It can be confusing to set up a new bank balance in Sage 500 through the Cash Management module. Follow these steps to make it easier:
- Enter a beginning balance transaction in “Process Bank Transactions” and select “Bank Account Beginning Balance” as the Tran Type. Beginning balance transactions don’t post to the general ledger. The transaction must be dated prior to any outstanding checks or deposits.
Check 1234 dated 05/10/2009
Check 3456 dated 11/30/2011
Check 7890 dated 2/2/2012
The beginning balance transaction date must be 05/09/2009 or earlier.
- Enter a bank reconciliation that includes only the statement date and ending balance from your last reconciled statement into “Reconcile Bank Statement.” Post it to establish the beginning balance for the next statement. Do not clear any transactions.
- Enter outstanding checks and deposits into “Process Bank Transactions.” Use the same offset account as the cash account selected to ensure transactions will not double when posting to General Ledger. Now, you are ready for your current bank reconciliation.