sage 50 bank reconciliation

How do I perform a bank reconciliation in Sage 50?

A bank reconciliation is used to ensure that the transactions you have entered into your Sage 50 software match up with the transactions on your bank statement. Prior to performing a bank reconciliation in Sage 50make sure that all of your sales invoices, checks, supplier invoices, recurring charges, and receipts have been posted for the time period you are trying to reconcile. Checking this prior to actually performing the bank reconciliation in Sage 50 will save you the headache of trying to find any variance you may encounter when the reconciliation is completed.

  1. From the Sage 50 Bank Accounts module, select which account you want to reconcile by clicking on the “Reconcile” icon. You will then see the Statement Summary window, where you will need to enter the following:
    • A title for the bank reconciliation
    • The bank statement balance you are reconciling to
    • The date of the statement
  2. After clicking “OK”, the bank reconciliation screen will open and you’ll be able to use your bank statements to tick off all the transactions that are currently showing in Sage 50 against the bank statements themselves. If any items have not been selected, such as direct debits or  receipts, add them by using the adjustment button and selecting the appropriate type of payment or receipt.
  3. When you are able to match all of the items in Sage 50 with an entry on your bank statement, double check that the “Difference” box in the bottom right hand corner is zero. If the variance is anything other than zero, the first thing you should check is that you have entered the correct bank statement amount.  If those numbers are correct, you’ll have to compare the bank statement to the items you have checked off on the Sage 50 reconciliation screen.
    • Common errors include double entry of a particular transaction, accidentally selecting a transaction which is out of that particular date range, or even a transposed amount somewhere within your Sage 50 transactions.
    • One way you can quickly find errors is to compare the bank statement to the Sage 50 reconciliation screen from the most recent transaction to the oldest transaction (so backwards).
  4. If you are confident that your figures are correct and the “Difference” box in the bottom right hand side of your screen is zero, press “Reconcile.”
    • Sage 50 automatically saves a copy of your bank reconciliation in the archives if you need to revisit it at a later date.

 

For more Sage 50 training or to learn more about performing a bank reconciliation in Sage 50 accounting software, visit Accounting Business Solutions by JCS or call us today at 800-475-1047!

Sage 50 Accounting Support – 800.475.1047 – Support – Training – Consultant – Reseller

Sage 50 Accounting Support – 800.475.1047 – Support – Training – Consultant – Reseller

Sage 50 Accounting is an easy to use small business accounting software system formerly known as Peachtree Accounting and is perfect for small business. Super simple to set up and navigate. Keep your accounting information secure and choose what you want users to work with. This product grows with your business and can help you manage inventory and simple manufacturing.

Sage 50 Accounting Support can include installation, upgrades, user training and customizations. Our consultants are familiar with payroll, inventory and all areas of job costing including crystal reports and Sage Intelligence. Our goal is to provide the best possible Sage 50 Accounting Support and give you the information you need to be successful.

Sage 50 Accounting Support on all versions of Sage 50 Software Support or just Sage 50 Support

With over 25 years of accounting and business knowledge as well as proficient technical background you get the training and support your business needs and deserves working with a proficient expert consultant.   You can work with the same consultant to help you master your Sage Software and for those occasional questions you need help with so you can understand best practices and how to manage your company information and books.

Put our 25 years of experience to work for you!

“Your Success is Our Goal”

www.jcscomputer.com          800.475.1047          solutions@jcscomputer.com

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Pros and Cons of Sage 50 Accounting

Pros and Cons of Sage 50 Accounting

The pros and cons of Sage 50 Accounting, it is a simple, easy to use yet powerful Small Business Accounting Solution.  Sage 50 Accounting allows a fairly straight forward logging of the transactions and gives the users information at their fingertips. Add more users and controls whenever your growing business is ready.

About Sage 50 Accounting

Sage 50 has many core accounting features you would expect in a software solution for small business. Included are customer billing and vendor invoicing. It has solid inventory management features and built in user security. Crystal reports can be used for advanced reporting in older versions and Sage Intelligence for analytics dashboards and advanced reporting. It offers industry solutions for a variety of business segments, including construction, distribution, manufacturing, nonprofit and accounting.

The Sage 50 system includes built-in data checks that flag common accounting mistakes and suspicious transactions. Audit and security functions allow users to track who is entering or editing data or accessing particular functions. The software provides forecasting and analytics that can be exported to Excel.

What do most users say?

Sage 50 integrates with Microsoft Excel, Outlook and Word. Users can export Excel spreadsheets with formats and formulas intact, and data can be exported to PDF or sent via email. In addition, the solution integrates with Sage ACT! Sage 50 includes inventory management. Users who add items as master stock can items can then track items based on a variety of qualifiers, such as color, size, style and more. The system monitors inventory and automatically creates a purchase order when levels run low.

This solution is designed for small businesses and can start at 1 user. They all include It includes the general ledger, bank reconciliation, cash management including accounts payable and accounts receivable. Higher level versions include payroll, inventory, light manufacturing and job costing for construction by industries.

