Core Financial Modules

[gloaming]

When we set up our company in Sage last month, my boss had me do a general journal entry upload to establish beginning balances in all of our balance sheet accounts. I'm attempting our bank reconciliations now, and none of the cash accounts show beginning balances. How do I fix this?

[TomTarget · Accepted solution]

Go to bank rec - Check deposit and adjustment entry and make an entry for the beginning balance and mark it as cleared.

Note that you may have to split it beginning balance up a bit to account for any outstanding items at the beginning balance date assuming you have not already done that.

[gloaming]

What do I do about the existing balances that show on the balance sheet in the cash accounts?

[SPyle]

Transactions in the GL Journal do not move to Bank Rec, and the transactions that you do in Bank Rec do not move to the GL.  If the total of the Bank Rec adjustments equals the beginning balances you posted in GL, you should be good going forward.

If you want to affect the GL and Bank Rec at the same time, you need to use the GL Transaction Journal.  There is a way to set transactions so they do post to bank rec as well as GL.  Review the help screens.  Once set up, it becomes very easy to transfer between accounts, post fees and charges (without having to create dummy checks in AP) and miscellaneous receipts such as interest without having to post AR CASH receipts.

[gloaming]

Thank you so much! This worked like a charm.