Reconciling allows you to ensure that your real bank balance matches your Sage Business Cloud bank balance. We recommend that you reconcile your accounts, but it is not mandatory. This explains how to get started with reconciling your bank accounts.
Why reconcile your bank account
Reconciling just means that you have checked that the transactions entered into Accounting match the transactions in your actual bank account.
This makes sure that
You have 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.
You can reconcile a current or a credit card account. You cannot reconcile a cash account.
Reconciling for the first time
We recommend that you reconcile your opening bank balance first. This makes sure that your bank balance is correct and matches the opening balance from your bank statement when you do your first reconciliation.
Read Reconcile your opening bank balance to learn more.
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
Product
Juris®
Category
Product Features
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Description
Note: To properly run this report, you must specify the bank reconcilliation date. See Bank Reconciliation Queries if you are unsure of the date.
The Bank Reconciliation report is a tool designed to aid with reconciliation in progress. The report provides a listing of entries cleared in the current and previous reconciliations and lists those entries not yet affected by reconciliation.
Purpose
The Bank Reconciliation Report is a tool for verification that your bank account[s] has/have been reconciled. Typically filed with the bank statement, this report provides either a detailed [suggested] or summarized recapitulation of the bank reconciliation.
Report Options | |
Sorts | |
Check Date | Allows the user to sort selected items by Check Date. |
Check Type | Allows the user to sort selected items by Check Type. |
Check Number | Allows the user to sort selected items by Check Number. |
Options | |
Bank Account | Requires the user to select a specific bank account to be included on the report. |
Statement Date | Requires the user to enter in a valid statement date for the requested bank account. |
Show Cleared Items This Date | Checked--Cleared Items display on the report. Unchecked--Cleared Items do NOT display on the report. |
Show Un-cleared Items | Checked--Uncleared Items display on the report. Unchecked--Uncleared Items do NOT display on the report. |
Cut off Date for Un-Cleared Items | Allows the user to enter a cut off date for uncleared items to be included on the report. |
Print Trailer Page | Prints a separate page that lists the report selections for the accompanying report. |
Table of Contents | Allows the user to select the breakdown of the Table of Contents. Available selection is Check Register Date. |
Fields | |
Date | Date of Entry |
Type | Type of Entry |
Check Number | Check Number [if applicable] |
Payee | Vendor Code |
Name or Reference | Vendor Name or Description of Entry |
Deposit/CR | Amount of Deposit or CR for Entry |
Credits/DR | Amount of Check or DR for Entry |
Reconciled | Lists Date of Reconciliation and if Entry is Cleared or Pending |
Reconciliation Summary | |
This Statement Balance | Statement Ending Balance |
Last Statement Balance | Previous Statement Ending Balance |
Difference | This Statement Balance [minus] Last Statement Balance |
Cleared this Date | Amount of Deposits Cleared [plus] Amount of Checks Cleared |
Reconciliation Difference | Total Reconciled Difference on statement [Difference minus Cleared this Date]. |
Entries Cleared | Total Number of Entries Cleared |
Checks Cleared | Dollar Amount of Checks Cleared |
Deposits Cleared | Dollar Amount of Deposits Cleared |
Total Cleared | Amount of Deposits Cleared [plus] Amount of Checks Cleared |
Cleared Checkbook Balance | Cleared Balance on Books |
This Statement Balance | Statement Ending Balance |
Reconciliation Difference | Total Reconciled Difference on statement |
Un-cleared Checks | Dollar Amount of Uncleared Checks |
Un-cleared Deposits | Dollar Amount of Uncleared Deposits |
Un-cleared Adjustments | Dollar Amount of Uncleared Adjustments |
Considerations
This report is not As Of reporting. If you rerun a prior month's Bank Reconciliation report, any items that cleared after that Bank Account was reconciled do not show on the report. You should run the report immediately after reconciling the account and keep a copy or, prior to reconciling the account, export a copy to Excel using the Save To File... button on the Toolbar.
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