Downloading Bank Statements
If your bank if offers online services and supports the Open Financial Exchange (OFX) data format, you can download bank statements for reconciliation in Sage 300 ERP. (Follow the instructions on the bank's Web site to download your statements.)
You need to activate Sage 300 ERP Accounts Payable, Accounts Receivable, and Bank Services.
Before Downloading OFX Statements
- Make sure your administrator assigned you the security rights "Import Bank Services Data" and "Reconcile Bank Statements."
- In the Banks form, for each bank for which you plan to download statements, check that the correct numbers are entered in the Bank Account Number field (with no punctuation, no dashes, and no spaces) and in the Transit Number field (except for credit card accounts).
After Downloading an OFX Statement
- You use the Import OFX Statements form to import the statement into your Sage 300 ERP database.
- You use the Reconcile OFX Statements form to reconcile the downloaded statements.
Currency Concerns
In a multicurrency Sage 300 ERP 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 ERP system.
In a single-currency Sage 300 ERP system, you use the Currency Rates table to specify exchange rates between your company's functional currency and the OFX statement's transaction currencies. 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 form, so that you can clear the transactions manually.