Undo, Clear and Reset Bank Reconciliation in Sage 50

Reset, Undo, or Clear the Latest Bank Reconciliation in Sage 50

The summary of the business and banking accounts that tie a business account to its financial records is known as a bank, credit card, and VAT reconciliation Sage 50. A record of all deposits, withdrawals, and other financial transactions made with a bank over a specific period is included in the statement.

In case you make a mistake when you are reconciling your bank account you can undo, clear, reverse, and reset bank reconciliation in Sage 50 cloud Accounts.

Tips to Undo Bank Reconciliation in Sage 50

  • You have to click on the Bank accounts and then you have to select the required bank account.
  • Now you have to click Reconcile and then you have to click Reverse a reconciliation.
  • After that, you have to click the relevant reconciliation and then you have to click Reverse reconciliation.
  • You have to click Yes and then complete the backup process.
  • To confirm the bank reconciliation reversal you have to click Yes.
May be useful- Sage 50 Bank Reconciliation Discrepancy or An Unresolved Amount

Tips to Reset Bank Reconciliation in Sage 50

Instead of resetting all bank reconciliations related to an account, read how to reverse or reset bank reconciliations if you are using Sage 50 2020.2 or newer and have a Sage 50 Cloud subscription. To reset the bank reconciliation you have to follow the below steps.

Step 1: Make a backup

  • Make a backup of Sage data because you will permanently lose any completed bank reconciliation data.

Step 2: Get a list of Outstanding Transactions

  • You have to go to Reports, Banking, and Account Reconciliation Report Use Report format.
  • Report summary containing information on outstanding transactions.
  • To display the most recent properly reconciled period, first, choose the right bank account, then the right Start Date and Finish Date.
  • You have to select Report By Statement Option End Date.
  • To view the report, click OK.
  • To save this report, choose Print or Open in Excel.

Step 3: Clear the bank reconciliation

  • You have to double-click on the Charts of Accounts.
  • On your bank account, you have to double-click.
  • Now you have to select the Reconciliations and Deposits tab.
  • Besides Save Transactions for Account Reconciliation uncheck the box.
  • By clicking on Save and Close you can close the account.
  • To remove all reconciliation information you have to select OK.

Step 4: Re-enable the bank account for the bank reconciliation

  • You have to double-click on your bank account.
  • The Reconciliation & Deposits tab should be selected.
  • Mark the box next to Save Transactions for Account Reconciliation with a checkmark.
  • At the bottom of the page, the Set Up button will show up.
    • To set up revenue accounts for interest income, exchange gain, error gain, and adjustments, click on it.
    • Additionally, you can create spending accounts for bank charges, NSF fees, and interest Expenses.
  • By selecting Save and Close, you can close the account.
  • Put an X in the corner of the accounts window to close it.

Step 5: Set up the bank reconciliation again

  • Select the proper bank account by opening the Reconciliation & Deposits journal.
  • Retype the statement start and end dates, reconciliation date, and opening and closing balances for the statement for the month you’re attempting to reconcile.
  • To state the opening outstanding you have to click Add Prior Outstanding.
    • Using the report you printed/exported in step 2, manually bring back the transactions that were outstanding as of the statement start date.
    • Only transactions dated between the Statement Start Date and the Statement End Date will be automatically imported into Sage 50.
  • Then you have to set the date in the Show Resolved Tran. On or After as far as the previous outstanding transaction.
  • From the list of Resolved Transactions, you have to select the outstanding transactions.
  • To advance them to the list of Outstanding Transactions, click Add.
  • Even after changing the search date, if a transaction that was outstanding as of the Statement Start Date doesn’t show up in the list of Resolved Transactions, you can select Insert Outstanding and manually add it.
    • This won’t result in creating a journal entry.
  • Once you have added all the outstanding transactions you have to click OK.
    • Leave the Outstanding Transactions list blank and click OK if you don’t have any outstanding transactions to bring in.
  • Now you can reconcile your bank account again.

In the above blog, we have mentioned all the important steps. You can check this blog undo, clear, and reset bank reconciliation in Sage 50. In case you still face any issue related to this then you can call the Sage 50 help desk team any time as they are available round the clock.


Can you undo a bank reconciliation?

If you are working with an accountant, get in touch with them if you need to undo entire reconciliations since accountant users can do so. Users who are not accountants can reverse the reconciliation status of individual transactions.

How do I correct a bank reconciliation in Sage 50?

● You have to click the relevant adjustment type on the Reconcile window toolbar.
● Then you have to enter the required transaction details and then Save.
● After completing click on Close.

How to manually reverse a transaction in Sage 50?

You have two options for undoing a transaction if you discover a mistake in it: click the Void button on the transaction window, or undo the transaction manually.
● The following transactions can be undone.
● Journal entries in general.
● Sales receipts and invoices.