Each month, like clockwork, bank statements and canceled checks arrive, setting off a tedious and time-consuming reconciliation process that’s vital to ensure the accuracy of your accounting data. But luckily, this process is now a lot easier and more automated with recent enhancements to the bank reconciliation module in Sage 100.
Here’s a closer look.
Automated Bank Reconciliation
As of Sage 100 Version 2018.5, the Bank Reconciliation module now automates and simplifies the monthly reconciliation process, detects unrecorded transactions between books and banks, locates errors or differences, records corrections, and reconciles your books to bank statements.
Among many other features, the Bank Reconciliation module enables the use of multiple bank accounts, automatic and manual posting of checks, adjustments and deposits, quick and easy account reconciliation, complete transaction listings and details, and more.
Sage Bank Feeds
Sage Bank Feeds is an important component in the newly-streamlined process which allows Sage 100 to connect directly with your bank and automate transaction matching which not only eliminates manual entry and potential human error, it also flags discrepancies as they happen. You can connect your financial institutions to Sage 100 in Bank Maintenance when you access the task through the Bank Reconciliation menu. A wizard walks you through the process.
Key features of the new and improved Bank Reconciliation process include:
Multiple Bank Accounts
Up to 36 separate bank accounts can be established for a single company and transactions can be automatically posted from GL, AR, AP and Payroll.
Displayed monthly activity enables you to reconcile bank accounts quickly and easily. Transactions can be confirmed as cleared using a single keystroke.
Bank Reconciliation Register
All transactions, cleared and outstanding, are listed on this detailed report for each bank account. The Reconciliation Summary shows the adjusted bank balance, computer-calculated book balance, and any out-of-balance amount.
Automate and Streamline YOUR Reconciliation Process
Contact us if you have questions about bank reconciliation, want assistance connecting Sage Bank Feeds to your financial institution, or need help upgrading your Sage 100 system to unlock the new features.
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