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OFX Bank Import & Reconciliation

Problem Details:

How does the OFX bank reconciliation work?

 

Solution:

Importing the bank statement into Sage and using the Reconcile OFX Statements function can reduce the amount of time required to reconcile the bank account.  This functionality automatically matches and clears withdrawals and deposits and allows creation of a bank entry from an unmatched transaction.

The first step is to import the bank statement. If the bank does not provide an OFX format, download the statement in a csv file and then convert to OFX using a software conversion utility (google has a list of some of these).  Go to Bank Transactions / Import OFX Statements to do the import.  Once the statement has been successfully imported, (if you encounter errors during import, check this out Error when importing OFX statements) open the Reconcile OFX Statements screen. The transactions shown here are the ones that have been imported from the bank statement. Click on 'Reconcile' to have the system automatically match these bank transactions to those posted in Sage. It is recommended that you do NOT turn on the function to 'Automatically Clear Reconciled Transactions', so that you are able to see the cleared transactions in the other bank rec screen and/or make adjustments if necessary. Once the transactions have been matched, (those that can be), save the reconciliation. Highlight unmatched lines and click on 'bank entry' to create a bank entry that will match to that transaction. 

Then close the Reconcile OFX Statements screen and open the Bank Reconciliation screen to complete your reconciliation and post the balanced rec.

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