Process your downloaded transactions
Once you’ve got the bank feeds service up and running, you’ll no longer need to download and import bank statements manually. Your bank transaction data flows each day seamlessly from your bank directly into Sage, giving you more time to manage and grow your business.
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When new transactions appear, you can do the following:
|Match||We find a potential match for any invoices, credit notes and existing payments or receipts recorded with the same date and value as the imported transaction.
If the match found is correct, click Match.
If you match it to an invoice or credit note, this flags them as paid, and the payment or receipt is flagged as cleared and bank reconciled.
If the match isn’t correct, you can choose to create a new transaction, transfer it to another account, or discard it.
|Find a match||If a match can’t be found, you can search for any transactions before or after the date of the imported transaction. To do this, click Match then click Find a match.
A listing of all potential Sage transactions you can match the bank transaction against now appears on-screen. These transactions include bank payments or receipts that are not marked as cleared/reconciled and outstanding invoices and credit notes. The oldest transactions appear first, and the list is filtered by your financial year (or the calendar year where no financial year is set).
To help you find a match, you can use the Filter option to filter the list by either date or transaction type to remove unwanted transactions from the on-screen listing. You can also search for an individual transaction, by contact, reference, invoice number or amount. To do this, simply enter the information you want to search for in the Type to search box.
You can select one or several transactions across multiple contacts to match against a single bank transaction. Selecting a transaction in the first list moves the transaction to the Review the chosen transactions section.
If the matched transaction is an invoice or credit note, you must also select the payment method for the receipt/refund that will be created on Match. You can also amend the value to pay for an invoice.
If you need to, you can remove a matched transaction, by clicking the discard button .
If the value of your chosen transactions is less than the value of the bank transaction you can add a new Bank Transfer, Payment on Account or Other Payment/Other Receipt transaction in the Match window, by clicking New Transaction, to clear the balance.
To complete the matching process, first check the Review the chosen transactions section is correct, then click Match. The total amount of the matched transactions must be equal to the total amount of the bank transaction to confirm the match.
If you match a bank transaction to an invoice or credit note, this marks them as paid, and the matched transactions are flagged as cleared and bank reconciled in your bank account.
|Create||Use this option to create a new transaction.
Enter the following details, then click Create.
Tip: You can also split the transaction and allocate it to different ledger accounts.
|Transfer||Use this option to transfer the value from or to the selected bank account.
Enter the following details, then click Transfer:
|Discard||If you don’t want to import a transaction, for example, because you’ve already entered and bank reconciled it, click the discard button, then click Yes when prompted.|
Once you’ve processed all of your transactions, click Return to banking.
How to process a refund
To process a refund from an imported transaction, you must ‘match’ it to the credit note that it’s ‘paying’.
Select Match and then select the credit note from the list.
If you haven’t created the credit note yet, select New Transaction to add it now.
The credit note must be for the same value as the refund.