  • Easy to navigate
  • Flexible
  • User-level security settings
  • Export / Import from Excel
  • Program updates without actual noticeable change.
  • Import of entries from Excel
  • Stable
  • Built in Safety Features
  • Audit Trail
  • Financial statements in both cash and accrual basis

If you have 5 or fewer users, Premium is more in line with its offerings allowing not only cash management, Accounts Payable and Accounts Receivable but also order processing, budgeting automated tasks including audit trails. Sage Quantum is the final option for up to 40 users which will allow for industry-specific features such as manufacturing and construction, workflow management and data analysis reporting.

Data Sharing

With this version of Sage 50 c in order to share your database with your accountant, for example, you need to back-up your database which then needs to be restored by the accountant on their end to perform accounting functions/changes. Once the accountant is finished, a backup needs to be completed and sent to the original user which then be restored on their end. Assuming the original user didn’t make any changes since their original backup, the database is up to date. If the original user had gone in and made changes, the new restore will override and eliminate changes made.

Sage 50 is a hybrid, if you will, of cloud and desktop version giving users the ability to access/view/share data in real time. This version of Sage 50 is offered through a subscription to Sage Drive which is easily turned on by the main user desktop user wanting to grant access to the Sage Drive to other users.

More information on Pros and Cons of Sage 50 Accounting

Optional advances include Sage Payment merchant account as well as Sage payroll. Sage payment services allow payments to be posted virtually anywhere you have Internet access accepting a variety of payments. Payroll becomes more streamlined and easier to manage.

“Sage 50 is the most convenient way to keep tabs on your company, no matter where you are,” stated Eva Schoenleitner, vice president product marketing at Sage. “We’re establishing a new way of doing business by creating hybrid reliable desktop accounting software with cloud access supported by best-in-class accounting standards that will help you make more informed decisions and ensure accurate financials.”

“We also kept accountants and bookkeepers in the front of our focus while developing Sage 50,” stated Schoenleitner. “Real-time access to their clients’ information over a secure online connection is not only more efficient, it’s also safer and more secure than exchanging USB thumb drives and trading emails.”

PROS

Sage 50 is so simple yet so sophisticated

Easily upgrade from Peachtree and earlier versions of Sage 50 up – if you have difficulty or need help call 800.475.1047 they can do it.
Access to your database anytime, anywhere (as long as you’ve subscribed to Sage Drive)
View almost real time database without having to backup and restore
24/7 access to ‘real-time’ database for your accountant
Automatically syncs database to Sage Drive

  • Easy to use import / export features
  • Year end / period end closing
  • Account reconciliation
  • Report presentation
  • Ease of use for beginners
  • Easy access to detail of transactions
  • Running reports
  • Exporting reports
  • Drilling down is simple
  • Very intuitive
  • Job Costing Reports
  • Journal Entries
  • Payroll reports
  • Ease of data entry
  • Very good reporting
  • Logical progression from one module to another
  • Easy to setup
  • Sage 50’s design helps eliminate the time it takes to correct Accounting errors
  • Sage 50 Business Intelligence
  • Complex payroll formulas
  • Dashboards

CONS

The best update is that Sage 50 now has Sage Drive for multiple users.

  • When data files are large wait times for certain functions
  • Sometimes the screens are busy which can make it easy to get lost
  • While the reports are great, you need to know where to look
  • Want to have an online Sage 50
  • It does not have cost accounting
  • No multiple warehouse
  • Not enough inventory sales price levels by item
  • More customization as to levels of access to data

Pros and Cons of Sage 50 Accounting Versions with highlighted features available in all or most versions

Sage 50 Quantum

Enterprise level accounting – Save even more time with automated routing of critical activities to the right person at the right time. Robust feature rich, powerful small business software yet so each to use. Be smart about managing money. Forecast cash needs now and into the future. Run what if scenarios and adjust cash in and cash out to cover upcoming expenses.

  • Boost workplace efficiency with role-based security access for up to 40 users.
  • Discover the trends within your key performance data so you can build on successes or make improvements.
  • Save on carrying costs with serialized inventory management.
  • Multi-user ready
  • Settle bills online
  • Fixed Assets Option
  • Higher transaction capabilities
  • Sage Intelligence
  • Budgets
  • Recurring Entries
  • Customize lookup windows

Sage 50 Pro

This is an entry level system for small business looking for a simple to use yet robust accounting solution. Get everything you need to build and run your business.

  • Streamline your financials
  • Easy to invoice customers
  • Pay bills
  • Track cash flow
  • Payroll
  • Direct Deposit
  • Customizable Forms
  • Easy Navigation

Sage 50 Accounting

Helps you organize and manage your business with confidence! Sage wraps our powerful accounting and business management features with easy to use basic features

  • Cash or Accrual Accounting
  • Manage Cash Flow
  • Customer Management Center
  • Sales optimization
  • Collection Letters
  • Templates for recurring charges
  • Customizable reports
  • Flexible reporting
  • Multiple level User Security

Sage 50 Premium

Keep control of expenses. Record bills, write checks and keep track of credits and returns. Analyze vendors to negotiate the best prices and reduce costs.

