Automatic Bank Reconciliation in Sage 300 ERP using RecXpress
There is a faster way to reconcile your Bank Accounts in Sage 300 ERP. For automatic bank reconciliation in Sage 300, you can import your Bank Statements and let the RecXpress do the matching for you. It will definitely save you time and money, and will make your Bank Reconciliation process quick and stress free. By creating templates containing your “matching” rules you are able to control all the entries that are processed directly from the bank and synchronized with your company GL, AR and AP transactions.
There are over 150 predefined bank formats available. If your bank format is not included in the predefined bank formats, it can be added FREE of charge!
The Reconciliation Process
The standard reconciliation process in Sage 300 is quite straightforward. With RecXpress, the manual process of locating and matching each transaction between your Bank Statement and Sage 300 ERP Bank Services is done instantly. There are three ways to match transactions: Reference (Cheque number), Amount and Date. Unmatched transactions can be matched manually by selecting the Bank Statement transaction and the related Sage 300 ERP Bank Services transaction. One to one, one to many or many to one matching is allowed.
You can also match entries to your customer and vendor accounts by creating your own template as matching criteria. This is usually helpful if you receive customer payments directly to your bank account. The bank statement description may contain certain values that help you identify to which customer invoice the payment will be applied to, say Customer name. You can then set that rule on the fly to enable automatic allocation of payment to your customer account (allocation options: Prepay, Oldest Balance, Invoice Number and Amount). RecXpress will create batches with these defaults that will be posted all the way through to Accounts Receivable and Accounts Payable.
If you are interested in knowing more about RecXpress, please contact Mantralogix.
Watch a detailed presentation below, or download a trial version here.
RecXpress for Bank Services is developed by Peresoft.
RL Associates Ltd, a representative of multiple Sage 300 third party developers, is a trusted partner of Mantralogix.