Open your company data in Sage Line 50 and navigate to the Bank page by clicking the Bank icon on the left hand side at the bottom of the page. The current page shows you your bank accounts you have put onto Sage Line 50.
The goal of reconciling the bank is to allot a payment against a Client or Supplier invoice. Sage Line 50 then shows that this item has been paid.
At the top of the Bank Page there are many icons. When reconciling the Bank you'll need a banking account statement showing payment out and in.
A payment from a customer can be recorded by picking Customer. You can then select the customers account number and allocate the payment to a certain invoice. A payment from a client you do not have on Sage Line 50 and you've not invoiced you're going to need to decide on the receipt icon and fill in any details.
When you have paid a supplier you do the same as when you receive payment from a client but this time clicking the supplier icon. Sage Line 50 will automatically set the date of payment to the day you are inserting the data. Don't forget to change this date to the specific date you received the payment. When you make a payment to a supplier you do not have on Sage Line 50 you can press the Payment icon and fill in the detail. These are most likely to be payments on the company credit card.
Remember you'll need to process all direct debits and bank charges.
You then click the Reconcile button and match all payments with the statement received from you bank. The total reconciled balance may not match the full amount on your banking account statement as some of the payments you processed may not have come out the bank yet.
The goal of reconciling the bank is to allot a payment against a Client or Supplier invoice. Sage Line 50 then shows that this item has been paid.
At the top of the Bank Page there are many icons. When reconciling the Bank you'll need a banking account statement showing payment out and in.
A payment from a customer can be recorded by picking Customer. You can then select the customers account number and allocate the payment to a certain invoice. A payment from a client you do not have on Sage Line 50 and you've not invoiced you're going to need to decide on the receipt icon and fill in any details.
When you have paid a supplier you do the same as when you receive payment from a client but this time clicking the supplier icon. Sage Line 50 will automatically set the date of payment to the day you are inserting the data. Don't forget to change this date to the specific date you received the payment. When you make a payment to a supplier you do not have on Sage Line 50 you can press the Payment icon and fill in the detail. These are most likely to be payments on the company credit card.
Remember you'll need to process all direct debits and bank charges.
You then click the Reconcile button and match all payments with the statement received from you bank. The total reconciled balance may not match the full amount on your banking account statement as some of the payments you processed may not have come out the bank yet.
About the Author:
Lois Park has lately joined the team at Prosyn and is assisting with internal small business IT Support setups. This Sage Line 50 task was one of her first projects. At Prosyn we focus on our internal systems as much as we do when providing Business IT Support to our customers.
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