Bank Reconcile Statements Screen

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About Establishing Bank Balances

Bank Post Entries Screen

Open Bank Services > Bank Transactions > Reconcile Statements.

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

Click this button on the Summary tab to update amounts after you add bank entries or change the Reconciliation Date.

Important! If you add a bank entry by clicking the Bank Entry button, you must click Calculate on the Reconcile Statements screen before saving the reconciliation. If you do not click Calculate, an error message appears.

If the calculation shows that the Adjusted Bank Balance equals the Adjusted Book Balance, you can post the reconciliation. (You have reconciled the bank account.)

Click this button to post the reconciliation that is currently displayed.

Note: This button allows you to post one reconciliation at a time. To post reconciliations for all banks, or for a range of banks, use the Bank Post Reconciliation screen. For more information, see Bank Post Reconciliation Screen.

Click this button on the Reconciliation tab to open the Quick Clearing screen, where you can clear a range of deposits or payments, or reset their status to Outstanding. For more information, see Bank Quick Clearing Screen.

Click this button after creating a bank entry, bank transfer, payment, or receipt to add the new record to the Reconciliation tab.

After you enter a bank code, this field displays the bank account number specified in the bank record.

If you use multicurrency accounting, the statement currency specified for the bank is displayed in the Currency field.

Specify the code for the bank account you are reconciling. Once you enter the bank code, the program displays the description, bank account number, and statement currency for the bank in their respective fields: Bank Code Description, Bank Account, and Currency.

If you reconciled the bank account before, the program also displays the reconciliation description.

This field displays a description for the current reconciliation, and allows you to write or edit a new description.

This field displays the total amount of deposits you have cleared.

The program recalculates the amount after you leave a line on the detail table.

Use this field to restrict the list of transactions to those that are outstanding or reconciled.

The default status, All, displays transactions regardless of their reconciliation status.

The program calculates the difference between the adjusted statement balance and the adjusted book balance and displays the result on the Summary tab and on the Reconciliation tab of the Reconcile Statements screen.

When you have reconciled the bank account, the amount is zero.

You cannot post a reconciliation until the Out of Balance by amount is zero.

Use this field to sort the listed transactions by transaction date or number.

Filter the transactions that are displayed on the Reconciliation tab.

The program lists all transactions by default. However, you can select Deposits to restrict the list to deposits, or you can select Withdrawals to display only payments and other types of withdrawals.

This field displays the total amount of the withdrawals you have cleared.

The program recalculates the amount after you leave a line on the grid.

When you change the status of a selected withdrawal or a deposit from Outstanding to Cleared or to another status, the program enters the transaction amount from Sage 300 as the cleared amount.

The cleared amount should always be the same as the amount shown on the bank statement.

For multicurrency banks, the cleared amount is stated in the bank's statement currency. Otherwise, the amount is in your company's functional currency.

The currency code for the bank statement currency appears next to the bank account number on the Reconcile Statements screen. If the transaction cleared the bank with a different amount:

  1. In the Cleared Amount field, enter the amount shown on the bank statement for the transaction

    The program displays the difference between the amount processed in Sage 300 and the cleared amount.

  2. In the Reconciliation Status field, select Cleared With Bank Error or Cleared With Write-Off as the reconciliation status.

Note: When you post the reconciliation, Bank Services creates a new transaction for the difference. Transactions created for differences due to a bank error appear on the next period's reconciliation with Outstanding status.

The program displays the payment date, deposit date, transfer posting date, bank entry date, or reversal posting date, depending on the transaction.

This column displays the amount of each deposit in the source currency.

If a deposit contains receipt batches that are not yet posted in Accounts Receivable, the amount is zero.

To drill down to the receipt batch in the source application, where you can view the individual receipts that make up the deposit, select the detail line on the grid, and then click the Edit button in the Deposits column heading.

The description displayed in this field depends on the type of transaction. Bank Services displays:

  • The Payee Name (or Remit To Name) for a payment
  • The Deposit Description for a receipt
  • The Bank Code for the other bank (not the bank you're reconciling) involved in a transfer, and for or a transferred service charge
  • The Entry Description for a bank entry
  • The Customer Name for an NSF check

Bank Services displays the difference between the withdrawal or deposit amount and the cleared amount for reconciled transactions.

Depending on the transaction, the check number, deposit number, transfer number, or bank number appears in this field.

For returned (NSF) checks, the program displays the receipt number in this field.

To clear an outstanding transaction, double-click the Reconciled field for an outstanding transaction, changing the field entry to an X.

The program copies the withdrawal amount or the deposit amount to the Cleared Amount field, and it changes the Reconciliation Status field to Cleared.

Note: You cannot reconcile unposted bank entries. You must post them first.

This date is a record of the date you reconciled the transaction. The date you entered on the Summary tab appears as the default when you change the reconciliation status from Outstanding to another status.

