Bank reconciliation in Sage One
Bank reconciliation is one of the most important processes in both bookkeeping and managing your business.
Sage One includes a bank statement import feature that can make it so simple to reconcile your bank.
- Speeds up the bank reconciliation process
- Import a bank statement to instantly match transactions
- Create missing transactions from your statement
- Reduces the risk of human error
- Makes it easier to reconcile foreign currency transactions
Why should I reconcile my bank?
Bank reconciliation gives you the peace of mind that all your transactions have been accounted for and that your accounts are correct and up to date. Without this, it would be difficult to really know if your accounts were accurate. This can have a negative impact on important management reports such as your Profit & Loss.
By reconciling your bank regularly, you’ll find it easier to identify any discrepancies such as unauthorised transactions. It’s easy to see why most businesses will make sure they regularly reconcile their bank accounts.
Multiple bank accounts
What happens if you have more than one bank account that you want to reconcile? No problem: with Sage One you can set up as many bank accounts as you want and reconcile them as needed.
Reconcile unlimited bank transactions
There is no limit to the number of transactions that can be reconciled in one go. However, to make things easier for you, for large numbers of transactions, we recommend using the bank statement import feature.
The bank statement import feature is available to all Sage One customers. It is compatible with banks that produce bank statements in a QIF or OFX file format. We advise you to contact your banking provider to see if this option is available to your business.
The bank statement import feature
Manual bank reconciliation usually involves going through each transaction on your bank statement and matching it against the information in your accounts. Depending on the number of transactions, this can be quite time consuming and it’s easy to make mistakes.
Completing a bank reconciliation in Sage One couldn’t be easier. Import your bank statement and Sage One will automatically match the transactions on your statement with your accounts. This will make your business more efficient by saving time and reducing human error.
Sage One is a smart reconciliation tool
The Sage One bank statement import feature is a smart bank reconciliation tool. If you have a transaction appearing on your bank statement but not in your Sage One Accounting, you will be given the option to create a bank payment or receipt based on that transaction.
The intuitive software will both speed up your bank reconciliation and quickly help to resolve any discrepancies.
Easily reconcile foreign currency transactions
You’ll be able to easily reconcile your foreign currency transactions in Sage One Accounting. A foreign currency transaction will always show up in your bank account in Sage One in Pounds Sterling. Use live exchange rates so the transaction in your accounts will exactly match your statement, saving you from calculating the conversion rate yourself.
We understand that your time is valuable and that the accounts may only be one of your many responsibilities in the business. That’s why we try speed up and simplify processes wherever we can.