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Bank reconciliation

You can use the bank reconcile option to match the bank transactions entered in Sage One with those on the statement from your bank. Reconciling these values means the bank balances and transactions in Sage One are accurate.

You should reconcile your bank account each time you receive a statement from your bank. Before reconciling your bank account you should make sure you’ve entered all of your transactions up to the end of your bank statement.

You can’t reconcile the default Cash in Hand account.

To reconcile your bank account

  • 1. Banking > click the bank account you want to reconcile.

The Viewing Account window shows details of the transactions for this bank account. Any transactions that have previously been reconciled have a tick in the Reconciled column.

  • 2. Reconcile > enter the following information:
Enter the statement end date * Enter the end date of the actual bank statement you’re about to reconcile.
Enter the statement end balance * Enter the ending balance from the bank statement.
Enter the statement reference Enter a reference for this reconciliation, for example, you could use the statement page number or date.

* These details are compulsory.

  • 3. Next > complete the Reconcile window as follows:
  • To reconcile a transaction, select the Reconcile check box.
  • To unreconcile a transaction matched in error, clear the reconcile check box.
  • To record bank interest or charges, click the Interest/Charges link > complete the relevant information > Save.

Once you’ve matched all of the transactions on your bank account to your bank statement, the difference should be 0.00.

If the difference is not 0.00, check the following:

  • Matched transactions – Check the transactions matched have the same dates and value as those on your bank statement and you haven’t included extra transactions or missed any.
  • Statement date – Check the date is correct as only transactions entered up to the statement date appear here. If the date is incorrect, click back > amend the date > Next > check that the missing transactions now appear. If the transactions still don’t appear, it may be because they haven’t been entered yet. You should enter all transactions up to the end of your bank statement then start the reconciliation again.
  • Statement end balance – Check that you entered the correct balance and it’s the same as that on your bank statement. If it’s incorrect, click Back > enter the correct balance > Next.
  • Bank interest or charges – Check you’ve entered these correctly. If you’ve made a mistake, you can delete bank charges and interest charged from Expenses > Other Expenses. You can delete interest earned from Sales > Other Income.
  • Previous balance – This should agree with the opening balance on the bank statement. If it doesn’t, it could be because you previously reconciled a transaction then amended or deleted it or a transaction has already been reconciled. To check which transactions have previously been reconciled, go to Banking > click the bank account > enter the dates of your last bank statement > check the transactions with a tick in the Reconciled column match those on your statement. If a transaction has been amended or deleted, you should correct this before continuing. If a transaction has already been reconciled, you can’t delete this. Instead, you can delete the transaction and re-enter it.

The deleted or amended transaction may not necessarily be from the previous period therefore you might need to repeat this for earlier periods.

If you can’t reconcile the difference to 0.00 now, you can return to this window at a later date. You shouldn’t continue as once a transaction has been reconciled, it can’t be unreconciled.

  • 4. Next > check the information is correct > Save.

You’ve successfully reconciled your bank accounts and the reconciled transactions won’t appear on future reconciliations.

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