Reconciliation and Deposits

When you receive a bank or credit-card merchant statement, use the Reconciliation and Deposits window to compare transactions on the statement with your Sage Simply Accounting transactions. You can also use this window to record payments you receive and deposit in the bank. Then, when you reconcile your account, the deposit details are already entered.

Before you start

• Make sure that all the items returned with your bank statement belong to you, and that you received all the cancelled checks listed on the statement.
• Compare the amount on each check to the corresponding amount on the bank statement. Bank errors will affect your reconciliation.
• Place a check mark on the bank statement beside items you have reconciled, and place the reconciled cancelled checks in a separate pile.
• If you have trouble reconciling, verify whether the unreconciled difference is divisible by nine. If it is, either you or the bank might have made a transposition error (for example, either you or the bank might have entered $3,876 instead of $3,786. The difference is $90).

Account Reconciliation

When setting up an account, if you choose the option to save transactions for account reconciliation, the program maintains a record of the current status of the checks and other payments issued by your company, the deposits you make, and the general journal entries that affect your Bank or Credit-Card account.

Before you can reconcile an account, you must first:

1. Set up accounts
2. Reconcile for the first time

Deposit Slips

When you are adding entries to a deposit slip, you can enter them all at once or you can save your work by either clicking the Save button on the toolbar or by selecting Save from the Deposit Slip menu. You may then return to finish the deposit slip at another time.

When you return to a saved deposit slip,Sage Simply Accounting determines if any of the entries have been changed since you last worked on it (for example, adjusted, voided, or deposited to another account). If any changes have occurred, the entries are invalid and appear in red text, letting you know that they need to be removed from the deposit slip using the Add Checks to Deposit Slip window.

What do you want to do?

Reconcile an account

Enter a bank deposit

Import an online bank statement

Display and print an Account Reconciliation report

Display and print an Account Reconciliation Transactions report

Display and print a Deposit Slip Report

Display and print a Deposit Slip Log

Clear account reconciliation information

Clear all deposit transactions