Reconciling a Bank Account

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Bank Reconcile Statements Screen

Clearing a Bank Error

Clearing a Deposit Error

You use the Reconcile Statements screen to reconcile bank accounts to bank statements.

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

Note: When you change the reconciliation status, the processing date is used as the default reconciliation posting date.

  1. Post all transactions in the subledgers that affect the bank account for the fiscal period you are reconciling (for example, check batches in Accounts Payable or deposit batches in Accounts Receivable).
  2. Gather your bank statements.

  3. If you are reconciling an electronic statement:

    • For an OFX statement:
      1. Import the statement into Sage 300. For more information, see Importing OFX Statements.
      2. Use the Reconcile E-Statements screen to match transactions, enter bank transactions, and manually clear or write off any unmatched transactions. For more information, see Reconciling E-Statements.
      3. Use the Reconcile Statements screen to ensure that the bank account is reconciled, as described in this topic.
    • For transactions downloaded from your bank feed, use the Reconcile E-Statements screen to download transactions, match transactions, enter bank transactions, and manually clear or write off any unmatched transactions. For more information, see Reconciling E-Statements.

To reconcile a bank account:

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

  2. In the Bank Code field, specify the bank account to reconcile.
  3. In the Reconciliation Description field, enter a description for the reconciliation.

  4. On the Summary tab, enter general information and update amounts. More...

    1. In the Statement Date field, enter the bank statement date.
    2. In the Statement Balance field, enter the ending balance from the bank statement.
    3. In the Reconciliation Date field, specify the date to which to post the reconciliation. You can reconcile outstanding transactions posted up to and including this date.
    4. Click Calculate to update the amounts displayed on the Summary tab.

      Note: The Calculate button is available if the Adjusted Bank Balance and the Adjusted Book Balance are not equal.

    5. Click Save.

      The Out of Balance by field may display a non-zero amount that you need to reconcile. More...

      There are several reasons your account may not balance:

      • The statement ending balance is incorrect.
      • A transaction that your bank assigned to the bank account is missing from the bank statement.
      • A check or deposit cleared the bank with an amount different than that recorded in Bank Services, but you have not changed the Reconciliation Cleared Amount accordingly.
      • A check, deposit, or return has the wrong status. Either the item has cleared the bank but still has the status Outstanding or In Transit, or the item has not cleared the bank yet but is marked Cleared.
      • A bank entry was made for the wrong amount.
      • A check or deposit that appears on the bank statement has not yet been posted.

      You use the Reconciliation tab to reconcile the balances and record adjustments.

  5. On the Reconciliation tab, review transactions and reconcile balances. More...

    1. Use the Display, Transaction Type, and Sort By fields to filter outstanding deposits or withdrawals, and sort them by date or transaction number.

      Tip: You can save your selections for these fields, so they appear automatically the next time you use the Reconcile Statements screen. To save your selections, click Save Settings As Defaults on the Settings menu.

    2. Reconcile balances and record adjustments:

      • Clear individual deposits and withdrawals, and reverse withdrawals. For more information, see Clearing a Transaction.
      • Clear entire ranges of withdrawals or deposits that your bank has processed. For more information, see Clearing a Range of Transactions.
      • Record and post a bank transaction that does not exist in Sage 300. For more information, see Adding Bank Entries.
      • Review the receipts for a selected deposit that has multiple receipts, and drill down to the original entries. You can also clear individual receipts within the selected deposit, if you set the deposit's status to Reconcile By Deposit Detail. For more information, see Clearing an Individual Receipt in a Deposit.
    3. Click Save.

  6. On the Summary tab, check that the Out of Balance by field displays zero. If it does not:

    1. Print the Reconciliation Status report. For more information, see Printing the Bank Reconciliation Status Report.
    2. Compare the report to the bank statement, looking for the reasons for the Out Of Balance amount.
    3. Make any necessary corrections, and then click Calculate.

    When the Out of Balance by field displays zero, the adjusted bank balance and the adjusted book balance are equal. This means that the bank account is reconciled, and you can post the bank reconciliation.

  7. Compare the bank balance to the G/L account balance, to ensure that they reconcile. (If you use Sage 300 General Ledger, use the Book Balance screen to check the G/L account balance.)
  8. Click Save.
  1. Print the Withdrawals Status and Deposits Status reports. For more information, see Bank Withdrawals Status Report and Bank Deposits Status Report.

    Note: These reports are not available after you post the reconciliation.

  2. Post the reconciliation. For more information, see Posting Bank Reconciliations.
  3. Print the Reconciliation Posting Journal. For more information, see Bank Reconciliation Posting Journal Screen.