How to reconcile e-statements using Bank Feeds in Sage 300

1. From Sage 300 Desktop, or using Sage 300cloud web screens, go to Common Services, Bank Services, Bank Transactions, and select Reconcile E-Statements.
2. Enter the code for the bank you are reconciling, or use the Finder to select it.
3. Press Tab. Then, if you are using a Bank Feed click Get Transactions.
   • NOTE: The Reconcile E-Statements screen displays downloaded transactions that were processed by the bank before the reconciliation cutoff date.
4. Fill in the following fields on the Reconcile E-Statements screen:
   • Reconciliation Date: Determines the year and period to which the reconciliation is posted (displayed in the field to the right.) You must use a reconciliation date that is later than the one used when you last reconciled the bank account.
   • Reconciliation Cutoff Date: Transactions must have cleared the bank by the cutoff date to be included in a reconciliation. When you leave the Reconciliation Cutoff Date field, the display changes to show transactions processed up to and including the specified cutoff date, for the specified year and period.
     • NOTE: You can reconcile only transactions posted in Sage 300 to a date no later than the reconciliation cutoff date, including outstanding transactions posted to earlier fiscal periods.
   • Automatically Clear Reconciled Transactions: When you select this option, then click Reconcile, automatically matched transactions are immediately cleared from the table, leaving only transactions that you must reconcile manually.
     • NOTE: This option can save you time if you have many transactions to reconcile. However, if more than one transaction uses a given amount, it is best not to select the option, to ensure that you clear the correct entry.
   • Match Deposits By: You can specify whether to reconcile amounts for the individual receipts that make up deposits, or reconcile deposit totals. The method you choose applies to all the deposits in the current reconciliation. Select the method that is consistent with the presentation of deposits on your bank statement:
     • Transaction. Reconcile each receipt or receipt-related amount. If your bank statement does not include details of individual receipts, do not select Transaction because the Reconcile E-Statements function will not be able to match receipt amounts automatically to amounts on the bank statement.
       • NOTE: If you are matching deposits by transaction, and the program matches at least one detail in a deposit, the deposit’s status is set to Reconcile By Deposit Detail. This applies only to deposits that can contain multiple receipts (such as those entered through Accounts Receivable).
     • Deposit Slip. Reconcile one amount for each deposit slip. To match by deposit slip, the Sage 300 deposit slip number must match the transaction number, reference, or comment in the e-statement. While reconciling by deposit amount is generally faster, if there was a keying error or some other problem that caused the bank to report a different deposit amount than you recorded in Sage 300, you must reconcile each receipt amount manually.
       • NOTE: Depending on whether you match by deposit slip or transaction, comments included in the e-statement are handled differently:
         • When matching by deposit slip, if there is a comment in the e-statement, it is entered in Reconciliation Description for both the deposit and all receipts in the deposit.
         • When matching by transaction, if there is a comment in the e-statement, it is entered in Reconciliation Description for the related receipt only.
5. Click Reconcile to match transactions from the e-statement to Sage 300 transactions, and then close the message box that appears when matching is finished.
   • NOTE: 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 table. You must clear unmatched transactions manually.
6. Clear unmatched transactions you identify as bank entries (i.e. bank service charges that you have not yet entered in your Sage 300 system).

1. 1. Select the transaction on the table, and then click the Bank Entry button. The Bank Entry screen appears.
   2. In the Distribution Code field, enter the distribution code (i.e. Bank Error or Service Charge).
   3. In the G/L Account field, specify the G/L account to use.
   4. If the bank entry is taxable, select the Taxable option, click the Zoom button, and then enter tax information on the Taxes form that appears:
      • Select the tax group to which your company is subject.
      • Change the entries in the table if required, and then click Close to return to the Bank Entry screen.
   5. Enter a description, reference, and comment, as needed.
   6. Click Process, and then click Yes when prompted to add this transaction to bank entries.
   7. Click Close to return to the Reconcile E-Statements screen.

1. Clear other unmatched transactions.

1. 1. Select the transaction on the table, and then click Clear. A Detail screen appears.
   2. Select the matching detail on the table, click Clear, and then click Yes to confirm the match.
      • NOTE: Be sure you select the correct line, as there may be more than one detail with the same amount or date.
   3. Click Close to return to the Reconcile E-Statements screen.

1. You can click Refresh to remove all cleared items from the table. (Removing cleared items from the table is optional.) The only items remaining on the table will be unmatched items that you did not clear manually. (Their Cleared status is No.)
2. Close the Reconcile E-Statements screen. If a message appears asking whether to process the entries now, click Yes.

After reconciling an e-statement:

1. Check the reconciliation using the Reconcile Statements screen:
   • Check that the statement date, reconciliation date, and reconciliation posting date are correct.
   • Check that the transactions you processed using the Reconcile E-Statements screen appear on the Reconcile Statements screen (if you matched deposits by deposit slip) or the Deposit Details screen (if you matched deposits by transaction).
2. Continue at Step 4 of the instructions for reconciling a bank account.