The objective of this article is to educate the readers about how they can “import a bank statement using AutoEntry in Sage 50“. If a user has their bank statement only in a PDF format, they can still import their bank statements to Sage 50 using AutoEntry.
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What is AutoEntry and How it Works
AutoEntry is a very convenient and user-friendly cloud-based application that basically eradicates the need to manually enter each invoice or receipt into the system. It serves many other purposes too, such as creating transactions on its own in Accounting, as long as the user provides scanned and/or photographs of their documents. Another thing that it does, which is the most relevant to this article, is that it can be used to directly import a bank statement into Sage 50.
AutoEntry has tons of features programmed into it and also provides many benefits to its users through all of these features. Some of these features and benefits are.
- AutoEntry is capable of capturing text from a scanned or photographed document that is provided to it by the user. This comes in to be really handy for any user because it essentially eliminates the need for the user to manually enter each receipt, invoice, expense, bank and credit card statement, bill, etc.
- Another great thing about the AutoEntry application is that if the user only has a PDF of their bank statement, they can still import a bank statement to Sage 50 Accounting through the AutoEntry application.
- AutoEntry can also easily be trusted with all kinds of sensitive information because of the extremely well-engineered layers of protection that are integrated into this software. It uses the best security policies, and it also uses data encryption throughout the application, so that all client-related and user data is kept in a safe and secure environment at all times. This is probably the best thing about AutoEntry, considering how the number of threats to user information has only been increasing as technology has made its strides.
- To better educate their customers, AutoEntry also hosts free training webinars and are always reachable through their support line.
How to Set up AutoEntry in Sage 50
Keeping these things in mind, any user who wishes to set up AutoEntry, so that they can perform any of the functions that the software serves, can do so easily by following these steps.
- First, the user will have to find their AutoEntry settings. To do that, they must first go to ‘Settings’, and then from the options menu that appears in front of them, they must select ‘Business Settings.
- Now, the user will be able to see various sections on their screen, with the titles ‘Invoice and Business Preferences’, ‘Financial Settings’, and ‘Connect’. The user must look for ‘AutoEntry’ under the ‘Connect’ section and select it once found.
- Next, they need to select the ‘Go to AutoEntry’ button. This will open a sign-up form in front of the user. They must fill out the form, and then select ‘Continue’. The user will have successfully created their AutoEntry account at this juncture.
- Now the user needs to enter their email address and choose a strong password that adheres to the password guidelines. Once done, the setup process will commence, and the user will need to follow the on-screen instructions. Once the user is ready, they can just hit the ‘Continue’ button in order to start the process.
- Once the setup has been completed successfully, the user will ask to choose their companies. They will just need to select all the companies that they want to use with AutoEntry and then press ‘Continue’. All the selected companies will automatically be imported into AutoEntry.
- Once all the companies have been created and integrated successfully, the user can just select ‘Continue’. Now the user can select ‘Get Started’ to go to AutoEntry.
If all of the aforementioned steps have been followed properly, the setup for AutoEntry should have been successfully completed, and the user should also be able to see all the companies that they selected to have been successfully integrated into the AutoEntry company list.
Steps to Import a Bank Statement using AutoEntry in Sage 50
Now that the user has successfully set up AutoEntry and integrated all the companies that they want to use into AutoEntry, the next step for them can be to import a bank statement using AutoEntry in Sage 50. The only thing that needs to be kept in mind before the user can start the process to import a bank statement in Sage 50 using AutoEntry is that the steps that this article will mention only work for versions 25 and above of the software Sage 50.
Another thing to be kept in mind before starting the process is to download the extracted bank statement data and import data into the Sage 50 accounting software. This can be achieved through the following steps.
- First, the user will have to select the ‘Download’ button. When the button is pressed, a menu will open and it will prompt the user to select the type of file they want their download to be saved as. The user can select the CSV (comma-separated values) format since it is pretty common and should be sufficient.
- The user can also set a date range of statements to download.
- Once all these settings have been done, the user can just hit ‘Download’, and the file will download to the user’s workstation.
Once the downloading process has been completed successfully, the user can proceed to do the following steps. First, the user must do these steps in AutoEntry.
- The user will have to provide the account number from Sage, the nominal account, and the tax code before they can upload it to Sage.
- The next step is to open the file that was downloaded in the ‘.csv’ format from AutoEntry.
- Next, the user needs to enter the correct code for the bank account that they want to import into the ‘Account Reference’ field. This is not the bank account number, rather it is the Sage 50 nominal code.
- The next step that the user needs to complete is to enter the relevant Nominal Account Codes that are for the Nominal Account. One thing that needs to be kept in mind while doing this is that for transactions that are transferred to another bank account/account within the same Sage 50 company, the user must enter a suspense account code instead of that second account’s code.
- Now, the user needs to enter all the relevant Tax Codes.
- Then, the user can save the file in the ‘.csv’ format without any issues and they can simply close the file after this.
Once these steps have been completed, the user can then proceed to the steps that are required to be completed in Sage 50 so that the whole process can be completed successfully.
- Firstly, the user must select ‘File’ from the menu bar. Under the ‘File’ menu, the user must select ‘Import’. A pop-up will open in front of the user with the data import steps. The user needs to complete a 5-step process to complete the import. Backups can also be taken at this point from this window. The user can then select ‘Next’.
- Now, the user needs to select the ‘Audit Trail Transactions’ options and proceed to hit ‘Next’.
- The user then needs to leave the CSV selection on and browse their workstation to navigate to the location where the file of transactions is at.
- The user also needs to make sure that the headings are also included in the file, and then they can hit ‘Next’.
Once all these steps have been completed, the user can proceed to press ‘Import’, and their data will have been successfully imported to Sage 50. It can typically take a few minutes for the import to complete depending on the size of the file, but it won’t take too long. The software will also provide a prompt to the user once the import has been completed. If need any help, contact to Sage 50 consultants team to to know Sage 50 import and export data.