About Downloading E-Statements
Bank Reconcile E-Statements Screen
Matching transactions from a printed bank statement to transactions in your accounting system can be a time-consuming and tedious process in a manual reconciliation. Automating the matching process can save you a lot of time, especially if you have many transactions to reconcile.
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:
- 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.
- 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 E-Statements screen.
Bank Feeds
The process for reconciling transactions downloaded from your bank feed is simpler. In the Reconcile E-Statements screen, you directly download and then reconcile transactions.