Bank Reconciliation- Sage Pastel Evolution

Application Sage Evolution ERP 7
Module General Ledger
Audience Sage Evolution Users, Accountants, Consultants

It is important to do Bank reconciliation monthly, it allows companies to compare their Sage Evolution Account records to their actual bank statement, ensuring it balances

Overview

The Pastel Evolution Bank Manager add-on module eliminates the process of manually capturing transactions from your bank statement. Download an electronic bank statement from any major bank, map the bank transactions to the correct ledger accounts in your books, and the system will automatically assign the transactions for you after each import. Reconciling your bank account has never been quicker and easier. Sage Evolution Bank Manager allows for cash book entries (deposits and withdrawals) to be automatically reconciled to the corresponding bank statement entries using an import file, thereby reducing time spent on labour-intensive manual processes. Automatic bank reconciliation can save you between 80 – 90% in cash book processing TIME, COSTS and MONEY

  • After the first bank statement download, assign recurring account coding to transactions that recur from month to month.
  • Attach a unique statement transaction identifier to a Sage Evolution account.
  • The system will then automatically code recurring transactions exactly as specified for the cash book batch.
  • Thereafter you will only have to code new transactions.
  • You can split lines into multiple accounts and reuse them. For example, you may wish to allocate rent to different departments.
  • For custom or complex changes, export the transactions into Excel, make the changes, and instantly import the data back into Pastel Evolution Bank Manager.
  • 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.

 Processes

This process is optional. It does not affect values on the general ledger. Instead, it helps you decide on the accuracy of the information you input, relative to your bank statement. You access this function via the Transactions…General Ledger…Bank Reconciliation menu option,

or via the system tree General Ledger…Transactions function.

Note that this function does not display on the system tree.

When you initiate this function, the Bank Reconciliation window opens. This window is an independent window, not tied to the Explorer window. You can open as many different Bank Reconciliation windows as you like at the same time. You can also close the Explorer window and leave the Bank Reconciliation window(s) open.

Note: Before you can do any work in the Bank Reconciliation window, you have to select a bank account.

Behind the scenes:

  • Pastel Bank Manager compiles the cash book electronically by using the bank statements of all the major South African banks as a base.
  • After the first bank statement download, assign recurring account coding to transactions that recur from month to month.
  • Attach a unique statement transaction identifier to a Pastel account.
  • The system will then automatically code recurring transactions exactly as specified for the cash book batch.
  • Thereafter you will only have to code new transactions.
  • You can split lines into multiple accounts and reuse them. For example, you may wish to allocate rent to different departments.
  • For custom or complex changes, export the transactions into Excel, make the changes, and instantly import the data back into Pastel Bank Manager.
  • 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.

Task: Reconciling Babsmog Solution Bank Account

  1. From system tree General Ledger…Transactions …Bank Reconciliation.
  2. The system will open a separate Bank Reconciliation
  3. Select the month you want to reconcile from the drop down list in the Month field.
  4. Click View.
  5. Enter the balance of the statement as at the end of March (refer to the bank statement earlier in this lesson). Enter 14655 in the field.
  6. The following information will display on the screen, detailing all the bank transactions

  1. Make a tick next to the transactions that displays on both the bank statement and this screen.

  1. From the bottom screen the Computer Bank Balance and Reconciled bank Balance should be the same. If this is the case, you have successful reconcile your bank account if not, a difference will be displayed, you will have to recheck your transaction in the system as well as the bank statement to find the cause of discrepancy. Note
  2. In this case, Babsmog Solution bank balances. Before you process any reconciliation, you need to print it. Click on the print icon or
  3. You can generate report on a specific period or up to a particular period

Report Output

This shows items on the computer that are not yet on the bank statement. The report also calculates the theoretical bank balance and compares it to the actual bank balance you enter into the Bank reconciliation function.

The report shows the opening bank balance, the outstanding payments and deposits, and a theoretical closing balance. For each unreconciled payment or deposit, the report shows the date, reference, description, amount, and a running bank balance.

Report Options

You choose the general ledger bank account to reconcile, and the period up to which to reconcile.

You can specify the period up to the end of the specified month.

You can sort unreconciled transaction by:

  • Date
  • Reference

You can choose whether to include open batches.

If you are using the Multi-Currency add-on module, you can choose to print local currency amounts or foreign currency amounts.

  1. Click Save to reconcile and process the reconciliation

8 thoughts on “Bank Reconciliation- Sage Pastel Evolution

  1. I clicked save thinking I would be able to edit bank reconciliation, but it is not editing. I would like to uncheck some line items. How do I cancel the save?

  2. Hi Mr Babatunde?i have just recent joined a company which uses pastel version11 and am very familiar with quick books,i have been told to start posting payments from June this year to date,kindly advise me or rather give tips on how to starting posting in cashbook payment from June to date

    • Hi Muyaba,
      All accounting system has similar features.

      • General Ledger – Journal and Cashbook, Trial Balance, Balance Sheet e.t.c
      • Account Receivables
      • Account Payables
      • Inventory/Stock Management
      • e.t.c

      Are you posting Cashbook or Journal batches ?
      Can you be more specific?
      Regards

  3. Good Afternoon, I started a new company, but the report is consolidated report, it doesn’t set out the transactions where do I go to adjust to view the bank items processed as opposed to a consolidated figure.
    Regards

    • Hi Patricia,
      Consolidated values are of different forms
      In Branch Accounting you can have all branch transactions consolidated into the global branch in Sage Evolution
      Or GL Account Segments consolidated

      Which of the above explains your situation?

  4. Hello

    Please can you assist me, I am using pastel evolution version 7.20.2.000 there does not seem to be a bank manager module only cashbook batches, how do i setup import file from CSV? and how do i use the automatic statement reconciliation that appears at the top of your bank reconciliation?

    I am struggling for a few hours trying to get some advise regarding this
    Thank you
    Tamara

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