Sage 50 Bank Reconciliation Discrepancy

Sage 50 Error During Bank Reconciliation

Issue Name : Sage 50 Bank Reconciliation Error
Applicable for Product : Sage 50,Sage 50 Accounts,Sage Line 50,Sage 50 Premium,Sage 50 Canada
Description : Mismatch in SAGE 50 & Bank transaction accounts.
Errors Messages : Discrepancy , Adjustment Required, Crashes,Slow,Unresolved Amount
Reports : Bank Statement ,Bank Statement PDF ,Retrospective Bank Reconciliation

Bank Reconciliations are a very crucial and essential part of running the accounts. Sage 50 software allows automatic reconciliation process of the accounts in the software, thereby eradicating errors and matching up the accounts with bank statements perfectly.

However, if and when there is a discrepancy or if the balances in both accounts and the bank balance do not match with each other, then an error occurs. The good news, however, is that finding such an error at an early stage can help in taking care of it immediately, and thereby resolving the issue?

Sage 50 Bank Reconciliation DiscrepancyWhat is Reconciliation discrepancy and why does it occur?

When the bank statement and the end account stamen do not match, then the discrepancy occurs. So, a reconciliation discrepancy is when:

  • There is an unresolved amount in the bank reconciliation journal
  • An error has surfaced in the bank reconciliation journal due to the discrepancy

Fortunately, there are several ways in which this discrepancy can be cleared out and we can have a well-matched up account to enjoy. However, remember that if this is the first time, or you are not sure about it, call a Sage 50 tech expert to help with the resolution process.

How to resolve the Sage 50 reconciliation Discrepancy?

Reconciliation is a process which helps in checking the account records and the bank balance quickly to recheck if any discrepancies have arisen. So, if there is a discrepancy, then the problem might be somewhere in the records, and you need to invest quite an amount of time researching and finding the issue which has allowed the discrepancy in the first place.

Solution 1 For Sage 50 reconciliation Discrepancy

Before proceeding, check the below-mentioned to ascertain where or how the error has occurred:

  • Check if you have entered the correct opening and ending balance and also the statement start and end date
  • Verify if all the transactions in the bank statement are recorded in Sage 50
  • Check if the bank account in Sage 50 has proper book balance
  • Also, check if the outstanding amount match up with the unmatched items total in reconciliation window

Resolution 2 For Sage 50 reconciliation Discrepancy

A discrepancy implies the difference between the Opening book balance and the sum of openings outstanding and statement opening balance. So, check if all the above-mentioned quantities are mentioned clearly and consciously. Unless the discrepancy is fixed, one cannot move forward to the next period. Call a technical support person to resolve the issue if it does not get it resolved by you or your team.

Perform a comparison to test the data corruption in bank reconciliation. Here are some possibilities for consideration. If the discrepancy amount is in negative:

  • The opening book balance was too low
  • Opening outstanding are high
  • Statements opening balance is too high

If the discrepancy amount is positive:

  • Opening book balance is high
  • Opening outstanding is low
  • Statement opening balance is low

Error in data or a transaction not appearing on the reconciliation window or even double-entries can cause reconciliation discrepancies. Work out the possibilities and try to resolve the issue. If not, call a Sage Support Phone Number expert from the Accountsportal toll-free number ✆+1-800-796-0471 for a permanent solution to reconciliation discrepancies.

Sage Error Support

Last modified: October 22, 2018
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