What is the process for reconciling a SayPro bank account in Sage?

📌 SayPro Bank Account Reconciliation Process in Sage

Reconciling a SayPro bank account in Sage ensures that recorded transactions in Sage match actual bank statements, preventing errors and ensuring accurate financial reporting.

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🔹 1️⃣ Steps to Reconcile a SayPro Bank Account in Sage

✅ Step 1: Access Bank Reconciliation

1️⃣ Log into Sage.
2️⃣ Navigate to 👉 “Banking” from the main menu.
3️⃣ Select the specific SayPro bank account you want to reconcile.
4️⃣ Click on “Reconcile” or “Bank Reconciliation.”

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✅ Step 2: Enter Bank Statement Details

1️⃣ Enter the statement date (the date on your bank statement).
2️⃣ Input the statement closing balance (ending balance from your bank statement).
3️⃣ Verify the opening balance (this should match the previous reconciliation).

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✅ Step 3: Match Transactions

1️⃣ Compare each transaction in Sage with the bank statement.
2️⃣ Tick/Check each matching transaction.
3️⃣ Ensure amounts and dates are correct.
4️⃣ For missing transactions, manually add deposits or expenses to Sage.

💡 SayPro Tip: If a transaction does not appear in Sage but exists on the bank statement, enter it manually before reconciling.

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✅ Step 4: Investigate Discrepancies

🔹 If the reconciliation balance does not match, check for:
✔️ Duplicate entries in Sage.
✔️ Transactions entered in the wrong bank account.
✔️ Bank fees, interest, or adjustments not recorded in Sage.
✔️ Uncleared transactions (pending payments or deposits).

💡 SayPro Tip: Use Bank Feeds (if enabled in Sage) to import transactions automatically and reduce manual data entry.

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✅ Step 5: Finalize and Save Reconciliation

1️⃣ Once all transactions match, the reconciliation balance should be zero.
2️⃣ Click “Reconcile” or “Finish” to complete the process.
3️⃣ Save or export a reconciliation report for records and audits.

💡 SayPro Tip: Store reconciliation reports in SayPro’s financial records for tax compliance and audits.

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🔹 2️⃣ Benefits of Bank Reconciliation in Sage for SayPro

✅ Prevents financial errors and fraud.
✅ Ensures accurate financial reports.
✅ Improves VAT and tax compliance.
✅ Identifies missing or duplicate transactions.
✅ Keeps cash flow records accurate.

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🚀 Summary: Reconciling a SayPro Bank Account in Sage

🔹 Access Banking & Select the Account
🔹 Enter Bank Statement Closing Balance
🔹 Match Transactions with Bank Statement
🔹 Investigate & Resolve Discrepancies
🔹 Finalize, Save, and Export Reports

Would you like a custom reconciliation checklist for SayPro? 😊