I have SAGE instants V12 and Rec the Bank account for year end no problem it matched the paper bank statement. But when I go into the Bank Rec to start reconciling again my opening balance is no where near the amount that was there originally. The original amount which I also saved on PDF to have a record of it is £10180.43 and the new opening balance when I go into the Rec window after I have pressed the year end button is £2627.39. Difference of £7553.04. Have looked at the journals automatically produce from year end and can't see anything that shouldn't be in there. Incidently didn't have this problem last year when I bank Rec, the opening balance matched exactly what was on the statement.
Any advice would be greatly appreciated, do I put an adjustment through on SAGE? I bank rec manually all the time so I know the payments and receipts are spot on.
Hello Amanda have a look at the Balance Sheet figure for The Bank on the Year End date print off the report for this and have a look at the difference in the balance from the Bank Statement. Can you reconcile the Bank Balance figure on Sage to the Bank Statement manually if you can then have a look at the bank reconcilliation Section in sage and see if the the figure in the opening balance window is correct. Hope you can solve the problem soon.
Think I have found the error, it dates back to a payment on account which is incorrect, that the accountant is doing a journal for, so I will reconcile and await for his instructions on what to do with it. It was regarding duplicate invoices. At least it was found!!!
Please can enyone give me advise what to do? I never done before and I need to do the VAT return end of this mount ,if Im right the last day to submit is 31/01/2013 and I have a lot of unknown transactions on the bank statement what I wont have enough time to investigate them all. I just dont know what I have to do with them. And how is gonna affect the VAT return if I`ll leave them unreconciled on the bank statement,or I need to put under suspend account and reconcile? How I can remove later if I found it out the transaction what was it? Please can anyone explain it to me?
Hi Ella if it is online submission these are the dates
Accounting period ending Deadline for VAT Return submitted online
30 September 2012 7 November 2012 31 October 2012 7 December 2012 30 November 2012 7 January 2013 31 December 2012 7 February 2013 31 January 2013 7 March 2013
If it was me I would try and sort out what they are and spend the time getting it right, there should be a clue as to what they are on the statement eg insurance, salaries, vatable purchases.
Thank you very much for your advise,Yes It is online submission so if I`ll only submit it on 07/02/2013 its still be fine they will get it in time,right? I will try to reconcile all but it been neglected very much lately from someone else cos of sickness. So Im not sure what to do exactly and can I put it in the sage if I see what is it for on the bank statement but I dont have the paperwork with me,so maybe I can chase them later ? Please can you tell me what to do with the transactions what I wont be able reconcile by then? And how is gonna affect the vat return?
Any bank transactions for which there is no supporting paperwork I put to suspense so that I can reconcile the bank - unless as someone previously said you can recognise the transaction and put it to the correct nominal code. If I put it to the correct nominal code I will allocate it T0 or T9 depending on whether it is Nil Vat rated or VAT exempt and if if it a vatable expense use T0 as there is no supporting paperwork.
For ALL transactions I put to suspense I use code T9. These will not then show on the VAT return. When you finally trace them or have to make decision as to where to put them (!) I reverse them in the bank module and re enter them with the correct VAT code- ie-:
An unknown transaction dated 31.01.13 would go to suspense VAT code T9 dated 31.01.13.
If VAT return is Nov to Jan this will not show when you run the return.
When the receipt comes to light - lets say in March - do a "Bank" receipt transaction dated March, to suspense using VAT code T9 and re enter it as a bank payment dated March using the correct nominal code and VAT code. This will then appear on the VAT return for Feb to April and will not affect the profit & loss as it is reversed and re entered in the same month. (there will be a slight difference if there is VAT extracted)
I hope that is clear - it is not easy writing out procedures is it?! Easy to do - not so easy to explain. Hope I havent totally confused you!!
So you are saying I need to put them under suspend account and I can reconcile the bank I see, I told I can`t reconcile any transactions if is on suspense account, also I`m gonna be able to reverse them after its been bank and vat reconciled? How the bank going to balance for that`s period then? I`m dealing with older transactions some of them from June,Aug unfortunately,will these transactions show on the VAT return as is much earlier then accounting period I`m working on,is 01 Oct 2012-31 December 2012. Can I ask when do you submit the VAT return ? Deadline for VAT Return submitted online 07 February 2013 ,is it still fine to return on 7th Feb,do you think?
The fact that there are two seperate answers to the question mean that both threads need to remain.
For future reference to posters please do not post the same question more than once and espechially do not use old threads for such.
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
