Sage One Accounting Bank Reconciliation Tutorial 2019

Bank reconciliation is one of the most important step in closing your monthly and annual accounts. If it’s done right, it will only take you minutes or at most an hour to complete it.

Today I’m going to show you how to do bank reconciliation in Sage One with the right way. 

 

 

Hi, I’m Sharon and this is Nuts Accounting.

My passion is helping Online Entrepreneurs to master Cloud Accounting System in simple English.

On this blog, there’s weekly tips & tutorials on Cloud Accounting System & online business curated just for you.

I always want to keep you up to date with all of my new contents. If you haven’t do so already, sign up for my e-mail newsletter here and I will notify you of new contents.

 


 

Back in the days when I first started working in a prestigious accounting firm, I was assigned to do bank reconciliation.

I still remember there was almost a hundred transactions in the bank statement and it was around 15-20 pages long. I felt sooo overwhelmed and I don’t know where to start.

Once I thought I have checked through all the transactions but when I look at the reconciled balance, it does not match the balance on my bank statement. I have no choice but to undo the reconciliation and redo the whole thing from the start. I have wasted hours of work by resetting the whole thing.

 

To make the long story short, it took me 8 hours to complete it.

Fast forward to now, I got way much better and I consistently complete my bank reconciliation in 1 hour or less.

I don’t want you to make the same mistakes as I did and waste your precious time which you can use to do something that you love. So don’t worry, I will guide you with steps so you may also complete your bank reconciliation in less than one hour.

 

Want to master Sage One Accounting and use it like a pro? 

Click here to get your free copy of 10 Tips on Customer Invoices Page in Sage One Accounting.

  

 


Step 1: Preparation

Prepare the things that you need before you start:

  • Bank statement
  • Ensure all bank transactions are recorded

 

Step 2: Open bank reconciliation page in Sage One Accounting

Login to your Sage One Accounting. At the top menu bar, click Banking > Transactions > Reconcile Banks and Credit Cards.

 

Step 3: Select bank account & fill in the From Date, To Date, & Statement Balance

Select the bank account that you would like to reconcile.

Fill in the From Date with a date that is earlier than the date of your oldest unreconcile transaction in your last bank reconciliation report.

Fill in the To Date with the closing date of your bank statement.

Fill in the Statement Balance with the closing balance of your bank statement

 

 

Tip: Reconciled Previously = Opening balance in bank statement

Before you start, ensure the opening balance of your bank statement is the same as your Reconciled Previously for a good start.

 

 

Step 4: Check transactions

Click on the check boxes to reconcile the transactions if it appears in your bank statement.

 

Tip: One Master List

There's 2 lists of transactions when you do bank reconciliation:

  • Bank statement
  • Sage One transactions

It is easy to get overwhelmed and feels messy if you follow both lists at the same time. 

Use your bank statement as your master list to make things simple.

 

Step 5: Reconciled Total = Bank statement moving balance

Bank reconciliation takes up a lot of time to do because by the time you think you are done, you'll notice that the reconciled balance does not match your bank statement closing balance. You will then need to reset and redo the whole bank reconciliation from the scratch.

I have been there, done that and learnt this the hard way. 

Now I have a trick that 100% works in eliminating this problem.

This is the real trick that will help you to complete your bank reconciliation in the shortest time possible.

Ensure Reconciled Total is the same as your bank statement’s moving balance after you reconcile 1 row or 2 rows of transactions.

Yes, I agree that it sounds tedious but it will only takes you 2 seconds every time to have a look at your bank statement's moving balance. I feel 2 seconds is a very good bargain compare to hours of redo. (And it makes me feels good that I can complete bank reconciliation in a fraction of time while my peers spend hours on it 😉)

 

Step 6: Record / modify bank transactions

If you can’t find your transaction in Sage One or if there's any amendments required, click save to save your progress.

Record or amend your transactions and when you're done, go back to bank reconciliation page and continue.

If you can’t find your transaction in bank statement, investigate further on the transactions and make the necessary amendments.

 

Step 7: Reconciled Total = Closing Balance on Bank statement

When you've checked all the transactions in your bank statement, its time to check your closing balance.

Check the Reconciled Total is the same as the closing balance of your bank statement. This should be the same as Statement Balance which you have fill in earlier.

Ensure Difference is 0.

 

Step 8: Print & Save

This is the last step and is the easiest step. 

Click Print and your Bank Reconciliation Report in PDF format will be downloaded to your computer. 

If you're using Chrome like me, your PDF file will appear at the download bar situated at the bottom of the page.

Click Save or Save and New to save your bank reconciliation.

Now you're done!

 

Here is a sample of your Bank Reconciliation Report generated by Sage One Accounting:

 

So there you have it. These are the 8 easy steps to help you to do bank reconciliation in Sage One Accounting in less than 1 hour. Pretty easy, right?

 

Want to master Sage One Accounting and use it like a pro? 

Click here to get your free copy of 10 Tips on Customer Invoices Page in Sage One Accounting.

  

 


What is the next Sage One Accounting tutorial that you would like to learn?


Let me know in any of the social platforms or by email!

As always, Nuts Accounting is here to help Online Entrepreneurs to master Cloud Accounting System in simple English. 

On this blog, there’s weekly tips & tutorials on Cloud Accounting System & online business curated just for you.

I always want to keep you up to date with all of my new contents. If you haven’t do so already, sign up for my e-mail newsletter here and I will notify you of new contents.

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If you want to learn more on Sage One Accounting tutorials, bookkeeping or tips on online business, click on the categories in the side bar.

I’ll see you in the next blog post! 

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