Establishing Bank Balances

If you have general ledger balances set up for each physical bank account that you use, you need to set up matching balances in Bank Services, prior to beginning regular monthly processing with Sage 300 ERP. To do this, for each General Ledger bank account, you must perform a set-up reconciliation to enter information from your last reconciliation.

If you have a large number of outstanding checks or deposits, you may find it easier to list the checks or deposits in a spreadsheet or word-processing program, then import the list into Bank Services.

If your bank account does not have a balance or outstanding bank transactions at this time, you do not need to perform a set-up reconciliation.

As with any conversion procedure, the best time to set up Bank Services is at the end of a fiscal period. Ideally, you should perform a reconciliation at the end of the most recent fiscal period, entered all the transactions from that period (including any arising from the reconciliation, such as a journal entry to account for service charges on the bank statement), and have not entered any transactions for the new fiscal period. The General Ledger balance for your bank account, as of the last day of the most recent fiscal period, should therefore be reconciled to your most recent bank statement for the account.

Before you perform a setup reconciliation, gather your most recent bank reconciliation information for the bank account (including the bank statement and lists of all outstanding checks, deposits, and other outstanding items), as well as the reports you printed.

For the steps to perform a reconciliation, see Reconcile Statements.