Bank reconciliation is an important part of the month-end close. It helps finance teams confirm that transactions recorded in Sage X3 match the activity shown on the bank statement and identify timing differences, missing items, or needed adjustments.
Sage X3 includes a built-in bank reconciliation function that allows users to review posted bank entries, match them to statement activity, and close out the reconciliation once differences have been resolved. View the steps below to learn how to use the function:
1. A/P-A/R accounting > Bank transactions > Bank reconciliation or type BANREC in search.
2. Click "New."
3. Choose a Bank and enter a "Statement date" and "Description."
4. Enter the "Ending statement balance" from the bank statement that corresponds to the Statement date.
5. The status of the statement can be Open, Not Open, or Closed. The status will be set to open upon creation.
6. Click the "Create" button. This will create the statement number.
7. Use the check box under the "Mark" column to reconcile a line.
8. Use the magnifying glass to look up specific entries.
9. To reconcile lines based on a selection criterion, you can click the "Mark" Button in the upper right corner of the screen.
This is used to access criteria that can identify several items to include in the range or quickly find an item on the bank statement.
10. Click the "Adjustment" Button to select an adjustment type.
This is used to launch the Journal Entry function for the purpose of entering adjustments. When the adjustment is entered and saved, it is automatically selected on the bank reconciliation.
11. Once the bank reconciliation has been completed and all variances have been cleared, click the "Close" action link in the right list to close the statement and set the Status to “Closed”.
Need additional help in exploring the Bank Reconciliation function in Sage X3? Contact our team at RKL eSolutions to dive deeper into the function and how it can benefit your business.
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