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Reconciliation Definition: – In Sage 300, a bank reconciliation is the process by which the bank account balance of an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined and, if appropriate, rectified.
In simple words in bank reconciliation process we mark entries present in bank statement with entries posted in SAGE 300.
Navigation to bank reconciliation
After entering the reconciliation date, user can track the book balance by drill down button where system will show the outstanding deposits and withdrawals amounts.
In case of any mismatch, user need to check the entries manually through the Reconciliation tab where system will show all the records as seen in the below reference screen shot.
Possible Reasons of mismatch :-
There are several reasons your account may not balance:
You use the Reconciliation tab to reconcile the balances and record adjustments.
On the Reconciliation tab, review the each and every transaction and reconcile balances manually.
Use the Display, Transaction Type, and Sort By fields to differentiate between the outstanding deposits or withdrawals, also can sort them by date or transaction number through the filter
Reconcile balances and record adjustments:
When the Out of Balance by 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 .Click Save.
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