Hi there, could do with some help and advice. I do the accounts for a client and his accounant does not use or really know how sage works. Usually at the end of the tax year (for all my other clients) before I run the year end I reconcile the bank on sage clear off all outstanding queries and email the data to the accountant who then looks at all data and does necessary adjustments and emails me the journal entries. But I am having difficulties with this accountant understanding, he says the bank statement does not balance to his trial balance!! and he wants me to do journals to the bank statement which will then leave an unreconicled balance on my bank statement, when I know my bank statements balance. What other info should/could I have printed off sage to make his bank statement balance!! Thanks in advance.
Strange one this is, when you say 'clear off all outstanding queries', I wonder if this is what your accountant means. How often do you do the accounts? - if every month then I would be incline as to reconcile at the end of the month rather than year - end.
This might make it seem easy for your accountant to see.
Hi there, what I mean by clearing off any outstanding queries, is clear off bad debtors and small amounts in creditors etc at the end of the year. I reconcile the bank in sage each month, so that the paper bank statement matches with the sage balance. What reports would I need to print off in order for it to match the trial balance at the end of the financial year if I continued to enter transatctions but had yet to run my year end. As I am having a disagreement with the accountant who says his bank trial balance (he does not have sage and does not undestand how sage works) does not match mine, although I know my paper statement and sage bank statement balance. Thanks
Do you know what transactions are making up the difference? Do you do a list for him of items not appearing on bank statement yet or the other way around appearing on statement but not in the books yet at the end of last month of year (could he mean journal those in???) I would think differences at month ends should balance out within the following month but maybe the difference comes from the last month's reconciliation. Rather interesting, I thought it is the accountant who should be telling you what to do. Well, as he is not you probably just have to think how would you do it if you haven't got sage but do the books manually.
And maybe what I am saying is totally wrong, I am a bit uncertain today...
Hi Julie, if the bank balance in Sage is the same as the actual bank statement then not really sure what the Accountant is having a problem with? You can't post any entries to "make it balance". I would send a scanned copy of the bank statement highlighting the ending balance vs what you have reconciled to.
I'm new to the forum so looking forward to chatting with everyone.
It's might seem that if you are sure the accountant does not understand Sage ( which seems very strange), that there could be a possibility hes the one making the mistake. Without looking at it, it's difficult to say.
Luther.
You could alway's speak to another accountant and see what he means!
Thanks for all your replies, yes I have shown him the bank statement balance matches with the statement printed off from sage as at 31/07/10 (end of year date), but that does not match the bank 1200 trial balance code to 31/07/10. Any ideas?
There could be a couple of reasons. It's possible entries have been made direct to nominal 1200 but not through the cash book module e.g journals.
Alternatively it's possible that postings have been made in the cash book beyond the nominal year end.
I'm not certain how much of a problem this can be with Instant or Line 50 but it's a common problem in other versions such as Line 100.
edit:
I'm not a Line 50 / Accounts expert, if it was Line 100 the only way I know how to solve this is to print a 1200 transaction listing and a cash book transaction listing and cross-match the two.
-- Edited by ADAS on Monday 22nd of November 2010 10:49:41 PM
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
Thanks for all your replies, I have just checked the reconciled bank rec up to end of Oct with the trial balance as of todays date and taken into account unreconciled transactions etc and it matches!! so the bank must be correct up to end of July I presume he has not taken into account the unmatched/reconciled transactions!!
I am glad you found the problem. I just thought I have a client, did not have year end with them yet, and the accountant does not know sage either. I will have to remember your topic on this as probably he (and I) will have similar difficulties...
