Sage 50 Accounts For Dummies® 2nd Edition

Chapter 15

Reconciling Your Bank Accounts

In This Chapter

Valuing the importance of bank reconciliations

Preparing to do your bank reconciliation

Reconciling your bank account

Checking things out when things don’t check out

Clearing up items that haven’t cleared

If you like to know to the penny what’s in your bank account, you’re reading the right chapter! Reconciling your bank accounts normally forms part of your monthly accounting routine. Running through the bank reconciliation process gives you a thorough review of your bank statements and provides a good opportunity to investigate any unusual or incorrect transactions. As a result, you’re fully aware of the financial transactions flowing in and out of your bank accounts.

Recognising Reasons to Reconcile

Performing a bank reconciliation requires you to check that you’ve matched all the bank transactions in Sage against the entries on your bank statements. Ultimately, you should be able to tick off every item on your bank statement ...