Prerequisites

Before beginning the bank services setup process, ensure you have:

• Gathered all current bank records
• Cleared and reconciled outstanding returned (NSF) customer checks
• Posted all existing bank entries
• Posted any payments previously entered in Bank Services
• Created and purged reconciliation posting journals

Initial Setup Process

Activating Bank Services The activation process creates necessary tables to store your banking information. Upon completion, the Bank Services icon will appear in your Common Services folder.

Creating Bank Account The first essential step is setting up your bank account in Sage 300:

1. Navigate to Common Services > Bank Services > Banks[Add a new bank code
2. Associate the bank code with appropriate General Ledger accounts:
   • Bank Account
   • Write-Off Account
   • Credit Card Charges Account

Configuring Bank Services Options

Company and Processing Options Access the Bank Setup folder to configure the following settings:

1. Specify company-wide banking preferences
2. Set processing options that determine how Bank Services handles transactions
3. Configure integration settings with other Sage 300 modules

Distribution Setup Create distribution codes and sets for your general ledger accounts:

1. Access the Bank Setup folder
2. Set up distribution codes for frequently used GL accounts
3. Create distribution sets for common transaction combinations
4. Link appropriate GL accounts to specific banking transactions

Credit Card Configuration

If your company accepts credit cards, you'll need to:

1. Add records for each accepted credit card type
2. Configure processing options specific to credit card transactions
3. Set up credit card charge accounts

E-Statement Integration

Prerequisites for E-Statement Processing

To enable e-statement functionality, ensure:

1. Sage 300 Accounts Payable is activated
2. Accounts Receivable is properly configured
3. Bank Services is fully activated

Bank Account Configuration for E-Statements

Verify the following information is correctly entered in the Banks screen:

1. Bank Account Number (without punctuation, dashes, or spaces)
2. Transit Number (except for credit card accounts)

Transaction Processing Setup

Bank Entry Configuration

For deposits:

1. Navigate to Common Services > Bank Services > Bank Transactions > Bank Entry
2. Create meaningful transaction descriptions
3. Select appropriate deposit types
4. Configure GL account associations
5. Set up reference and description fields

Withdrawal Setup

Configure withdrawal processing:

1. Set up withdrawal types
2. Configure check number sequences if applicable
3. Establish GL account mappings for different withdrawal types

Reconciliation Process Configuration

Initial Reconciliation Setup

1. Select the end of the prior month as your starting point
2. Navigate to Common Services > Bank Services > Bank Transactions > Reconcile Statements
3. Enter your bank code
4. Configure outstanding transaction handling

Book Balance Configuration

To ensure accurate book balances:

1. Enter opening balances
2. Configure matching rules for automated reconciliation
3. Set up clearing procedures for reconciled transactions

Security and Access Control

Ensure proper security rights are assigned to users who will:

1. Import Bank Services Data
2. Reconcile Bank Statements
3. Process banking transactions

Periodic Processing Configuration

Set up periodic processing procedures for:

1. Clearing historical data
2. Creating general ledger batches
3. Performing data integrity checks

Reporting Configuration

Configure Bank Services reports for:

1. Setup information documentation
2. Transaction tracking
3. Audit trail maintenance

Final Steps

After completing the initial setup:

1. Verify all configurations
2. Run test transactions
3. Perform a trial reconciliation
4. Create backup documentation of your setup

Best Practices

To maintain optimal system performance:

1. Regularly review and update bank codes and settings
2. Maintain clear documentation of all banking procedures
3. Establish consistent naming conventions for transactions
4. Regularly reconcile accounts to ensure accuracy

The successful setup of Bank Services in Sage 300 provides a robust foundation for managing your organization's banking operations. Regular maintenance and careful attention to detail during the initial setup will ensure smooth financial operations and accurate reporting capabilities. Remember to regularly review and update your configurations as your business needs evolve and banking requirements change.

Sources: [1] https://cdn.na.sage.com/docs/en/customer/300erp/2021/open/Sage300_BankServices_UsersGuide.pdf [2] https://www.netatwork.com/newsletter/sage-300-newsletter-september-2016/sage-300-bank-services-best-practices/ [3] https://help.sage300.com/en-us/2024/classic/Content/Financials/Bank_Services/Setup/SettingUpBankServices.htm [4] https://www.acutedata.com/how-to-set-up-bank-services-on-sage-300-bank-services/