Session 4-2 Sage 100 Contractor: System Reconciliations - 1

Session 4-2

Thursday, October 12 10:15am-11:45am Room 619

Session 4-2

Sage 100 Contractor: System Reconciliations

Presented By: Melanie Rogers

WoodStone Earth Construction, Inc

Credits/Revision History

• Original Author: Melanie Rogers

Session 4-2 Sage 100 Contractor: System Reconciliations - 2

Bank Statement Reconciliation How to: Open 1-5, Bank Reconciliation and Display Items

Tips- Modify grid and save Clear transactions by double clicking

End result- Sage Statement Balance = Bank Statement Ending Balance Options for saving

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Print and then verify cash account with Balance Sheet for that period

Consider these options to investigate when the bank statement doesn’t balance

1. If your payroll for your employees is direct deposit and your bank statement only shows a one-line item weekly total payroll

Copy and Paste employee’s payroll vs manually adding

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2. Verify value of checks and value of deposits (keep in mind journal entries and EFT’s)

3. Run 2-5, General Journals (locate difference/duplicate check)

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4. Right click in grid and “Find”

5. Sort by transactions #’s/Sort by date

6. Clear out Statement Cutoff date (payroll checks- timing issue)

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7. Transfers between two cash accounts (General checking to Payroll checking) should be a

two-step process using a clearing account. Just using a 1-1, Checks/Bank charges can cause issues on the reconciliation.

Once the issue has been located, make the adjustment without having to leave the window

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Best Practices:

• Research why outstanding checks/EFT’s are more than a month old • When creating electronic payments use the letters EFT, so they are lumped together on the

bank statement.

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Credit Card Reconciliation How to: Open 4-7-5 Credit Card Reconciliation and Display Items

Tips- Modify grid and save Clear transactions by double clicking

Once in balance, save and a make a payment now or later Similar to the bank statement, you can try the same options below when the reconciliation is not in balance

1. Remove the statement cut-off date 2. Use the find option in the grid 3. Right click to copy, paste in excel (individual card subtotals)

Another area to check is the beginning balance with the ending balance of previous reconciliation

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Once the amount is determined, use 2-5, General Journals to possibly locate the discrepancy. On the 1-3, Journal Transactions check to see if the Status is either 1-Open or 3-Void.

o If Open- change status to 2- Cleared o Check box for Cleared Credit Card Reconciliation o Save

o If Void- Re-enter the transaction in 4-7-3 Credit Card Receipts o Go to 1-3, Journal Transaction for that receipt and change status to 2-Cleared o Check box for Cleared Credit Card Reconciliation o Save

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Reconciling Job Costs to the General Ledger How to: Reports to run

o Job Cost Totals 6-1-6 o Income Statement o General Ledger Journal Summary report #31

Report 6-1-6-21, Job Cost Totals by Job

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Menu option 2-3-21, Income Statement

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Total direct expenses on Income Statement should match total on Job Cost report along with the individual accounts

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The following are reasons why the two reports would not match

o Incorrect job cost type or account number o Manual journal entries not tied to a job o Computed but unposted payroll o Voided payroll records but not reversed in GL

How to locate and correct incorrect job cost type and or account number Print 6-1-2-21, Job Cost Journal for the cost type in question

Print 2-4 General Ledger for the same account # in question

Review both reports to see where the discrepancy is

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How to fix Cost Type Open 6-3 Job Cost Record and change Cost Type

This change will correct the original record

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How to fix the Account Number Locate 4-2, Payable Invoice/Credit by drilling down on 2-4, General Ledger account

• Change account # • Save

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How to locate manual job cost entries not tied to the General Ledger Open up menu, 6-3 Job Costs

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Type of Payroll Errors

1. Final computed but not posted to general ledger

2. Voided but reversal has not been posted to general ledger

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3. Transactions posted to a payroll account but not through payroll How to locate error #1 and or #2 Running 5-3-7, Payroll Audit and correct issue

How to locate error #3 Print 2-5-21, General Journal