How to import a list of transactions using Bank Feeds or Bank Services

Summary

Learn how to set up and import bank transaction data into Sage 50 Accounting using Bank Feeds, Bank Services, or the Import Statement feature to reconcile existing transactions and create any missing ones.

Description

Sage 50 offers several methods to import a list of transactions from your bank to reconcile with:

Bank Feeds: Automatically connect and sync transactions directly from your bank
Bank Services: Upload and import bank statements in CSV or OFX format
Manual Import: Manually import the statement if needed

Resolution

Use Bank Feeds (Recommended)

Set up Bank Feeds:

Choose Banking in the navigation pane on the home page.
Right-click the Match Bank Transactions icon and select Match Transactions.
Select Connect to Sage Bank Feeds.
Provide a primary email address for Sage Bank Feeds.
Agree to the Terms and Conditions and click Get Started.
Select or search for the bank.
Enter the banking credentials and choose the account.
Choose a Start date for historical transactions. The system will attempt to download historical transactions as of that date.
Click Process.

Get transactions from the Bank:

Choose Banking in the navigation pane on the home page.
Right-click the Match Bank Transactions icon and select Match Transactions.
Click Get Transactions.

Note: Getting transactions is a manual process and will not occur automatically.

Upload a bank statement to Bank Services

Note: For an existing imported account, Sage 50 prefixes the current bank account with "ARCHIVE". If there are any remaining transactions to be matched and reconciled with the ARCHIVE account, make sure to do that so you can tidy up your accounts.

Go to Banking on the navigation pane in the home menu.
Choose the Match Bank Transactions icon in the tasks pane.
Select Upload to Bank Services.
Choose a New or Existing Bank Account and fill in the details.
Select the CSV or OFX file type.
Click Select File and find the bank statement file on your computer. Choose Open to add the bank statement.
Select the date format used in the file. For example, Day, month, year or Month, day, year. Use the Year, month, and day format when uploading an OFX file.
Enter a comment for the upload and click Upload file.
Begin verifying transactions either money in or money out of the account.
Review the transactions. Go back to the Verify screen if there are discrepancies.
Select Import transactions. The transactions are imported into your cloud bank account.
Click Get Transactions in the Match Transactions window to bring the transactions into Sage 50.

Import using an OFX Statement

Note: Bank Rules can not be used with this option. To use Bank Rules, use the Upload to Bank Services option instead.

Set Up the Linked Accounts:

Go to Setup, Settings, General (Accounts), Linked Accounts from the main menu of Sage 50 and choose a linked account for the charges and income fields.
Download the bank statement from the bank website for the period being reconciled using Sage 50, Simply, or OFX format.

Import the OFX Statement:

Go to File, Import / Export, Import Online Statements from the main menu of Sage 50.
Follow the prompts on the screen to import the file downloaded from the bank. Sage 50 will attempt to match all the transactions with the same dates and amounts and then provide a list of unmatched transactions.
Click Find Match for unmatched transactions.
1. Place a checkmark in the first column for anything that matches.
2. Create a new transaction for any that do not match.
Select OK.