Hi chaps & chapesses, I'll start by apologising for asking a stooopid question, but I'm out of practice.
Moved over the accounts from MYOB into SAGE, at the beginning of the financial year.
Entered the balance sheet as the opening balances for the year,
Now I have the bank account values from the balance sheet (125K), but the actual account balance was 650K, and I can balance that correctly on the manual bank rec.
By the first month end, we still have 3 transactions that haven't materialised in the bank.
But I can't for the life of me work out what I do next, so that I will be able to move forward, doing the bank recs in the software.
Hi - firstly no question is stupid, we all need to ask them from time to time. Do the three O/S items add up to the difference between your balance sheet figure for the bank account and your actual bank account balance?
It may be that the items will still come in, if they are only a month or so old. You just do your bank rec in Sage via the Bank Reconciliation but don't select the OS items for reconciliation until they come in, you can print off a unreconciled item report if you need a reminder that they are outstanding, your bank rec will agree with the statement because you haven't selected the os items. If the items still remain os after a while you need to investigate why.
Sue
-- Edited by Sue T on Tuesday 1st of June 2010 09:16:49 PM
-- Edited by Sue T on Tuesday 1st of June 2010 09:18:28 PM
-- Edited by Sue T on Tuesday 1st of June 2010 09:31:01 PM
-- Edited by Sue T on Tuesday 1st of June 2010 09:32:02 PM
