Are your bank reconciliations out of balance in Sage 300 CRE (Timberline)?
Sage 300 CRE (Timberline) Certified Software Consultant, Olivia Roemer, helps answer how to fix your bank reconciliations.
In my years of consulting construction clients in their Sage 300 Construction and Real Estate (Timberline) software, I am frequently asked “why is my bank reconciliation out of balance, and how do I fix it?”.
Top 5 Reasons Why Bank Reconciliation is out of Balance in Sage
1. Reconciliation Status on a Transaction was Changed
Changing the reconciliation status of an item is the most common cause for out of balance bank reconciliations in Sage. How do you identify whether or not this has happened? Look at your bank reconciliation report from Sage 300 CRE.
If the bank statement ending balance does not match the ending balance on your bank statement, more than likely you have some transactions that fall under this category. First, find the last month your bank statement ending balance in Sage 300 CRE matched your bank statement. Once you’ve identified the first month you were out of balance, look at any transactions with a status of “open” or “cleared”, should any of these be reconciled? If you have verified that all the open and cleared transaction are correct, then look through your reconciled transactions to verify none were reconciled in error. The easiest way to do this is to print out the reconciliation register and compare it to your bank statement. If the totals on the report match to totals on your bank statement then that month’s reconciliation is correct. Continue the process until you reach the current month’s bank reconciliation.
2. Check was Voided with Future Date and Reconciled
Look up the accounting date of any void checks you may have reconciled. If they have been voided with a future date, unreconcile the transaction and you should be back in balance.
3. Reconciled a Transaction with a Future Date
This one falls in line with item number two. Most commonly a check is printed with a future date but then cashed in the previous month. This can be from date typos and checks written with future dates in error. To fix this common problem, void the check and reissue it with a date in the current bank reconciliation month. If you do not know the actual print date of the check, you can pull up the transaction date in the AP check inquiry.
4. Register Balance Includes Unposted Entries
This happens occasionally, mostly with transactions that were created in Cash Management. The easiest way to find out if this is a causing your out of balance issue, pull up “Edit Register” and condition it to show unposted transactions only. See the picture below.
5. Accounting Date in PR Settings is Set to Period End Date
This is simple to identify. If you have the correct security permissions, go to the Payroll module, then File>Company Settings>Payroll Settings. Under “Accounting Date” does it say Period End Date or Check Date? See example below.
Need additional help? View this step-by-step instructional video showcasing how to check if your bank reconciliations are out of balance in Sage 300 CRE.
Another great resource to help with your technical questions in Sage 300 CRE is the Sage Knowledgebase. Knowledgebase article KB5982 has links to different KB articles with the most common causes of bank reconciliation out of balance in Sage.
If you have questions, or need additional help within your Sage 300 CRE software, contact Plumb.