If you forgot to reconcile a bank and the transaction was supposed to be reconciled on a date that has already passed, the program lets you enter the date the that the transaction was supposed to be reconciled.

If you enter a future date in this field and the Bank Services option Check For Cleared In Future Periods is set to Error, you must enter a date that falls in the current period before you can continue. If the option is set to Warning, the system warns you, but it does not prevent you from entering a future date.

Amounts that are cleared to a future date are added to the amount displayed in the Cleared In Future Period field on the Totals tab.

Note: This date is for reporting purposes, and is not used in multicurrency calculations.

The Reconciliation Description from the Summary tab appears as the default description for individual reconciled transactions.

You can change the description for a particular reconciled transaction, if necessary.

If, after reconciliation, there is an amount to be written off, this field displays the fiscal period to which the write-off entry will be posted.

Use this field to set the reconciliation status for a deposit or a withdrawal listed on the Reconciliation tab of the Reconcile Statements screen.

A transaction is reconciled when you change its status from Outstanding to another status.

You cannot change Not Posted and Printed statuses.

For more information, see Deposit Reconciliation Statuses and Withdrawal Reconciliation Statuses.

If, after reconciliation, there is an amount to be written off, this field displays the fiscal year to which the write-off entry will be posted.

If you are reversing a miscellaneous receipt for an Accounts Receivable customer or a miscellaneous payment for an Accounts Payable vendor, you can select this option to reverse the associated invoice automatically when you post the reversal.

Note: If the miscellaneous receipt or payment was for a customer or vendor with no record in Sage 300, Bank Services automatically reverses the invoice when you post the reversal. (You cannot choose whether to reverse the invoice.)

To reverse an Accounts Payable payment, enter Yes in the Reverse Invoice field for the selected withdrawal. (You cannot reverse deposits using the Reconcile Statements screen; you must use the Reverse Transactions screen to reverse individual receipts.)

This column displays the amount of each payment or other withdrawal in the payment currency.

To drill down to the original payment, select the detail line on the grid, and then click the Edit button in the Withdrawals column heading. The payment appears in the entry screen in the source application.

The adjusted book balance is the book balance, minus bank entries, minus write-offs, minus credit card charges, plus exchange gain, minus exchange loss.

The adjusted book balance should equal the adjusted bank balance. If it does not, you need to reconcile the difference displayed in the Out Of Balance By field.

The adjusted statement balance is the statement balance plus deposits outstanding, less withdrawals outstanding, plus deposit bank errors, minus withdrawal bank errors.

When you are finished reconciling, the adjusted statement balance should equal the adjusted book balance.

This amount is the total of all bank entries that are not yet posted.

It includes both entries you record on the Reconciliation tab to reconcile outstanding transactions and transactions you add using the Bank Entries screen.

This field displays the balance in your Bank Services bank account as of the Reconciliation Posting Date.

To see how the balance changed since you last reconciled the account, click the Context Menu button beside the Book Balance field.

The program subtracts the total credit card charges you record during reconciliation from the book balance displayed on the Summary tab.

This field displays the total of the differences from deposits that are cleared with bank error, which can be positive or negative.

This amount is the total of all deposits that have been entered in your books, but not yet cleared by the bank, at the statement date.

This amount is reduced as you clear deposits that appear on the bank statement.

The total of all exchange gains calculated when you enter information about clearing check and deposit amounts.

If the net currency exchange calculations result in a loss, the loss amount appears in the Exchange Rate Loss field, and a zero appears in the Exchange Rate Gain field.

Note: The Exchange Rate Gain field appears only if you use multicurrency accounting.

The total of all exchange losses calculated when you enter information about clearing check and deposit amounts.

If the net currency exchange calculations result in a gain, the gain appears in the Exchange Rate Gain field, and a zero appears in the Exchange Rate Loss field.

Note: The Exchange Rate Loss field appears only if you use multicurrency accounting.

The program calculates the difference between the adjusted statement balance and the adjusted book balance and displays the result on the Summary tab and on the Reconciliation tab of the Reconcile Statements form.

When you have reconciled the bank account, the amount is zero.

You cannot post a reconciliation until the Out Of Balance By amount is zero.

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.

Type the ending balance from the bank statement. During bank setup, use the most recent bank statement.

If you are reconciling the bank account, type the date that ends the period covered by the bank statement (the statement cut-off date). The statement cut-off date is usually printed near the top of your bank statement.

If you are setting up Bank Services, use the most recent bank statement date.

If you are reversing a payment, enter the date of the reversal.

This field displays the total of the differences from withdrawals that are cleared with bank error.

This amount appears on the Summary tab of the Bank Reconcile Statements screen.

It is the total of all payments and other withdrawals that are outstanding as of the reconciliation date.

