Sage 300 permits the automatic reconciliation of electronic bank and credit card statements in OFX (Open Financial Exchange) format.

First, download your OFX bank or credit card statement from your financial institution's website to a folder on your computer’s hard drive or a network location.

Once you have downloaded the OFX file, import the statement into your Sage 300 company using the Import OFX Statements screen. (To import statements, you need Import Bank Services Data and Reconcile Bank Statements security rights.)

You can then reconcile transactions electronically using the Reconcile OFX Statements screen.

You automate the matching process using electronic statements that you download from your financial institution. You can download and then automatically reconcile:

• bank and credit card statements in Open Financial Exchange (OFX) format.
• bank statements using bank feeds.

OFX Statements

The process for reconciling an OFX statement is:

1. Download your OFX bank or credit card statement from your financial institution's website to a folder on your computer’s hard drive or a network location.
2. Import the statement into your Sage 300 company using the Import OFX Statements screen. (To import statements, you need Import Bank Services Data and Reconcile Bank Statements security rights.)
3. You can then reconcile transactions electronically using the Reconcile OFX Statements screen.

Bank Feeds

The process for reconciling transactions downloaded from your bank feed is simpler. In the Reconcile OFX Statements screen, you directly download and then reconcile transactions.