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How To Reconcile Bank Statements

Reconcile Bank Statements – Automated & Streamlined

Gone are the days when you had to manually capture each and every transaction from your bank statement. With Sage Bank Manager you will now be excited to reconcile bank statements.

You simply need to download your bank statement from your FNB, Standard Bank, Absa, or Nedbank (Any major Bank) account and map the bank transactions to the related ledger accounts, and the Bank Manager system will assign each transaction automatically every time you import it.

Why do I need to reconcile company bank statements?

Keeping a handle of your company finances is a key driver of your business success. You need to ensure that the bank balance on your monthly statements matches with your reported general ledger (GL) balance.

Many a time, these balances don’t quite match and this is why you will need to identify the discrepancies and ensure that every transaction is accounted for and your bank balance matches with the balance on your records.

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learn how to reconcile bank statements with sage evolution bank manager
streamline your processes when you reconcile bank statements

 Bank Manager add-on module eliminates the process of manually capturing transactions from your bank statement when you reconcile bank statements.

Why choose Sage Bank Manager to Reconcile Bank Statements

You need to automate the process of comparing bank deposits, adjusting the bank statement balances, correct your cash account, and avoid any human error when you are making your adjustments.

With Pastel Bank Manager you enjoy the following benefits while you reconcile your company bank statements:

  • Automated compilation of your cash book using your electronic bank statements that you receive monthly from your bank.
  • Once you have mapped all the recurring transactions, Sage Bank Manager will assign the transactions to the accounts as per your coding.
  • This means you only have to code new transactions once and bank manager will do the tedious work for you.
  • Flexibility is the name of the game. Should you wish to assign certain bills to specific departments, Sage Bank Manager enables you to split lines into multiple accounts and reuse them.
  • Once all the transactions have been assigned to the relevant accounts, simply select the option to create the cash book batch and the transactions will immediately be transferred to your cash book, for you to continue as usual.

Manually spotting double payment errors, missed payments, and computation errors can get difficult. Even for a seasoned finance manager.

Bank reconciliation done through accounting software is easier and error-free. Get all the functionality, security, and flexibility you need at the tip of your fingers.

how to make sure you bank balance matches your general ledger balance when you reconcile bank statements with pastel evolution bank manager

How does the Sage Evolution Bank Manager Work?

  • The Bank Manager Module, an Add-on Module for Sage 200 Evolution, allows for the cashbook to be electronically populated when a bank statement is imported into the system. This module is incredibly useful where large volumes of transactions are processed each month and removes most of the manual processing required to reconcile the transactions.
  • The Bank Manager Module can be accessed through e General Ledger batch and can use all the statements from all the major banks in South Africa as the basis for this importation. Simply path to the file downloaded from your bank, select it, and the file will be imported.
  • Once imported, you will see a dashboard overview giving a breakdown of all statements receipts, and payments as well as a graphical representation of all allocated vs unallocated amounts. Additionally, you can look up higher periods and look at closing balances and also review a yearly trend.
  • The dashboard can be brought back at any time by clicking on the summary button allowing you to check your progress.
  • All transactions are grouped into payments and receipts tabs. However, you can also choose to view all transactions by clicking on the “All” tab. The Bank Manager module helps make the manual bank recon process very easy.
  • Map transactions to specific modules and record the related account number. Specific transactions can be split across multiple lines. Processed work can be saved and accessed at a later stage.
sage pastel bank manager module

9 out of 10 accountants recommend Sage 200 Evolution. Paired with the Sage Bank Manager Add-on Module and the award-winning team at Brilliant Link. Moving forward from today, you no longer need to sigh every time you reconcile bank statements.

Browse through a few other Add-on modules Here!

Sage Bank Manager. The best solution to Reconcile Bank Statements

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