Category: Sage 300

Bank reconciliation is bookkeepers most cumbersome and tedious work. But it has to be done! It ensures that bookkeeping was done correctly, no transactions have been missed and there were no mistakes by the bank. And auditors will require fully reconciled bank accounts before they embark on their audit.

There are companies that have many bank accounts and may some of them be used for specific purposes such as payroll and payments. RecXpress is an add-on module to Sage 300 accounting system that performs 2 distinctive tasks; it can take an electronic bank statement (like the ones downloaded from the internet banking of any bank) and firstly generate these transactions in either Accounts Payable, Accounts Receivable or Bank services and secondly automatically reconcile the bank. The system will pick the amount from the statement and identify the transaction type. From then on, it will create the appropriate entry in Sage 300. At the end of the process, it will give the chance to the user to review the generated transactions and also make a decision on transactions that have not been identified.

These are both great features as they make life easier for the staff, avoid mistakes and save many work hours.

Demo video

RecXpress for Bank Services

Inter-entity transactions is an add-on module to Sage 300 accounting system that posts transactions across a number of companies.

Let us take a real example. A ship management company pays expenses for ships that belong to their customers – companies that have put their ships under management. In fact, a customer may have a holding company that owns a number of ships (each ship is a legal entity and hence a Sage 300 company in its own right). When the ship management company posts payments they would like these transactions to create additional transactions down a path of companies. This is exactly what Inter-entity transactions will do. Depending for which ship the expenses are paid for, it will look for the path (sequence of companies) that the transaction should traverse through and create the necessary transactions in all companies.

This, not only reduces the workload of staff, but also makes sure that transactions are consistent and no mistakes are made due to human intervention.

In July 27th to 30th, the Sage annual summit was held in New Orleans, USA. Great personalities such as Colin Powell, Deepak Chopra, Jane Seymour, Baroness Karren Brady  and many others were also there to share their views on the global issues companies face today.

It was a huge success as more that 10 thousand people took part in this summit, as Stephen Kelly, Global CEO of Sage group and Himansu Palsule, Chief Technical Officer, Product Strategy paved the way forward for new products to come. Beyond the cloud solutions such as Sage One, Life and 50, Sage remains focused on servicing SMBs through the 3 on premises product lines, namely Sage 100 (targeting small businesses), 300 (targeting SMEs that do international trade) and X3 (manufacturing ERP).

In fact, Sage 300 will remain the core product offering for services and trading companies, with more than 300 add-ons and vertical applications. The coming versions of Sage 300 will be totally web based and use only Microsoft’s SQL server while enabling connected services, being ability to connect to other external systems e.g. to execute payments, payroll, submit reports, etc. Last but not least, Sage CRM integration to Sage 300 will be extended and the two systems, one known as a front office and the other as a back office will be known as just an office system. This is a very important direction considering that CRM offers extensive functionality and access from mobiles and tablets.

Last but not least, Sage had dropped off ERP from all its product lines to show that implementation timeframes are much shorter than traditional ERP systems offered by other companies that mostly target manufacturing companies.

Please visit the Sage summit site for further information and we urge you to look at least at the CEO’s and CTO’s keynote speeches.