I am in the process of running the year end, and I am running some reports, Period Trial Balance match and there are no errors found or warnings generated, there are some comments tho but any way.
My question is, recently a friend of mine told me that when you run the year end Bank Reconcile and unreconcile report the balance should match with the current bank balance?? And I cant see how that works, I cant get it to match! Should it match??
And finally, apart from p&l, period trial balance, bank report, aged creditors reports what other reports are suggested to run for year end??
It's your basic reconciliation - you have the statement balance, to which you add or subtract any unreconciled transactions (depending if the balance was overdrawn, and whether those transactions are payments or receipts), and the result should match the book balance in Sage.
This is how you'd do it manually:
So, look at the bank statement at the year end date. Write the balance down. (Use brackets to represent a minus/overdrawn balance.)
Next look at the unreconciled transactions report. Write the total underneath the balance - use brackets if the unreconciled transactions favour payments.
Total the result up - remembering that bracketed figures are minuses - and write the total down.
Look at the trial balance at the year end date: The total should match the balance for the bank account. If it doesn't, you've made a mistake on your bank rec.
Within Sage, this is the same as running "Bank Report - Unreconciled" with the year end date as the end date, adding/subtracting that as necessary to/from the bank balance on the statement at the year end date, and comparing the result with the the balance shown on the trial balance at the year end: If these figures don't add up, the reconciliation is wrong.
Note that I've suggested a different way than your friend: Using the reconciled and unreconciled report can lead to a long report, depending on how much data is in your accounts!
As for year end reports, I usually run: P&L, Balance Sheet, TB, Aged Debtors and Aged Creditors, unreconciled bank transactions, and possibly a VAT return (showing the figures up to the year end since the last return - either if the VAT date doesn't match the year end, or if any late transactions went on after the last return was done.)
I usually then throw in some reports in spreadsheets - a bank reconciliation (along the lines described above; which is why I only use the unreconciled report), debtors/prepayments, creditors/accruals, a VAT reconciliation to prove the figures (especially if the VAT is on a cash basis), a fixed asset summary, and possibly a few other things that I can't think of right now.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
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