How to Do a Bank Reconciliation in Sage 300

Accessing the Bank Reconciliation Screen

To begin the reconciliation process:

• Navigate to Common Services > Bank Services > Bank Transactions > Reconcile Statements
• Enter your bank code in the Bank Code field to specify which account you'll be reconciling
• Input a description for the reconciliation in the Reconciliation Description field

Setting Up the Initial Reconciliation

On the Summary tab, you'll need to enter several key pieces of information:

• Statement Date: Enter the date shown on your bank statement
• Statement Balance: Input the ending balance from your bank statement
• Reconciliation Date: Specify the date to which you want to post the reconciliation

After entering these details, click Calculate to update the amounts displayed on the Summary tab. The system will show any discrepancies between your adjusted bank balance and adjusted book balance].

Working with Transactions

Transaction Display Options

The Reconciliation tab offers several ways to organize and view transactions:

• Display: Choose between all transactions, outstanding transactions, or reconciled transactions
• Transaction Type: Filter by withdrawals or deposits
• Sort By: Arrange transactions by date or transaction number

Clearing Transactions

There are multiple methods to clear transactions:

• Double-click on individual transactions
• Use the spacebar to mark items as cleared
• Clear entire ranges of withdrawals or deposits simultaneously

Handling Special Situations

Bank Errors

When dealing with bank errors:

• Use the "Clear with Bank Error" option
• The error will be carried forward as an outstanding transaction
• These errors appear in the deposit section of the reconciliation status report

Deposit Details

For deposits with multiple receipts:

• Set the deposit's status to "Reconcile By Deposit Detail"
• Review individual receipts within the selected deposit
• Clear specific receipts as needed

Recording New Bank Entries

During reconciliation, you may need to record new transactions:

1. Click Bank Entry on the Reconciliation tab
2. Enter a description for the entry
3. Specify the entry type (Withdrawal or Deposit)
4. Select the payment type
5. Enter the bank entry date
6. For multicurrency systems, specify the currency code

Distribution Setup

If using distribution sets:

• Specify the distribution set in the designated field
• Click Create Dist to generate distribution lines
• Edit the lines as necessary

Completing the Reconciliation

Before posting the reconciliation:

1. Verify that the Out of Balance field displays zero
2. Print the Reconciliation Status report
3. Compare the report with your bank statement
4. Make any necessary corrections
5. Click Calculate again if adjustments were made

Best Practices

Daily Reconciliation For organizations with high transaction volumes, performing daily reconciliations can be more manageable than monthly reconciliations. This approach helps prevent overwhelming end-of-month workloads.

Control Accounts Ensure your bank account is set up as a control account to prevent transactions from being entered directly in General Ledger without appearing in Bank Services.

Statement Verification Always compare:

• Bank balance to G/L account balance
• Reconciliation status report to bank statement
• Adjusted bank balance to adjusted book balance

Automated Reconciliation Options

OFX Statements

If your bank provides statements in OFX format:

1. Download the statement from your bank's website
2. Use the Import OFX Statements screen to import into Sage 300
3. Utilize the Reconcile E-Statements screen for reconciliation

CSV Format

For banks that provide statements in CSV format:

• Use the Auto Bank Reconciliation module
• The system automatically reads CSV data
• Updates are made directly in Sage 300

Troubleshooting Common Issues

When your account doesn't balance, check for:

1. Incorrect statement ending balance
2. Missing transactions
3. Discrepancies in cleared amounts
4. Incorrect transaction status
5. Wrongly recorded bank entries
6. Unposted checks or deposits

Reporting and Documentation

The Bank Reconciliation Status report provides:

• Lists of all transactions and their subtotals
• Bank totals
• Reconciliation status for each transaction
• Document amounts and cleared amounts
• Clearing differences
• Summary by bank for all selected accounts

Post-Reconciliation Steps

After completing the reconciliation:

1. Ensure the Out of Balance amount is zero
2. Save the reconciliation
3. Print necessary reports
4. Compare bank balance to G/L account balance
5. Close the reconciliation screen

Security Considerations

Before performing bank reconciliations, ensure you have the proper security rights:

• Import Bank Services Data permission
• Reconcile Bank Statements permission
• Correct bank account and transit numbers in the system

Remember that once a bank reconciliation is posted, it cannot be reversed or revised[3]. Therefore, it's crucial to verify all information carefully before posting. This systematic approach to bank reconciliation in Sage 300 helps maintain accurate financial records and ensures proper cash management for your organization.

Citations: [1] https://www.greytrix.com/blogs/sageaccpacerp/2012/10/06/auto-bank-reconciliation-in-sage-300-erp/ [2] https://www.acutedata.com/how-to-reconcile-a-bank-account-on-sage-300-bank-services/ [3] https://www.youtube.com/watch?v=f96aFV21QX0 [4] https://help.sage300.com/en-us/2024/classic/Content/Financials/Bank_Services/Reports/SCREENS/Transactions/ReconciliationStatus.htm [5] https://cdn.na.sage.com/docs/en/customer/300erp/2021/open/Sage300_BankServices_UsersGuide.pdf [6] https://www.youtube.com/watch?v=aIcNi0fofQ4 [7] https://help.sage300.com/en-us/2024/classic/Subsystems/BK_2024/Content/Transactions/ReconcileStatements/RecordingBankEntriesDuringReconciliation.htm?TocPath=Bank+Services%7CReconciling+Bank+Accounts%7C_____11 [8] https://mindovercorp.com/how-to-complete-bank-reconciliations-in-sage-300/ [9] https://help.sage300.com/en-us/2022/web/Subsystems/BK/Content/Transactions/ReconcileStatements/ReconcilingBankAccount.htm [10] https://www.sagesoftware.co.in/blogs/manual-bank-reconciliation-in-sage-300/ [11] https://www.equationtech.us/sage-accpac-blog/learn-a-quicker-way-to-reconcile-your-bank-in-sage-300