Reconciling E-Statements

Generally, to reconcile an e-statement you:

1. Download the statement:
   • For bank feeds, download transactions in the Reconcile E-Statements screen.
   • For Open Financial Exchange (OFX) statements:
     1. Download your bank or credit card statement from your financial institution's website in OFX format.
     2. Use the Import OFX Statements screen, in Bank Services, to import the downloaded statement into Sage 300.
2. Use the Reconcile E-Statements screen to:
   • Match transactions from the e-statement to transactions in Sage 300. For more information, see Matching Transactions from E-Statements to Bank Transactions.
   • Enter bank transactions.
   • Manually clear or write off any unmatched transactions.
3. Check the Summary tab of the Reconcile Statements screen to ensure that the ending balance from the bank statement matches the ending bank balance in your Sage 300 system. For more information, see Bank Reconcile Statements Screen.
4. Print the Withdrawal Status and Deposit Status reports, which are not available after you post the bank reconciliation. For more information, see Bank Withdrawals Status Report and Bank Deposits Status Report.
5. Post the reconciliation using the Post Reconciliation screen.

Before you start

If you are reconciling an OFX statement:

• Download your statement from your financial institution's website.
• Import the downloaded statement. For more information, see Importing OFX Statements.

To reconcile an e-statement:

1. Open Bank Services > Bank Transactions > Reconcile E-Statements.

2. Specify the desired bank code in the Bank Code field.
3. Press Tab. Then, if you are using a bank feed click Get Transactions.

   The Reconcile E-Statements screen displays downloaded transactions that were processed by the bank before the reconciliation cutoff date.

4. Fill in the following fields on the Reconcile E-Statements screen:

   • Reconciliation Date. More...

     The reconciliation date determines the year and period to which the reconciliation is posted. (The year and period are displayed in the field to the right.)

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

   • Reconciliation Cutoff Date. More...

     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.

   • Automatically Clear Reconciled Transactions. More...

     When you select this option, then click Reconcile, automatically matched transactions are immediately cleared from the table, 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.

   • Match Deposits By. More...

     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 E-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.

       To match by deposit slip, the Sage 300 deposit slip number must match the transaction number, reference, or comment in the e-statement.

       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 must reconcile each receipt amount manually.

       Note:

       Depending on whether you match by deposit slip or transaction, comments included in the e-statement are handled differently:

       • When matching by deposit slip, if there is a comment in the e-statement, 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 e-statement, it is entered in Reconciliation Description for the related receipt only.

5. Click Reconcile to match transactions from the e-statement to Sage 300 transactions, and then close the message box that appears when matching is finished. For more information, see Matching Transactions from E-Statements to Bank Transactions.

   The Cleared status for matched transactions changes to Yes. However, if you selected the Automatically Clear Reconciled Transactions option, only unmatched transactions appear on the table.

   You must clear unmatched transactions manually.

6. Clear unmatched transactions you identify as bank entries (for example, bank service charges that you have not yet entered in your Sage 300 system). More...

   1. Select the transaction on the table, and then click the Bank Entry button.

      The Bank Entry screen appears.

   2. In the Distribution Code field, enter the distribution code (for example, Bank Error or Service Charge).
   3. In the G/L Account field, specify the G/L account to use.

   4. If the bank entry is taxable, select the Taxable option, click the Edit button, and then enter tax information on the Taxes form that appears:

      1. Select the tax group to which your company is subject.
      2. Change the entries in the table if required, and then click Close to return to the Bank Entry screen.
   5. Enter a description, reference, and comment, as needed.
   6. Click Save.
   7. Click Post.
   8. Close the Bank Entry screen.
   9. On the Reconcile E-Statements screen, click Refresh in the detail table to refresh the list of transactions.

7. Clear other unmatched transactions. More...

   1. Select the transaction on the table, and then click Clear.

      A Detail screen appears.

   2. Select the matching detail on the table, click Clear, and then click Yes to confirm the match.

      Be sure you select the correct line, as there may be more than one detail with the same amount or date.

   3. Click Close to return to the Reconcile E-Statements screen.
8. You can click Refresh to remove all cleared items from the table. (Removing cleared items from the table is optional.)

   The only items remaining on the table will be unmatched items that you did not clear manually. (Their Cleared status is No.)

9. Close the Reconcile E-Statements screen.

   If a message appears asking whether to process the entries now, click Yes.

After reconciling an e-statement

1. Check the reconciliation using the Reconcile Statements screen:

   • Check that the statement date, reconciliation date, and reconciliation posting date are correct.
   • Check that the transactions you processed using the Reconcile E-Statements screen appear on the Reconcile Statements screen (if you matched deposits by deposit slip) or the Deposit Details screen (if you matched deposits by transaction).
2. Continue at Step 4 of the instructions for reconciling a bank account. See Reconciling a Bank Account.