About Downloading E-Statements
If your financial institution offers online services and supports bank feeds or the Open Financial Exchange (OFX) data format, you can download electronic statements for reconciliation.
For bank feeds, you download transactions in the Reconcile E-Statements screen.
For OFX statements, follow the instructions on your financial institution's website to download statements. After downloading an OFX statement, use the Import OFX Statements screen to import the statement into your Sage 300 database.
Whether you use bank feeds or OFX statements, once you have downloaded an e-statement you use the Reconcile E-Statements screen to reconcile the downloaded statements. For more information, see Bank Reconcile E-Statements Screen.
Before downloading and reconciling e-statements:
- Activate Sage 300 Accounts Payable, Accounts Receivable, and Bank Services.
-
Ensure that your system administrator has assigned you the following security rights:
- Import Bank Services Data
- Reconcile Bank Statements
-
In the Banks screen, confirm that the correct numbers are entered in the following fields for each bank for which you plan to download statements:
- Bank Account Number. This number must not include punctuation, dashes, or spaces.
- Transit Number. This number is not required for credit card accounts.
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 currencies for transactions in e-statements. 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.