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Sage 300’s Bank Reconciliation Process Just Got Faster

By: Sharon Paul on November 02, 2020

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Sage 300’s Bank Reconciliation Process Just Got Faster

ERP and CRM Systems

When bank statements and canceled checks arrive each month, they set off a tedious and time-consuming bank reconciliation process.

The good news is that this process just got a lot faster and easier with the new Electronic Bank Feeds functionality in Sage 300 2020.2.

So how will this new, faster process make a difference in your monthly accounting procedures? I’ll break it down for you!

What Are Electronic Bank Feeds? 

With Electronic Bank Feeds, you can connect Sage 300 electronically with your bank to download transactions and then use this data to reconcile with your ledgers. Simply download transactions from your bank and match them up with your existing data in Sage 300. Bank feeds support over 80 financial institutions in Canada and more than 10,000 banks in the U.S.

Why is That Important?

While there was already existing workflow for monthly bank reconciliation in Sage 300, customers felt that the 2-step OFX functionality was still unnecessarily complicated and somewhat limited. With the new Bank Feeds, not only will you save tons of time and reduce potential errors with auto-matching functionality that simplifies your bank reconciliation process, but the new feature also expands the number of banks and geographies supported.

Connecting a Bank Feed

  1. Open Common Services > Bank Services > Bank Transactions > Reconcile E-Statements.
  2. In the Bank Code field, enter the code for the bank you are connecting to a bank feed.
  3. Click Connect Bank Feed.
  4. If this is the first bank feed that has ever been connected in your Sage 300 system, you must enter an email address. NOTE: it’s very important to carefully choose an appropriate email address as it will be used for communication, security and to reactivate or deactivate a bank feed. To later change the email address, you’ll need to contact Sage Support.
  5. Agree to the Terms and Conditions and click Get Started.
  6. Select your bank.
  7. Enter your banking credentials and select the account.
  8. Choose a start date for your historical transactions. Your Sage 300 system will attempt to download historical transactions as of that date.
  9. Click Process.

Need Help?

If you have questions about the new Bank Feeds or need help getting started, feel free to connect with us online or give us a call at 410.685.5512.

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About Sharon Paul

Helping clients use technology to solve tough business issues is what drives Sharon. If she can save a business valuable time by automating a procedure or process, or help them use technology to produce useful information for decision-making, then Sharon feels that she’s done her job. Sharon specializes in NetSuite, Microsoft Dynamics GP and Sage 300Cloud ERP systems. In her spare time, she loves to cook and will gladly swap recipes with you.