Consolidated Banks

Posted By KarCre over 8 years ago

We have 3 separate bank accounts that roll up to one sweep account. Currently we have to keep a spreadsheet for each account balance to determine what the balance is in our sweep account. We also have to use this spreadsheet for reconciling each account individually. Is there a way Sage 300 can handle a consolidated reconciliation or a 3rd party product that can be used for this?

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49153 over 8 years ago

You need 4 banks in Sage 300, then you need to deal with the ZBA entries.
The process can be automated with a VBA macro, import the ZBA transactions as bank entries.
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49153 over 8 years ago

You need 4 banks in Sage 300, then you need to deal with the ZBA entries.
The process can be automated with a VBA macro, import the ZBA transactions as bank entries.
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KarCre over 8 years ago in reply to 49153

I'm not quite sure what you are proposing. We currently have 4 banks in Sage. I am trying to alleviate doing separate reconciliations for each and having to keep a separate spreadsheet of balances that are needed for the reconciliation. I am a user and not a programmer so maybe a less technical answer would be easier for me to understand.

Thanks-
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49153 over 8 years ago in reply to KarCre

So by a sweep account you mean that the 3 operating bank accounts clear to the sweep account every night?
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KarCre over 8 years ago in reply to 49153

Yes. That is correct. All of our accounts show a zero balance everyday except the sweep account which holds the balance of all accounts combined.
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49153 over 8 years ago in reply to KarCre

Ok, so in your 3 operating accounts you have checks and deposits, there should be no problem clearing these. Your daily sweep transactions (aka ZBA transactions) need to be entered and cleared as well. At the end of the day the balances in these 3 accounts should be zero and so should reconcile to zero.
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KarCre over 8 years ago in reply to 49153

Thanks. Was hoping there would be an easier way but will deal with it as is.
Regards-
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