New Automated Bank Statements

A recent release of Sage X3 improved efficiency of the financial manage‐ ment process by automatically generating the transaction matching open items or unbalanced operations when importing bank statements (MT940). In this article, we’ll take a closer look at this new functionality that is available as of Sage X3 Version 11.

Advanced Bank Statement Management

The following functionality is now available to help you automate routine tasks associated with bank statement reconciliation and financial management:

• Import Bank Statements ‐ the standard file format is MT940. But you can also set up and define other formats including AR lockbox.
• Automatic Matching & Review ‐ run a process that automatically matches each bank operation in the statement to open items according to user‐defined search criteria. You can also review results of the matching and make manual adjustments if necessary.
• Payment Generation ‐ you can generate payments after completion of the matching and post these payments using the standard payment functions (Payment entry/Remittance generation).

When compared to manual reconciliation, automating these tasks using Sage X3 creates a process that much more efficient and significantly minimizes the risk of mistakes.