How to Import Bank Statements into Sage 50

Online banking enables the direct import bank statement into Sage 50, where they may be reconciled much as data manually entered from a paper statement. The financial transactions in these files can be compared to already-existing Sage 50 transactions after being imported.

In the Account Reconciliation box, they are marked clear after a successful match. Sage 50 is even more productive because online banking keeps you up to date on your company’s financial activity. Greater accuracy and hours of data entering are saved thanks to the option to access the webpage of your financial institution at any time and instantly download then import bank statement to Sage 50.

Setting up the feature is as easy as asking your bank for a user ID and password that will specifically identify your electronic transactions, provided that your bank offers online banking. Call your bank or get in touch with one of its online account agents through the bank’s website to get your ID and password. When you do, make sure to inform the representative that you require online banking setup through a PC accounting software package.

Guide to Import Bank statement into Sage 50 Software

You can connect to your bank and import bank statement into Sage 50 using the Import Statement wizard. Any debit or credit transactions, interest, and service charge items that are included in the statement are imported throughout the import process. You can begin immediately importing statements from your bank after your business is configured for this process. You can import a file in conventional OFX or QuickBooks QFX format using the wizard as well. Any transaction that is kept in the file can be imported.

Note: You can still get the statements from your bank and manually import them into Sage 50 even if your bank does not support the direct transmission of statements to Sage 50. If a bank later corrects a statement, you will need to import bank statement once more in Account Reconciliation to make the necessary changes. Duplicate bank records might be created as a result. See the instructions under “Import a Corrected Bank Statement into Sage 50” to avoid duplicate data.

To import bank statement you have to follow the below steps–

• Select Account Reconciliation from the Tasks menu. After that Account Reconciliation will get displayed on your screen.
• Enter or select the account you want to reconcile, in the field of Account to Reconcile, and then click Import.
• After clicking on the Import window the Import bank statement window will display on your screen.
• Enter the bank statement in the text box if you know the location where the bank statement file is located. Other than that, you can search for and select the statement from the Browse button. Its path will display in the Statement Location box, once the statement is selected.
• Then you have to click on Import.
• You will see the Select Account window if your bank supports electronic transfers in OFX format. Or, you will see the Enter Account window.
• Enter the account information that is needed and then click OK.
• Now Sage 50 will start import bank statement, and in case the importation will get successful then you will see the summary of the statement contents.

Note: The name and number of the last account that you imported from will display in the Account, following the successful import of a bank statement. In the window, an additional button will be available: Change Account: After entering the statement location, to choose a different bank account from which to import a statement you have to click this button. Then you will see the Enter Account or Select Account window.

Manually Match an Imported Bank Record to a Sage 50 Transaction

The records that make up a bank statement are matched to existing Sage 50 transactions when you use Sage Bank Feeds or import one into Sage 50. The matching transactions are shown as auto-cleared in the list in the center of the Account Reconciliation window if any matches are found. A new bank record is assigned to any records that cannot be matched. You must manually compare and clear these bank records with the existing Sage 50 records before you can reconcile the account. Follow the below mentioned steps:

• Select Account Reconciliation from the Tasks menu.
• Select the appropriate GL account from the Account to Reconcile field.
• Type? In the field to display a list of existing accounts or you can click the Lookup button.

Any imported bank records that aren’t matched are automatically cleared by Sage 50, and any that aren’t are added to the list in the middle of the window as new bank records.

• Select the first item on the list, then right-click the mouse to see the right-click menu in order to clear these new records. As an alternative, you can use the Quick Action buttons or select Add/New on the toolbar.
• Choose Manual Match from the menu.

A window for manual matching appears. It provides all current Sage 50 transactions with dollar amounts equal to those in the bank record. You will see a notification to that effect if no Sage 50 transactions are found with a matching amount.

• Find the Sage 50 transaction, if any, that matches the bank record in the list in the window’s center, and click the Select options button in the appropriate row. Click Skip this Record if none of the transactions appear to be a match.
• Click OK/Next to match the following unmatched entry in the Account Reconciliation window. The Manual Matching window displays a new unmatched record along with any possible corresponding current Sage 50 transactions.
• For each additional unmatched bank record, repeat steps 5 and 6 from above. When there are no more records to match, Sage 50 will inform you.
• Click OK to end the matching process and go back to the Account Reconciliation window.

Conclusion

Hopefully, after reading this above blog your confusion related to how to import bank statements into Sage 50 is cleared now. Still, if you get any problem in import bank statements into Sage 50 then you can connect with the team. Team is available round the clock for their users.

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