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About bank reconciliation

Important! When your cursor is in the grid area of the 1-5 Bank Reconciliation window, no function keys except F1 are available. You can launch the calculator (F3) after displaying the 1-5 Bank Reconciliation window by clicking in the Statement Cutoff Date text box, and then pressing F3.

The 1-5 Bank Reconciliation window, similar to a check register, displays transactions that have not cleared. As you compare the bank statement to the transactions in 1-5 Bank Reconciliation, clear the transactions listed on the bank statement.

You can display transactions recorded up to a specific date. In the Statement Cutoff Date box, enter the statement ending date to display all transactions through the specified date. Sage 100 Contractor does not display transactions entered after the indicated date.

Sage 100 Contractor displays transactions in transaction number order. If a check number falls out of numbered sequence, Sage 100 Contractor displays an asterisk (*) next to the transaction number.

The Statement Beginning Balance box displays the balance as of the last reconciliation. The amount in the Statement Beginning Balance box does not change until you have cleared transactions and saved the changes.

When you display records for a checking account, the Statement Ending Balance box displays the balance as of the last reconciliation. As you change the status of transactions, the amount in the Statement Ending Balance box changes. A P displayed with a transaction in the Record# column indicates that the transaction is from a prior year.

After clearing the transactions, the ending balance in 1-5 Bank Reconciliation should match the ending balance of your bank statement. After you reconcile the account with the statement and save the changes, Sage 100 Contractor rolls the amount in the Statement Ending Balance box to the Statement Beginning Balance box.

Using Bank Feeds to reconcile transactions automatically

Sage Bank Feeds enables you to download transaction records from your bank and let Sage 100 Contractor automatically match transactions from your bank with transactions entered in your Sage 100 Contractor system. If you download transactions for the same period as your bank statement, you essentially have an electronic copy of your bank statement.

This automated matching process removes much of the tedium of bank reconciliation and ensures that your company records match the transactions processed by your bank.

For more information, see About Sage Bank Feeds.

Saving the reconciliation

After clearing transactions, save the changes. Items you have cleared no longer appear in the 1-5 Bank Reconciliation window.

Sage 100 Contractor lets you save a trial reconciliation that is only partially completed. You can then return later to finish the reconciliation.

Note: When saving a reconciliation as Final, the records are updated permanently. However, you can recall a final bank reconciliation later to view it, print it, or even reverse the most recent final reconciliation.

Tip: The default location when saving the Bank Reconciliation Report as a PDF file is \\Sage100Con\Company\[your company]\Files\Reports. You can save it to a different location.

Displaying a saved final reconciliation

Important! When you display a saved final reconciliation in the 1-5 Bank Reconciliation window, many of the features described in this topic are not available. For example, you cannot add transactions or use Bank Feeds unless you undo the reconciliation.

In the 1-5 Bank Reconciliation window, click Previous Reconciliations > Saved Reconciliations, and then, in the Select Bank Reconciliation window that opens, double-click the reconciliation you want to display. At this point, you can only:

Print transactions.
Scroll through the transactions in the grid.
Select a transaction on the grid, and then click [Go to transaction] to view it in the original entry window.
Start a new reconciliation.
Click the [Undo Final] button to reverse the reconciliation (providing it is the most recent final reconciliation).