Using Reconcile OFX Statements

Generally, to reconcile a downloaded OFX statement you:

1. Download your bank or credit card statement from your financial institution's website in Open Financial Exchange (OFX) format.
2. Use the Import OFX Statements window, in Bank Services, to import the downloaded statement into Sage HRMS Payroll.
3. Use the Reconcile OFX Statements window to:
1. Match transactions from the OFX file to transactions in Sage HRMS Payroll.
2. Enter bank transactions.
3. Manually clear or write off any unmatched transactions.
4. Check the Summary tab of the Reconcile Statements window to ensure that the ending balance from the bank statement matches the ending bank balance in your Sage HRMS Payroll system.
5. Print the Withdrawal Status and Deposit Status reports, which are not available after you post the bank reconciliation.
6. Post the reconciliation (using the Post Reconciliation window).

Before you start

To reconcile OFX statements

1. From the Navigation Pane, select Payroll > Processes > Reconcile OFX Statements.
2. Enter the code for the bank you are reconciling, or use the Finder to select it.
3. Press the Tab key. The Reconcile OFX Statements window displays transactions from the imported OFX file that were processed by the bank before the reconciliation cutoff date.

4. Fill in the following fields on the Reconcile OFX Statements window:

   • Reconciliation Date
   • Reconciliation Cutoff Date
   • Automatically Clear Reconciled Transactions
   • Match Deposits By
5. Click Reconcile to match statement transactions to Sage HRMS Payroll transactions, then close the message box that appears when matching is finished.

   The Cleared status for matched transactions changes to Yes. However, if you selected the Automatically Clear Reconciled Transactions option, only unmatched transactions appear on the table. You must clear unmatched transactions manually.

   To clear unmatched transactions identified as bank entries

   (for example, bank service charges that you have not yet entered in your Sage HRMS Payroll system)

6. Select the transaction on the table, and then click the Bank Entry button.The Bank Entry window opens.
7. In the Distribution Code field, type the distribution code (for example, Bank Error or Service Charge), or use the Finder to select the code.
8. To use a different G/L account than the default that appears, use the Finder for the G/L Account field to select the account.
9. If the bank entry is taxable, select the Taxable option, click the Zoom button, then enter tax information on the Taxes window that opens:
   1. Select the tax group to which your company is subject.
   2. Change the entries in the table if required, then click Close to return to the Bank Entry window.
10. Enter a description, reference, and comment, as needed.
11. Click Process, and then click Yes when prompted to add this transaction to bank entries.
12. Click Close to return to Reconcile OFX Statements.

To clear other unmatched transactions:

1. Select the transaction on the table, and then click the Clear button.
2. In the Detail dialog box that appears:
1. Select the matching detail on the table, click Clear, and then click Yes to confirm the match.
2. Click Close to return to Reconcile OFX Statements.
3. Click Refresh to move all cleared items from the table (optional).

The only items remaining in the table will be unmatched items that you did not clear manually. (Their Cleared status is No.)

4. Close the Reconcile OFX Statements window. If a message appears asking whether to process the entries now, click Yes.

After using the Reconcile OFX Statements window