend Account’ and go to the ‘Statement Balances’ tab.

5. What is a Projected Closing Balance?

This is a figure that you enter which allows you to check if the transactions that you select, make up the amount you think the closing balance should be.

6. Can you complete your Bank Reconciliation if the projected Closing Balance does not match the actual Closing Balance?

When the two balances differ and you click on ‘Reconcile’, a message will appear warning you that the balances are not equal and if you would like to proceed. You can click ‘Yes’ on this to ignore and Reconcile or you click on ‘No’ and this will take you back to the screen for you to double check the figures.

7. How do I know if a transaction has been reconciled?

There are a couple of ways to check.

All transactions, if they have been reconciled, will have a Statement Date against them. So you can go off this when looking at workspaces or reports. You can also tell if a transaction has been reconciled if it has a page number entered against it. This is the number that you enter when you are in the reconciliation screen.

Bank Reconciliation - Statement Date

8. What are the reports that are produced when I complete my Reconciliation?

When you reconcile, two reports will be produced. One is the Reconciled report which shows you all the transactions that have been reconciled and the other is the Unreconciled report which shows you all the unreconciled transactions.

Remember, if you reconcile all the transactions within the window, only the Reconciled Report will be produced. Unfortunately, you cannot reproduce these reports once they have been run. You can either:

  • Export or save the reports when they are run.
  • Or have your output mode set to Spooler so you can access them at a later date to save.

Conclusion

Now we are at the end of our FAQ, hopefully, you are a master of all things Bank Reconciliation!

bank reconciliation - ebook cta 1


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