The Withdrawals Outstanding amount is reduced as you mark these items Cleared.

This field on the Summary tab of the Reconcile Statements screen displays the total of all discrepancies between your books and the amounts at which the bank cleared transactions.

If a discrepancy is greater than the error spread you specified on the Account tab of the Banks screen, the discrepancy is marked Cleared with Bank Error and does not appear here.

However, if the discrepancy is less than or equal to the error spread, the transaction is marked Cleared with Write-Off, and the discrepancy appears here.

This status is used for withdrawals and deposits cleared in the current reconciliation.

This status is used for withdrawals and deposits that you clear or reverse using a reconciliation date later than the period you are reconciling.

Note: If the Check For Reconciled In Future Period option (on the Processing tab of the Bank Options screen) is set to Error, you cannot use future reconciliation dates to clear or reverse transactions.

You assign this status to a deposit that cleared the bank with an amount different from the deposit total posted in Sage 300, if the error is greater than the spread specified in the bank record.

When you post the reconciliation, the error is carried forward as an outstanding transaction for the next reconciliation.

The Totals tab of the Reconcile Statements screen shows the total amount of deposit bank errors for the current reconciliation.

On the Reconciliation Status Report, a deposit bank error appears:

  • In the deposits section, if it will increase the bank balance when it is corrected. Such errors include:

    • Deposits that cleared the bank for an amount less than the actual amount.
    • Payments and withdrawals that cleared the bank for an amount greater than the actual amount.
  • In the withdrawals section, if it will reduce the bank balance when it is corrected. Such errors include deposits that cleared the bank for more than the actual amount.

You assign this status to a payment or withdrawal that cleared the bank with an amount different from its issued amount, if the error is greater than the spread specified in the bank record.

When you post the reconciliation, the error is carried forward as an outstanding transaction for the next reconciliation.

The Totals tab of the Reconcile Statements screen shows the total amount of withdrawal bank errors for the current reconciliation.

On the Reconciliation Status report, a withdrawal bank error appears:

  • In the withdrawals section, if it will reduce the bank balance when it is corrected. Such errors include:

    • Payments and withdrawals that cleared the bank with an amount less than the actual amount.
    • Deposits that cleared the bank with an amount greater than the actual amount.
  • In the deposits section, if it will increase the bank balance when it is corrected. Such errors include withdrawals that cleared the bank with an amount greater than the actual amount.

You can apply this reconciliation status only to deposits that include a receipt with a credit card payment type.

Select this status if the difference between the deposit amount and the cleared amount is the result of credit card charges that were applied to the deposit.

The Totals tab of the Reconcile Statements screen shows the total amount of deposits cleared with credit card charges for the current reconciliation.

This status is available only if:

  • The bank account is multicurrency.
  • The bank's statement currency is the same as the functional currency.

You can assign this status to a payment made in a currency other than the statement currency.

You can assign this status to a deposit if at least one of its receipts is in a currency other than the statement currency.

The Totals tab of the Reconcile Statements screen shows separate totals for deposits and withdrawals cleared with an exchange rate difference.

You assign this reconciliation status to deposits that clear the bank for amounts different from their posted amounts, where the difference is less than the error spread specified in the bank record.

The Totals tab of the Reconcile statements screen shows the total amount of deposits cleared with a write-off.

You assign this reconciliation status to withdrawals that clear the bank for amounts different from their issued amounts, where the difference is less than the error spread specified in the bank record.

The Totals tab of the Reconcile statements screen shows the total amount of withdrawals cleared with a write-off.

Overview

Use the Bank Reconcile Statements screen to:

If security is turned on for your system, you must have authorization to reconcile bank statements.

You record bank errors to clear deposits or withdrawals that your bank processed for different amounts than your company processed in Sage 300, once you have determined that the difference is due to a bank error.

Important! If you add a bank entry by clicking the Bank Entry button, you must click Calculate on the Reconcile Statements screen before saving the reconciliation. If you do not click Calculate, an error message appears.

Reconciliation Tab

This tab lists all outstanding deposits and withdrawals that were posted on or before the reconciliation date. It lets you:

Summary Tab

Use this tab to:

If the Adjusted Bank Balance does not equal the Adjusted Book Balance, the program displays the difference in the Out Of Balance By field. You must reconcile the balances by recording bank entries that account for the difference. For more information, see Reconciling a Bank Account.

After recording bank entries, or after changing the Reconciliation Posting Date, click the Calculate button to update the amounts on the Summary tab.

Once the Adjusted Bank Balance equals the Adjusted Book Balance, you have successfully reconciled the bank account. (The Out Of Balance By amount will be zero.)

Totals Tab

This tab provides a detailed breakdown of cleared withdrawals and deposits by reconciliation status (for example, Cleared With Bank Error).