Bank Reconciliation showing negative payments

I am trying to reconcile my bank account and my payment on accounts/purchase payments are coming up negative in my bank reconciliation. I have also checked to make sure I've not changed the payment why does this happen?

Parents
  • Hi Nigel,

    Thanks for using Sage City City sunset

    I'm sorry for the delay in responding to you!

    When you reconcile your bank, you should see two columns - One for Payments, one for Receipts, the values would sit under those columns, not with a negative value to my understanding. 

    Check out our guide to Bank Reconciliation here and check that you've set everything up as detailed and you should be able to get back to normal. You'll find a handy video guide on the link above that shows a really great example.

    I hope this helps!

    Regards,

    Anth

    Sage UKI.

Reply
  • Hi Nigel,

    Thanks for using Sage City City sunset

    I'm sorry for the delay in responding to you!

    When you reconcile your bank, you should see two columns - One for Payments, one for Receipts, the values would sit under those columns, not with a negative value to my understanding. 

    Check out our guide to Bank Reconciliation here and check that you've set everything up as detailed and you should be able to get back to normal. You'll find a handy video guide on the link above that shows a really great example.

    I hope this helps!

    Regards,

    Anth

    Sage UKI.

Children
  • Hi Anth,

    I also have some questions about VAT.  I've been asking in different forums and also called Sage, and haven't yet received an answer.

    __________________

    I set up an account with Sage Ireland a few weeks ago in order to reconcile VAT between my sales and purchases, and make correct payments to revenue. 

     I purchase and sell across the EU and the UK, using local currencies and bank accounts.

     I’ve created spreadsheets of suppliers and uploaded them into Sage.

    However, now that I’m trying to import my bank statements, I’ve noticed that I cannot assign transactions to either the correct currency, the correct bank account or the correct supplier.

    Eg – an ‘interest’ payment to a UK bank account demonstrates a lot of my issues.  This is a payment to a UK based bank, paid in GB from that UK based bank account.

    • My supplier list isn’t showing up for UK suppliers.(Even though this supplier has been uploaded with all other suppliers into Sage).   When I click into the ‘create’ button, Sage only shows me suppliers who I have saved down as ‘EURO’ suppliers.  Please help me find out how to select all the GB suppliers I have uploaded. 
    • The VAT rate isn’t showing me UK vat rates. It is also not allowing me to over-ride the Irish vat rates.  So even if I go to the trouble of creating a new supplier every time I have to match a transaction to a UK supplier, the VAT will still be incorrect and my VAT returns will be wrong.  (Also, I have more UK, US, French and German suppliers than Irish suppliers: I purchase very little from Ireland, and my clients are also overseas). 
    • I’m also concerned that bank feeds from non-Irish countries aren’t available.  For this example, I have imported a part of a statement. However, I’m not sure I can assign these transactions to the correct UK bank account. 

    I’m really surprised: I have signed-up for a Sage product which calls itself ‘multi-currency’.  However, the actual use of the features in this product do not reflect what is involved in multicurrency, ie, multiple vat rates, overseas suppliers and multiple countries’ bank accounts.  Given that this is a multi-currency product, THERE MUST be a way to access the information I have already uploaded (ie, relevant international multi-currency) suppliers.  Or is your ‘multi-currency’ feature just a bank exchange rate feature, without any actual recognition of the reality of multi-currency trading?  I’d appreciate a yes/no answer, so I can either continue with Sage, or move to another software provider.