This blog will help you in the manual Reconciliation process in Sage ERP X3. A BANK RECONCILIATION is a process performed by a company to ensure that the company’s records (check register, general ledger account, balance sheet, etc.) are correct with the bank’s records.
To achieve this Sage X3 has provided a feature for Manual Reconciliation; which is used to reconcile the drafts/bills issued by the bank with the drafts/bills in cash management.
Navigate to path: A/P – A/R Accounting > Paying Bank Notice > Manual Reconciliation
- Statement number.
The drafts table proposed for the payment is initialized. Each line represents a specific draft/bill. It is possible to directly export the paying bank notice from this function using the Bank file button. Warning, any notice exported can no longer be modified (neither in the manual reconciliation function nor in the payment cycle – Enter the paying bank notice). This export is only launched one all the lines in the notice have be correctly entered.
- Drafts/bills table: According to the RAPLCR parameter, either all the lines in the paying bank notice issued by the bank are displayed or only the non-reconciled (if the automatic reconciliation has already been run).
The draft is identified in the first five columns that indicate the :
- due date
- drawer name
- drawee’s reference
The following columns are used to specify the acceptance of the proposed drafts.
- Accepted lines: The accepted lines must, therefore, have the “Accepted” field set to Yes.
- If specifying the payment number in the field for this draft, the reconciliation is carried out and the payment cycle is not broken (this line is then visible during paying bank notice entry making it possible to continue the posting steps on the payment). When all the lines are assigned it is possible to export the notice either directly with the bank file button or in paying bank entry (if the modifications are still expected before the posing of the payments).
- It is still possible to directly export the notice to the issuing bank even if the payment number is not entered on some of the lines. It is then necessary to manually process the payments to complete the missing information.
- Rejected lines: The rejected lines have the field “Accepted” field set to No. It is then necessary to specify the reject code in the related field. The rejected lines are also exported during the related bank notice export. The issuing bank is also notified of the refusal of the drafts that they have proposed.
- Abnormal lines: It is possible to mark certain lines in the imported notice as being abnormal. This option is proposed by the right click menu. These lines cannot be exported or automatically reconciled.
Thus, the non-reconciled lines can be accepted, totally or partially rejected. It is also possible to specify the lines that have problems.
The Ok button is used to validate the reconciliation if and only if a payment is posted to the line where the Payment Approval field is set to Yes.
A paying bank notice is then created for the accepted payments in Paying bank entry, which makes it possible to continue with the reconciled payments cycle (posting).
The End button is used to abandon the reconciliation.
Bank File: It is used to launch the statement export.
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