Bank Services > Screen Guides > Transactions > Reconcile OFX Statements

Bank Reconcile OFX Statements Screen

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About OFX Statements

Bank Entry (OFX) Screen

Bank Reconcile Statements Screen

ClosedTo open this screen

Open More > Bank Services > Reconcile OFX Statements.

ClosedFields and controls
ClosedButtons
ClosedBank Entry

Click this button to enter a bank transaction that you have not yet processed in Sage 300. For more information, see Bank Entry Screen.

ClosedClear

Click this button to clear transactions manually.

For example, you would click Clear to clear a transaction that was unmatched because the bank used a different exchange rate than you used to convert the transaction from a source currency.

ClosedReconcile

Click this button to match Sage 300 transactions automatically to the statement transactions listed on the grid.

The program reconciles only statement transactions that cleared the bank on or before the reconciliation cutoff date.

ClosedRefresh

Click this button to remove from the detail table the bank statement transactions that have Yes as the value in the Cleared field.

ClosedSave

Click this button to save the reconciliation of OFX transactions that have a Cleared status of Yes. When you click Save:

  • The program adds transactions designated as bank entries to Bank Services.
  • On the Bank Reconcile OFX Statements screen, the Reconciliation Status changes to Cleared.

Note: You should designate bank entries (by clicking the Bank Entry button with the item highlighted) before clicking the Save button, as the Bank Entry button is not available after you click Save.

ClosedAutomatically Clear Reconciled Transactions

When you select this option and then click Reconcile, automatically matched transactions are immediately cleared from the grid, leaving only transactions that you must reconcile manually.

This option can save you time if you have many transactions to reconcile. However, if more than one transaction uses a given amount, it is best not to select the option, to ensure that you clear the correct entry.

ClosedBank Code

Select the code for the bank whose statements you downloaded. The program initially displays the default bank code specified on the Bank Options screen.

A description of the specified bank code is displayed below in the Bank Code Description field.

ClosedMatch Deposits By

You can specify whether to reconcile amounts for the individual receipts that make up deposits, or reconcile deposit totals. The method you choose applies to all the deposits in the current reconciliation.

Select the method that is consistent with the presentation of deposits on your bank statement:

  • Transaction. Reconcile each receipt or receipt-related amount.

    If your bank statement does not include details of individual receipts, do not select Transaction because the Reconcile OFX Statements function will not be able to match receipt amounts automatically to amounts on the bank statement.

    Note: If you are matching deposits by transaction, and the program matches at least one detail in a deposit, the deposit's status is set to Reconcile By Deposit Detail. This applies only to deposits that can contain multiple receipts (such as those entered through Accounts Receivable).

  • Deposit Slip. Reconcile one amount for each deposit slip.

    While reconciling by deposit amount is generally faster, if there was a keying error or some other problem that caused the bank to report a different deposit amount than you recorded in Sage 300, you will have to reconcile each receipt amount manually.

    Note:

    Depending on whether you match by deposit slip or transaction, comments included in the OFX file are handled differently:

    • When matching by deposit slip, if there is a comment in the OFX file, it is entered in Reconciliation Description for both the deposit and all receipts in the deposit.
    • When matching by transaction, if there is a comment in the OFX file, it is entered in Reconciliation Description for the related receipt only.
ClosedReconciliation Cutoff Date

Imported transactions must have cleared the bank by the cutoff date to be included in a reconciliation.

You can reconcile only transactions posted in Sage 300 to a date no later than the reconciliation cutoff date, including outstanding transactions posted to earlier fiscal periods.

When you leave the Reconciliation Cutoff Date field, the display changes to show transactions processed up to and including the specified cutoff date, for the specified year and period.

ClosedReconciliation Date

The reconciliation date determines the year and period to which the reconciliation is posted.

You must use a reconciliation date that is later than the one used when you last reconciled the bank account.

ClosedYear/Period

This field is not editable, and is determined by the date in the Reconciliation Posting Date field.

ClosedDetail Table
ClosedBank Cleared Date

This is the date on which the transaction cleared the bank.

ClosedCleared

This field displays Yes for OFX transactions that matched your records, or No for OFX transactions that did not match your records. (After you reconcile the unmatched transactions, this field changes from No to Yes for transactions that you manually matched to your records.)

ClosedComment

This field displays the comment entered on the Bank Entry screen.

ClosedExchange Rate

This field appears for multicurrency transactions and reflects the rate in effect at the bank on the day the check cleared the bank. This field does not appear for a single-currency bank or company.

ClosedReference

This field displays the additional information about the transaction that was entered in the Reference field of the Bank Entry screen.

ClosedSource Amount

In a multicurrency transaction, this field displays the original transaction amount, in the currency of the original transaction. This amount will differ from the transaction amount, due to exchange differences.

ClosedSource Currency

In a multicurrency transaction, this field displays the currency code for the source amount.

ClosedTransaction Amount

This field displays the amount of the transaction that cleared the bank, in the bank's statement currency (which might be different than the source currency).

ClosedTransaction Currency

This field displays the functional currency of the transaction for a multicurrency bank or company.

If the bank selected is a single-currency bank or the company is a single-currency company, the field does not appear.

ClosedTransaction Number

This field displays the number associated with the transaction (a deposit number or a check number for example).

ClosedTransaction Type

This field displays the type of transaction recorded on the bank statement (that is, a withdrawal or a deposit).

ClosedRelated tasks

Overview

Use the Bank Reconcile OFX Statements screen to:

Saving the OFX reconciliation adds bank entries, written-off amounts, and other reconciling amounts to the Reconciliation tab on the Reconcile Statements screen.

Reconciling Amounts by Transaction or Deposit Slip

You can specify whether to reconcile amounts for the individual receipts that make up deposits, or reconcile deposit totals. The method you choose applies to all the deposits in the current reconciliation.

Select the method that is consistent with the presentation of deposits on your bank statement:

Last published: 4/8/2016