Table of Contents
- 1 Sage 100 Bank Reconciliation Terminology
- 2 How does Sage 100 Contractor Reconcile Bank Accounts?
- 3 Conclusion
- 4 FAQ’s
Bank Reconciliation is at the forefront of identifying multiple financial processes in order to match bank statements with cash accounts. Sage 100 Contractor Bank Reconciliation greatly helps in the detection of invalid financial reports, inaccurate compliance forms, or tax forms. Sage 100 Contractor performs a cross-verification among statements to ensure financial accuracy so for this, a reconciliation statement is a must. It helps in confirming the correct figures reported to the IRS and also detecting fraudulent activity in the account.
Sage 100 Bank Reconciliation Terminology
What is 1-5 Bank Reconciliation?
If you are aware of what a check register used almost in every profession is, the 1-5 Bank Reconciliation window is similar to the same. The window processes and goes on displaying the uncleared transactions.
Below are a few causes.:
- When the status of a transaction is changed outside of the 1-5 Bank Reconciliation.
- The transfer from one cash account to another is done without the use of a clearing account.
- The beginning balance is off by the amount of the cleared transaction. Takes place when one i.e the first cash account is cleared accurately when reconciled and it makes transactions already cleared before the second cash account is reconciled.
- When a transaction is entered with a future date that is much later than the Statement Cutoff Date.
Also Read: Sage 100 Contractor System Requirements
How does Sage 100 Contractor Reconcile Bank Accounts?
Trouble reconciling accounts? Follow the listed steps to reconcile a bank account with a bank statement:
- For the first step, browse and open the 1-5 Bank Reconciliation Window.
- When the cursor appears in the grid area, you see that the button F1 is available.
- After this, over the textbox naming Statement Cut Off Date will appear, press Click.
- Pressing the textbox, a calculator opens up on your screen.
- The launch will open a window for 1-3 Journal transactions on a bank statement.
- For the next step, hit on the F3 key.
- Now, start by adding additional income charges 1-3 journal transactions in bank statements before the reconciliation process.
After Following the Above Process, Complete the Reconciliation Process with the Below Steps:
- Start by clicking and Opening 1-5 Bank Reconciliation buttons.
- Now, browse the Account File and select and add the Bank Account Number under the tab.
- A box will appear naming Statement Cutoff Date, Select the same.
- After the subsequent step, proceed by writing the ending date of the Statement.
- A grid will open, press, and Select on the Display Option.
- For the next step, you have to do the Delete process.
- Choose the item and then complete it by hitting on the Clear Option. Follow this step for every item.
- After clearing out each item, the next step is to compare the Statement ending balance field amount with the Statement ending balance.
- If the amount does not match, then proceed to discover.
- For this, browse to the File Option.
- From the File grid, click on the Save button.
- With the above step, you will now see a window for the Save Bank Reconciliation.
- Over the Save Bank Reconciliation, follow anyone:
- If you are still not done reconciling the account, tap on the Trial Button.
- If you are done reconciling the account, tap on the Final Button.
Anyone can save an incomplete reconciliation in Sage 100 Contractor. Here’s how to do it:
To Save a Trial Reconciliation
- Start with opening 1-5 Bank Reconciliation.
- Over the Account box, now enter the Bank account number.
- Go to the File Option and hit on Save.
- Click the Trial Button on the Save Reconciliation Window.
This blog helps you keep your Sage 100 Contractor bank reconciliation process on track with the right and optimum info. If you are still facing any issues or have doubts, you can get in touch with the Sage 100 customer helpdesk. The team members have years of experience and are available at the earliest. You can get in touch with our team members anytime to find out how we are doing.
Can we recall the saved Trial reconciliation in Sage 100 Contractor Bank Reconciliation?
Yes, Sage 100 Contractor provides you with an option to save a trial reconciliation and then recall the same. Here’s how to do it:
- Open 1-5 Bank Reconciliation.
- Enter the account number, in the account tab.
- Now, hit on the Display Button.
What is the reason behind the reconciliation report not being copied, even after saving the same?
In Sage 100 Contractor Bank Reconciliation, when you save a copy of the reconciliation report, ensure that the Create PDF of the report file checkbox is selected before you click Final. If you miss clicking the checkbox, a report is not created.
How to perform the Reconciliation-in-process check box?
Sage 100 Contractor selects the Active in Check Reconciliation check box on all transactions that are included in trial bank reconciliation in the 1-3 Journal Transactions window. After that, Sage 100 Contractor clears the check box once the reconciliation is complete.