Initial Setup and Prerequisites
Before beginning the reconciliation process, ensure you have:
- Activated Sage 300 Accounts Payable, Accounts Receivable, and Bank Services
- Your most recent bank statement
- Appropriate security rights for bank reconciliation
- The correct bank account and transit numbers configured in your system
Accessing the Reconciliation Screen
To begin the reconciliation process, navigate through:
- Common Services
- Bank Services
- Bank Transactions
- Reconcile Statements
Entering Statement Information
Statement Details Enter the following information in the Summary tab:
- Bank Code: Select the appropriate bank account
- Reconciliation Description: Enter a meaningful description
- Statement Date: Enter the bank statement's end date
- Statement Balance: Input the ending balance from your bank statement
- Reconciliation Date: Specify the date up to which you want to post the reconciliation
Working with Transactions
Transaction Display Options The Reconciliation tab offers several filtering options:
- Display: Choose between all transactions, outstanding only, or reconciled only
- Transaction Type: Filter by withdrawals or deposits
- Sort By: Arrange by date or transaction number
Clearing Transactions There are multiple methods to clear transactions:
- Double-click on the transaction
- Use the spacebar to mark items as cleared
- Clear entire ranges of withdrawals or deposits simultaneously
- Use the "Clear with Bank Error" option for discrepancies
Handling Special Situations
Deposit Reconciliation When dealing with deposits containing multiple receipts:
- Set the deposit's status to "Reconcile By Deposit Detail"
- Review individual receipts within the selected deposit
- Clear specific receipts as needed
Bank Entry Adjustments If you discover unrecorded transactions:
- Use the Bank Entry screen within the reconciliation window
- Record the new transaction
- Post the entry to update your records
Balancing the Account
Verification Steps
- Click Calculate to update the amounts on the Summary tab
- Check the "Out of Balance by" field - it must be zero before posting
- Compare the bank balance to the G/L account balance
Common Reasons for Discrepancies
- Incorrect statement ending balance
- Missing transactions
- Different cleared amounts
- Incorrect transaction status
- Wrong amount entries
- Unposted items
Electronic Statement Processing
For banks that support electronic statements, Sage 300 offers two options:
- Bank feeds for direct download
- OFX format statement import
Requirements for E-Statement Processing
- Proper bank account number configuration (no punctuation or spaces)
- Transit number (except for credit card accounts)
- Appropriate security rights for importing data
Posting the Reconciliation
Final Steps
- Ensure the "Out of Balance by" field shows zero
- Print the Reconciliation Status report
- Compare the report with your bank statement
- Make any necessary corrections
- Click Calculate again if changes were made
- Save and post the reconciliation
Best Practices and Tips
Daily Reconciliation For businesses with high transaction volumes, daily reconciliation is possible and recommended. You can post multiple reconciliations within the same month, but cannot post to previous months once reconciled.
First-Time Setup When starting with bank reconciliation in Sage 300:
- Import outstanding transactions from previous systems
- Use the quick clear function for old transactions
- Align your book balance with bank records
- Consider professional assistance for initial setup
Control Accounts Proper setup of control accounts is crucial to prevent discrepancies between bank services and general ledger. This ensures all transactions are properly tracked and reconciled.
Automated Reconciliation Features
Sage 300 offers automated reconciliation capabilities for enhanced efficiency:
- CSV format bank statement reconciliation
- Automatic clearing of checks
- Reduced time investment and error risk
- Integration with various banking formats
Troubleshooting and Error Correction
Common Issues
- If transactions are missing, verify posting dates and bank codes
- For mismatched amounts, check for bank fees or adjustments
- When deposits don't match, review individual receipt details
Important Limitations
- Posted reconciliations cannot be reversed or revised
- You cannot post reconciliations to previous periods
- Adjustments in Accounts Receivable require separate entries in Bank Services
Reporting and Documentation
After completing the reconciliation:
- Print the Reconciliation Status report
- Archive bank statements and supporting documents
- Maintain records of any adjusting entries
- Document any unusual items or discrepancies
This comprehensive process ensures accurate financial records and maintains the integrity of your banking transactions in Sage 300. Regular reconciliation helps identify discrepancies early and maintains proper cash flow management for your organization.
Citations: [1] https://www.acutedata.com/how-to-reconcile-a-bank-account-on-sage-300-bank-services/ [2] https://www.youtube.com/watch?v=aIcNi0fofQ4 [3] https://www.greytrix.com/blogs/sageaccpacerp/2012/10/06/auto-bank-reconciliation-in-sage-300-erp/ [4] https://cdn.na.sage.com/docs/en/customer/300erp/2021/open/Sage300_BankServices_UsersGuide.pdf [5] https://www.youtube.com/watch?v=f96aFV21QX0