Bank Reconciliation Problem

Question

I've used Sage 50 for a long time. I just set up a new company and entered my first set of journals. I did the first bank rec. and entered the open balance of $500.00 on the bank statement. All transactions were reconciled (no outstanding). However the opening balance shows up under Discrepancies and the Unresolved amount does not match the closing balance in the bank statement. What did I miss?

Richard S. Ridings · Answer

The concept of "Unresovled" is to tell you that you still have not yet compared and checked off everything that is on the bank statement. If you see the entry in Sage 50 on the bank statement, you check it off and it is now considered Resolved. 
 When a bank rec is started in Sage 50, you enter the Start and End dates from the Bank Statement and the Start and and End Balances from the Bank Statement. This way the program knows what your targets are and can tell you when you have succeeded. 
 When it is completed properly there should be no Unresolved amount (=$0.00) and there should be no Discrepancy (=$0.00). 
 I would think your current discrepancy is Prior Outstanding entries from a previous period that have not been added to the bank rec when you started. Click on the Add Prior Outstanding button and add them in. This is only required on the first bank rec that you complete in Sage 50. It's probably the deposit of money you made in Dec to get your Jan opening balance.

Sage 50 Canada

Bank Reconciliation Problem

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