Sage X3 Opening Bank Balances Transcript:
Good day, and welcome to SWK Technologies’ Sage X3 Learning Center. Today we present Sage X3 V12, Bank Opening Balances.
To prepare the bank for opening balances we need to gather information, enter outstanding transactions, and then we can balance the bank.
Our first step is to gather information. If this was a new bank account, there would be no opening balance – it would start at zero. If you just started using X3, your bank account might have a previous balance. That balance will consist of checks written, but not cashed, and deposits received, and not deposited. If you had a reconciliation from the previous month, it would outline all the detail that you need.
Now that we’ve gathered the information, let’s go to X3 and enter outstanding transactions. In X3, you want to go to financials, journal, journal entry, select new. Your entry type will be general, and if you are performing a bank statement for the month of August, it will be the last day of the month; and now we’ll just tap through, or we can scroll down to get to the line detail. In your line detail, you’ll want to put in your site, select the bank account from the chart of accounts, and put in your outstanding checks.
I completed the transaction, now let’s take a look at the detail.
You can see that I’ve created a debit and a credit for each line, one going to the bank account and one going to a clearing account.
The last debit and credit are the total of the transaction. This is a zero-value transaction – all the debits and credits cancel each other out in both accounts.
The balance in your bank account will come from loading your trial balance; the purpose of this transaction is to load the outstanding transactions for your bank reconciliation. save this transaction.
Let’s take a look at the bank reconciliation.
Here is your bank reconciliation. You’ll recognize the outstanding withdraws and deposits. Let’s take a look at the detail. Two line details have been marked off. On line four you’ll find the debit that we entered to $9.99 account, and on line five there’s a deposit that was entered when they entered in the opening balances off the trial balance, and if we scroll up we’ll see the three other entries that we entered in the general ledger.
The ending statement balance is the value of the two items that we’ve cleared. This will give you a zero variance. Save your reconciliation.
We have completed the tasks of entering outstanding transactions and balancing the bank. Thank you for joining us at SWK technologies’ Sage X3 Learning Center.
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