How to use The E Reconcile Option

If you have bank software that is compatible with Sage Line 50 installed on your PC, you can use Sage Line 50’s E Reconcile option. Sage Line 50 connects with your bank’s on-line banking program to enable you to view your on-line statement and reconcile these transactions, with those in your Sage Line 50 program. Note: To enable the E Reconcile feature you must: 1. Select the Enable E Banking checkbox on the Company Preferences tab. 2. Prepare your Bank records to allow for on-line reconciliation. For more information see To Add Bank Details to Your Bank Account Record. 3. Import the file from your bank software. For more information see Importing Bank Transactions. There are two ways of reconciling your on-line bank statement against your Sage Line 50 statement: using the ‘automatic’ options or by reconciling manually. We recommend that you use both, using the ‘ automatic’ options to match the bulk of the transactions, before using the manual method to match any outstanding transactions. Use the following steps to make sure that all of your transactions are correctly reconciled. 1. Import your bank statement. 2. Use the Match Full option to match any transactions where the amount and reference are the same, and then use the Confirm option to verify the matches. 3. Use the Match Amounts option to match any transactions where the amounts are the same, and then use the Confirm option to verify the matches. 4. Use the Match Refs option to match any transactions with the same reference, and then use the Confirm option to confirm the matches. 5. Match all of the outstanding transactions manually, and then use the Confirm option to verify the matches. 6. Reconcile. As you use the E reconcile option, the transactions are highlighted as follows: Yellow - selected transaction but not matched or confirmed. Blue- selected but not matched or confirmed (focus on the transaction). Green - matched but not confirmed. Grey - matched and confirmed. When performing an automatic match, if there is more than one possible candidate, the Duplicate Transactions window appears, allowing you to select the correct transaction. For more information about the ‘Automatic’ buttons, and to find out how to automatically reconcile your transactions, refer to the procedure, To Automatically Reconcile your Bank Statement using the E Reconcile Option. Using the manual reconciliation method you can individually match transactions in your Sage Line 50 program transactions list with the transactions in the actual bank account list. By using the manual reconciliation method, you can also reconcile one transaction in one list against many transactions in the other. To see how to manually reconcile your transactions see To Manually Reconcile your Bank Statement using the E Reconcile Option. Bank, Credit Card and Cash Accounts Bank accounts can be any type of Nominal Account that you receive and pay out money from. You can set up a bank account for each of your credit cards; there is even a bank account for your Petty Cash. Sage Line 50 treats cash and credit card accounts in just the same way as true bank accounts. Your credit card bank accounts can be reconciled against their monthly statements in the same way as your current bank account is reconciled against its bank statement. Sage Line 50 uses ‘bank accounts’ to handle the money moving in and out of your business. These Sage Line 50 bank accounts should normally match the actual places you store money. Because money can be stored almost anywhere, Sage Line 50 lets you set up three different types of bank account to cover the different ways business operate.