Reconcile OFX Statements

Sage 300 ERP

Reconcile OFX Statements


Generally, to reconcile a downloaded OFX statement you:

  1. Download your bank or credit card statement from your financial institution's Web site in Open Financial Exchange (OFX) format.
  2. Use the Import OFX Statements form, in Bank Services, to import the downloaded statement into Sage 300 ERP.
  3. Use the Reconcile OFX Statements form to:
    • Match transactions from the OFX file to transactions in Sage 300 ERP.
    • Enter bank transactions.
    • Manually clear or write off any unmatched transactions.
  4. Check the Summary tab of the Reconcile Statements form to ensure that the ending balance from the bank statement matches the ending bank balance in your Sage 300 ERP system.
  5. Print the Withdrawal Status and Deposit Status reports, which are not available after you post the bank reconciliation.
  6. Post the reconciliation (using the Post Reconciliation form).

Before you start

To reconcile OFX statements:

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

    Click here for help on the fields in the Reconcile OFX Statements form.

  2. Enter the code for the bank you are reconciling, or use the Finder to select it.
  3. Press the Tab key.

    The Reconcile OFX Statements form displays transactions from the imported OFX file that were processed by the bank before the reconciliation cutoff date.

  4. Fill in the following fields on the Reconcile OFX Statements form:
  5. Click Reconcile to match statement transactions to Sage 300 ERP transactions, then close the message box that appears when matching is finished.

    The Cleared status for matched transactions changes to Yes. However, if you selected the Automatically Clear Reconciled Transactions option, only unmatched transactions appear on the grid.

    You must clear unmatched transactions manually.

  6. To clear unmatched transactions you identify as bank entries (for example, bank service charges that you have not yet entered in your Sage 300 ERP system):
    1. Select the transaction on the grid, and then click the Bank Entry button.
    2. In the Bank Entry dialog box that appears:
      1. In the Distribution Code field, type the distribution code (for example, Bank Error or Service Charge), or use the Finder to select the code.
      2. To use a different G/L account than the default that appears, use the Finder for the G/L Account field to select the account.
      3. If the bank entry is taxable, select the Taxable option, click the Zoom button, then enter tax information on the Taxes form that appears.
        1. Select the tax group to which your company is subject.
        2. Change the entries in the grid if required, then click Close to return to the Bank Entry dialog box.
      4. Enter a description, reference, and comment, as needed.
      5. Click Process, and then click Yes when prompted to add this transaction to bank entries.
      6. Click Close to return to Reconcile OFX Statements.
  7. To clear other unmatched transactions:
    1. Select the transaction on the grid, and then click the Clear button.
    2. In the Detail dialog box that appears:
      1. Select the matching detail on the grid, click Clear, and then click Yes to confirm the match.

        Be sure you select the correct line, as there may be more than one detail with the same amount or date.

      2. Click Close to return to Reconcile OFX Statements.
  8. Click Refresh to move all cleared items from the grid (optional).

    The only items remaining in the grid will be unmatched items that you did not clear manually. (Their Cleared status is No.)

  9. Close the Reconcile OFX Statements form.

    If a message appears asking whether to process the entries now, click Yes.

After using the Reconcile OFX Statements form

  1. Check the reconciliation using the Reconcile Statements form:
    • Check that the statement date, reconciliation date, and reconciliation posting date are correct.
    • Check that the transactions you processed using the Reconcile OFX Statements form appear on the Reconcile Statements form (if you matched deposits by deposit slip) or the Deposit Details form (if you matched deposits by transaction).
  2. Continue at Step 4 of the Reconcile a Bank Account instructions.

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