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Introduction to bank reconciliation

Created on  | Last modified on 

Summary

How to get started with reconciling your bank accounts in Sage Accounting.

Description

Reconciling allows you to ensure that your real bank balance matches your Sage bank balance. We recommend that you reconcile your accounts, but it's not mandatory. 

Resolution

Why reconcile your bank account

Reconciling just means that you've checked that the transactions entered into Accounting match the transactions in your actual bank account.

This ensures that:

  • You've entered all transactions correctly
  • The bank balance you see in Accounting accurately reflects the balance of your actual bank account
  • Your financial reports are accurate

 NOTE: You can reconcile both a current or a credit card account. You can't reconcile a cash account. 

 CAUTION: Once a Bank Reconciliation is completed, you can't delete it.  


Reconciling for the first time

We recommend that you reconcile your opening bank balance first. This ensures your bank balance matches the opening statement for a smooth first bank reconciliation.

Read reconcile your opening bank balance.


Before you begin

Make sure you have your bank statement handy as you'll need this.


Reconcile your transactions

Now that you’ve set things up, it’s time to reconcile - Read reconcile your bank account.



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