Reconcile a Bank Account

Reconcile a Bank Account

Before you start

To reconcile a bank account:

1. Open Common Services > Bank Services > Bank Transactions > Reconcile Statements.

   Click here for help on fields in the Reconcile Statements form.

2. In the Reconciliation Description field, type a description for the current reconciliation.
3. Select the code for the bank account that you are going to reconcile.
4. On the Summary tab:
   1. Enter the statement date and the ending balance from the bank statement.
      • In the Statement Date field, type the bank statement date, or click the calendar button () to select the date.
      • In the Statement Balance field, enter the balance from the bank statement.
   2. In the Reconciliation Date field, select the date to which to post the reconciliation.

      You can reconcile outstanding transactions posted up to and including this date.

   3. Click the Calculate button to update the amounts displayed on the Summary tab.

      The Calculate button is available if the Adjusted Bank Balance and the Adjusted Book Balance are not equal.

   4. Click Save.

      At this point in a reconciliation, the Out Of Balance By field normally displays a non-zero amount that you need to reconcile. You use the Reconciliation tab to reconcile the balances and record adjustments.

      There are several reasons your account may not balance.

      • The statement ending balance is incorrect.
      • A transaction that your bank assigned to the bank account is missing from the bank statement.
      • A check or deposit cleared the bank with an amount different than that recorded in Bank Services, but you have not changed the Reconciliation Cleared Amount accordingly.
      • A check, deposit, or return has the wrong status. Either the item has cleared the bank but still has the status Outstanding or In Transit, or the item has not cleared the bank yet but is marked Cleared.
      • A bank entry was made for the wrong amount.
      • A check or deposit that appears on the bank statement has not yet been posted.
5. Click the Reconciliation tab.

   Tip: Use the Display, Transaction Type, and Sort By fields to filter outstanding deposits or withdrawals, and sort them by date or transaction number. You can save your selections for these fields(if you select Save Settings As Defaults on the Settings menu) so they appear automatically the next time you use the form.

   • Use the reconciliation grid to clear individual deposits and withdrawals, and reverse withdrawals.
   • Click the Quick Clearing button if you want to clear entire ranges of withdrawals or deposits that your bank has processed.
   • Click the Bank Entry button to record and post a bank transaction that does not exist in Sage 300 ERP.
   • Click the Details button to see the receipts for a selected deposit that has multiple receipts, and drill down to the original entries. You can also clear individual receipts within the selected deposit, if you set the deposit's status to Reconcile By Deposit Detail.
6. Click Save, and then click the Summary tab.

   If the amount in the Out Of Balance field is not zero:

   1. Print the Reconciliation Status report. (Click Print on the File menu.)
   2. Compare the report to the bank statement, looking for the reasons for the Out Of Balance amount.
   3. Make any necessary corrections, then click Calculate again.

   When the Out Of Balance field displays zero, the adjusted bank balance and the adjusted book balance are equal. This means that the bank account is reconciled, and you can post the bank reconciliation.

7. Compare the bank balance to the G/L account balance, to ensure that they reconcile. (If you use Sage 300 ERP General Ledger, use the Book Balance form to check the G/L account balance.)
8. Click Save, then click Close.

After reconciling a bank statement

Additional information

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