In recent years, Sage introduced a new feature for bank reconciliation, namely the ability to “save” your matched items so far. Prior to this, if you realised that you had forgotten to enter a supplier payment for example, you had to completely discard your work so far, exit the bank reconciliation window and enter your transaction. The introduction of the “save” facility meant that you could retain your work, exit the reconciliation window, and return at a later stage.
It has come to our attention however that some of our clients have been using the save feature instead of reconciling their work. We have encountered clients with a year’s worth of bank transactions “saved” as opposed to reconciled. Since the save feature was never designed to work this way, there is no guarantee that this saved file will be retained indefinitely. We have come across clients who have come in to work one day to find the bank reconciliation file has disappeared or even migrated to another bank account. In this case, the only solution is to restore a recent backup.
In conclusion, the save feature is an excellent tool if used correctly. During training sessions we advise clients that they reconcile their bank statements one page at a time. This is an excellent way to minimise errors and makes differences very easy to track down.
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