How Do I Undo the Last Bank Reconciliation in Sage 50?

Sage 50 is one of the most trusted accounting programmes that millions of businesses love. It is designed to simplify small business finance. With Sage 50, you will get integrated business services. It is loaded with reconciliation features related to savings amounts, credit card amounts, etc.

The perk of using this portal is that it gives you the privilege of reversing any reconciled transaction. Hence, if you wrongly reconcile any transaction, you have room to undo it.

What is Sage 50?

Sage 50 is a combination of cloud computing and desktop computing. It is used for tackling daily administrative activities as well as financial affairs. Thus, you can work on the go with this software. 

Its advanced digital features like in-depth reporting, automatic capturing of data, and in-built guidance make it a pro in accounting. It comes in two variants: Sage 50 Cloud and Professional.

Steps to Undo the Last Bank Reconciliation in Sage 50

You probably encounter issues like void, duplicate, or null entries when reconciling transactions in Sage 50. There can be different scenarios while using the Undo feature in Sage. Some of them are: 

• The transaction was incorrectly recorded.
• The payment invoice has an inaccurate date.
• The table of bank reconciliations includes unrelated information. The software in this case will fail to read the actual figure.
• The transaction is not clear.
• Unable to reverse the transaction at any point in time. 

The following reconciliation processes are applicable for Sage 50 Quantum Accounting, Premium, and Pro: 

Creating A Backup

It is important to take a backup before proceeding to Undo. The backup will help you restore the data at any time. So, backup is a strategy to never lose your data permanently.

Collection of Information on Earlier Outstanding Transactions 

• In Sage 50, address the report.
• Go to Banking and click on ACR (Account Reconciliation Report).
• From the Report Type, select Summary Report with the details of outstanding transactions.
• Look for the right bank account.
• Enter the beginning and end dates.
• Modify the Report with a statement end date.
• To preview the report, click on OK.
• You can now save it in Excel or print it and keep a hard copy.

Erase the Bank reconciliation.

• Double-click on the Chart of Accounts.
• Click on the bank account and select the reconciliation and deposit option.
• Untick the field given near the Save Transactions to reconcile the account.
• Click Save and Close.” The account will be closed.
• Hit OK, and all the reconciliation information will be erased.

Enable the Account Involved With Bank Reconciliation. 

• Find the account.
• Select Reconciliation and Deposit.
• Checkmark the field just next to “Save Transactions for Account Reconciliation”.
• A setup window pops up at the bottom of the screen.
• Click and prepare the revenue accounts for functions like Interest income, exchange gain, error gain, etc.
• You can also setup the expense reports for bank charges, NSF fees, etc.
• Save and close it.
• Lastly, click the X in the corner of the screen to close it. 

Final Thoughts

While reconciling the last transaction statement in Sage 50, you must follow the detailed guidance. Making a mistake while doing a step may cause you to lose the earlier data permanently. So, never forget to keep a backup of all the important data while undoing it. Restore the data and reprocess once you complete the reverse.

FAQs

What will happen if I reverse a reconciliation?

When you reconcile a bank transaction, the parallel transactions are considered unreconciled. The bank record date is also deleted. If you want to reverse any reconciliation with subsequent reconciliation, all will get reversed.

Does Sage 50 have an undo option?

Yes, it is a versatile platform where you can undo a reconciled statement. For example, if you reconcile the last transaction statement mistakenly, you can undo it. Sage 50 is an integrated platform for business finance management.

Can I Unflag a transaction here?

You can navigate the transaction, edit, and unmark the Bank record. Save the whole thing and hit yes. Now, double-click on the bank accounts, then memo, and click twice on Statements. Delete the statement, save, and close.