About Downloading Bank Statements

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If your bank offers online services and supports the Open Financial Exchange (OFX) data format, you can download bank statements for reconciliation in Sage 300. (Follow the instructions on the bank's website to download your statements.)

You use the Bank Import OFX Statements screen to import the statement into Sage 300.

You use the Bank Reconcile OFX Statements screen to reconcile the downloaded statements. For more information, see Bank Reconcile OFX Statements Screen.

Before downloading and reconciling OFX statements, ensure that your system administrator has assigned you the following security rights:

Import Bank Services Data
Reconcile Bank Statements

Currency Concerns

In a multicurrency Sage 300 system, the default currency for your downloaded bank statement must be the same as the statement currency or one of the source currencies specified for that bank in your Sage 300 system.

In a single-currency Sage 300 system, you use the Currency Rates table to specify exchange rates between your company's functional currency and the OFX statement's transaction currencies. You should specify exchange rates for each transaction's posting date. This way, if any imported transactions are unmatched due to currency differences, the program can convert them to your functional currency and enter them in the Reconcile Statements screen, so that you can clear the transactions manually.