Bank Rec in Sage, HELP!!

katsutlieff Registered Posts: 459
I am transferring our business accounts from paper to Sage. I got the opening balances from the accountant and I have manged to reconcile the bank statement, apart from two postings. Please can someone help

I have two cheques a wage cheque and a customer payment which have been accounted for in the previous years accounts, but they are cleared on the first bank statement in this years accounting period. How do I deal with this in the bank rec in Sage.

Also one of the bank charges is 'tax on credit' interest is this dealt with as a bank charge or posted to drawings as a personal expense?

Unfortunately I was not taught Sage as part of Unit 31 we used a different package, so I am learning as I go along

Many thanks


  • Bluewednesday
    Bluewednesday Registered Posts: 1,624
    The cheques that were accounted for last year but on the recent bank statement should have been part of the bank balance which your accountant gave you. As long as you put in the accountant's balance and not the opening bank statement balance you can safely ignore the cheques.

    The tax on credit is the tax deduction on the bank interest, I have always ignored that and put the net bank interest figure. I guess it's an Abbey statement that you are dealing with! I don't think they are showing bank interest like that anymore! The tax on credit is more an entry for them than for you.
  • katsutlieff
    katsutlieff Registered Posts: 459
    Thanks Bluewednesday

    Unfortunately the cheques weren't part of the bank balance that I was given from the accountant, they had never had our bank statements from us and all we supplied them with was the bank balance at the end of the year.

    If I had thought it all though before I started putting the accounts onto Sage I may have got around this.

    Is there any way I can change the opening balance and add this two amounts to it?!
  • katsutlieff
    katsutlieff Registered Posts: 459
    I have managed to sort this, Bluewednesday thank you for your post. I gave up in the end and rebuilt the data in the maintenance module. Had made some many corrections previously. I have completed the first month and it all balances hurray :001_smile:

    Has taken most of the week to get my head around Sage, hopefully now I sort off know my way around it I should whizz though the rest, hope so as the VAT return is due next week.
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