Clear a Transaction

Sage 300 ERP

Clear a Transaction

Before you start

  • These instructions assume you are in the process of reconciling a bank account, and you have entered all the required information on the Summary tab of the Reconcile Statements form, as described in Reconcile a Bank Account.

To clear a transaction during bank reconciliation:

  1. Select the deposit or withdrawal on the reconciliation grid.

    Note: You cannot reconcile a transaction if its reconciliation status is Not Posted.

  2. Enter information and make selections on the transaction line, as follows:
    • If the transaction amount shown on the bank statement equals the Deposits (or Withdrawals) amount on the Reconciliation tab, double-click in the Reconciled column to mark the transaction (X) Cleared.
    • If the transaction amount shown on the bank statement does not equal the Deposits (or Withdrawals) amount on the Reconciliation tab:
      1. Double-click in the Cleared Amount column.
      2. Type the amount shown for the transaction on the bank statement in the Cleared Amount field.

    The Difference column displays the difference between the Deposits (or Withdrawals) amount and the amount that cleared the bank. You specify how to treat the difference, or error, in the next step.

  3. In the Reconciliation Status column, select one of the following statuses:
    • Cleared With Write Off

      You can assign this reconciliation status if the difference is less than the error spread allowed in the bank record.

    • Cleared With Bank Error

      Select this status if the error is greater than the error spread that is allowed in the bank record.

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

    • Cleared With Credit Card Charges (deposits only)

      Select this status if the deposit included a receipt with a credit card payment type, and the difference is the result of credit card charges that were applied to the deposit.

    • Cleared with Exchange Rate Difference

      You can assign this status if the bank account is multicurrency, the bank's statement currency is the same as your functional currency, and the transaction uses a different currency. (For a deposit, you can select the status if a receipt in the deposit batch uses a different currency.)

    • If the transaction is a withdrawal that is not part of a bank transfer, and you need to reverse it:
      1. Select Reversed in the Reconciliation Status column.
      2. If the withdrawal was a miscellaneous payment to an Accounts Payable vendor and you want to reverse the associated invoice when you post the reconciliation, double-click in the Reverse Invoice column to change the entry to Yes.
      3. Change the date in the Reconciliation Date column, if necessary. (You cannot enter a date later than the reconciliation date if the Bank Services option Check For Cleared In Future Periods is set to Error.)
      4. Click Save to save your work.