Matching transactions from a printed bank statement to transactions in your accounting system can be a time-consuming and tedious process in a manual reconciliation. Automating the matching process can save you a lot of time, especially if you have many transactions to reconcile.
Sage HRMS Payroll permits the automatic reconciliation of electronic bank and credit card statements in OFX (Open Financial Exchange) window.
First, you download your OFX bank or credit card statement from your financial institution's website to a folder on your computer’s hard drive or a network location.
After you have downloaded the OFX file, you import the statement into your Sage HRMS Payroll company using the Import OFX Statements window. (To import statements, you need Import Bank Services Data and Reconcile Bank Statements security rights.)
You can then reconcile transactions electronically using the Reconcile OFX Statements window.
For information on importing OFX statements, click this link.