Reconciling bank accounts with bank statements

Before you reconcile a bank account with a bank statement, enter any extra charges or income in 1-3 Journal Transactions that appear on your bank statement that you have not already entered in Sage 100 Contractor. These include automatic transfers, interest, or check charges.

To maintain accurate records, it is a good idea to reconcile accounts each month when you receive the bank statements.

If you need to clear a majority of the transactions, it might be easier to clear all transactions and reopen only the items that do not appear on your bank statement. Select all items, and then click the Clear button. Then you can reopen individual items by selecting the item and clicking the Open button.

To reconcile a bank account with a bank statement:

1. Open 1-5 Bank Reconciliation.
2. In the Account# box, enter the bank account number.
3. In the Statement Cutoff Date box, enter the statement ending date.
4. Click the Display Items button.
5. For each item you want to clear, select the item and click the Clear button.
6. Compare the amount displayed in the Statement Ending Balance box to the ending balance on the statement.
7. If the amount in the Statement Ending Balance box does not match the ending balance on the bank statement, you need to determine the cause of the discrepancy and correct the problem.

8. Click File > Save.

   Important! To save a copy of the Reconciliation report for future reference, make sure the Create PDF of the report file checkbox is selected before you click [Final]. If the checkbox is cleared before you click Final, a report is not created.

9. On the Save Bank Reconciliation window, do one of the following:

   • If you are not finished reconciling the account, click the Trial button.How?
   • If you are finished reconciling the account, click the Final button.