  • Invoice via mail
  • Invoice via email
  • Cash flow manager
  • Great for reporting profitability
  • Audit Trail
  • Short Cuts
  • Sales Tax Reporting
  • 941 / W2’s
  • Time and Expense tracking
  • Time and Expense billing

Sage 50 Manufacturing

Light manufacturing capabilities for repetitive manufacturers and simple manufacturing. This version ca help eliminate purchase errors. analyze costs accurately and help reduce inventory costs. Plan and track inventory. Keep track of on-hands, issue automatic POs when inventory drops, and track performance of products and services.

  • Powerful Inventory
  • Import using excel
  • Bill of Materials
  • Simple Work Tickets
  • Add-ons for complex manufacturing
    • MRP
    • Inventory Production
    • Scheduling
    • More
    • Inactivate Items
    • Back Orders

Sage 50 Distribution

Sage 50 version with industry solutions to help you deal with inventory challenges so you can increase sales, deliver on time, retain customers, and minimize overhead. This solution is comprehensive for small business owners so they can identify areas for improvement based on profit reports by department, item and / or job.

  • Serialized items
  • Assemblies
  • Work tickets
  • Units of measure
  • 10 price levels
  • Auto generate purchase orders
  • Packing Slip
  • Raw Material
  • Finished Goods
  • LIFO / FIFO / Average / Specific Unit

Sage 50 Non-Profit

Get paid fast. Create quotes and sales orders, invoice customers and make sure they pay on time. Process credit cards to get paid even faster.

  • Multiple Company
  • Profit center reporting
  • Donner letters
  • Churches, small organizations
  • Non Profits
  • Report Groups
  • Easy Month End Close

Sage 50 Construction

Manage jobs and projects. Break large jobs into phases, tracks costs by the phase and cost code, and bill as the job progresses.

  • Proposals
  • Job Costing
  • Phase Codes
  • Cost Codes
  • Retainage
  • % completion Jobs
  • Track vendor insurance

To receive a small business checklist in excel visit Month End Close Checklist

For a complimentary Sage 50 review and demo give us a call 800.475.1047

Upgrade to Sage 100 for more powerful inventory and manufacturing management

 Call now to speak to knowledgeable consultants or visit www.jcscomputer.com

With over 25 years of accounting and business knowledge as well as proficient technical background you get the training and support your business needs and deserves working with a proficient expert consultant.   You can work with the same consultant to help you master your Sage Software and for those occasional questions you need help with so you can understand best practices and how to manage your company information and books.

Like us on Facebook  and follow us on Twitter

pros and cons of Sage 50, sage 50 Accounting, cost of Sage 50 accounting software, sage software, sage 50cloud reviews

Learn more about the pros and cons of Sage 50 Add-Ons

Accounting Business Solutions by JCS

  • Barcode Scanners
  • Job Cost Scanning
  • Certified Payroll
  • Advanced Reports
  • Shopping Cart Integration
  • API for Accounts Payable
  • API for Accounts Receivable
  • Bill of Lading

Other Add-ons

  • ACT – CRM integrati0n
  • AATRIX – Sales Tax Reporting
  • Codless Platforms-
  • E-Bridge
  • Paya
  • Microsoft Office
  • MISys Manufacturing
  • QuoteWerks – quoting
  • Sage Payroll Solutions – payroll
  • Sage Payment Solutions – Merchant services
  • Sage Mobile Sales – mobile sales
  • Sync – for Sales Force
  • Sys Aid – help desk
  • True Commerce – shipping
  • V-Technologies – EDI

Sage 50 customer Size

  • Consumers                                                                      0%
  • Small Business (1-50 employees)                               90%
  • Mid Sized Companies (51-500 employees)             10%
  • Enterprises (>500 employees)                                    1%

Sage 50 Accounting Support Services Options

  • Phone
  • Live Chat
  • Email
  • Remote
  • Onsite

For Sage 50 Peachtree Support Services

sage-50, sage-50-pro-accounting, sage-50-premium-accounting, sage-50-quantum-accounting

Check out the small business month end close procedures and advise

month-end-checklist

Sage-50-month-end-checklist

Sage-50-quarter-end-checklist

Sage-50-year-end-checklist

If you want to Compare with other Sage Software Solutions …

  • Sage 100 Cloud
  • Sage 300 Cloud
  • Sage Intacct
  • Sage Business Cloud Accounting

Retired versions of Sage 50 Accounting formerly Peachtree as of this post

  • 2018 Sage 50 -U.S. Edition (retired)
  • 2017 Sage 50 -U.S. Edition (retired)
  • 2016 Sage 50U.S. Edition (retired)
  • 2015 Sage 50 -U.S. Edition (retired)
  • 2014 Sage 50 – U.S. Edition (retired)
  • 2013 Sage 50 – U.S. Edition (retired)
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