How to reconcile my account using Bank Feeds

How to reconcile an account using Bank Feeds in Sage 50 Accounting.

Sage 50 provides a streamlined bank reconciliation process by enabling users to connect securely to their bank accounts. This allows you to download transaction records directly into the Account Reconciliation window.

 NOTE: Bank Feeds is for U.S. banks only. Transaction records downloaded from Banks Feeds only reflect within Account Reconciliation. It doesn't create transactions within the system; you still need to enter them in their respective transaction screens. 

Verify the activation of Sage 50 Accounting. See How to activate Sage 50—U.S. Edition.

1. Select a GL Account and sign in

1. Open Account Reconciliation.
2. Select the GL Account from the Account to Reconcile field.
   • Complete the remaining steps for each GL Account you want connected to Sage Bank Feeds
3. Click Bank Feeds from the Account Reconciliation toolbar.
4. Click Connect to Bank Feed from the dropdown menu.
5. Enter and confirm the email address on the Welcome page.
   • Once you proceed past this step, you can't go back to change the email for any account
6. Select to accept the Terms and Conditions box.
7. Select I’m not a robot box to launch CAPTCHA security requirements.
8. Click the appropriate images on the CAPTCHA window.
9. Click Finish on the Security check window.

2. Connect your bank account

1. Choose your bank or financial institution.
   • The most Popular Banks display as the top 10 banks. Other Banks will allow you to enter and search for your bank. If your bank doesn’t appear under Popular Banks or Other Banks, you can submit the bank name to have it added to the list
2. Click the Sign-in button to select your bank account and start date for bank feeds transactions.
3. Enter your Online ID and Password.
4. Click the bank account type, such as checking or savings, that corresponds with the GL Account you’re connecting to Sage Bank Feeds.

3. Select a start date and process the bank feed

 TIP: The Start date is important, as it will determine the transaction records downloaded from your bank. For example, if you select October 1, 2024, it will only download transaction records starting from October 1, 2024, through the current date. Don't include a time frame that you've already reconciled. The Start Date will default to 90 days and you can’t select a date in the future. You can only go back two years from the current date. However, the bank institution will ultimately drive transactions available for download. For example, if you select 90 days and your bank limits downloads to 30 days of transactions. Your download will only include transactions from the last 30 days. 

1. Select the Start date and click the Process button.
2. Click Finish to complete the setup and close the wizard.

 NOTE: Transaction records downloaded from the bank will only auto-clear if you have already entered the transactions in the software. Otherwise, if the bank feeds can't find a match, the downloaded transaction records from the bank show as New Bank Records with a red flag. Right-click on the New Bank Record and select Manual Match to select the proper matching transaction. If the transaction doesn't exist, right-click on the New Bank Record and select Create New to generate a new transaction.