if you look under reports, you'll find 'microsoft office documents'
they connect to sage to extract data, the VBA shows how to do it (make sure the sage user has at least read third party permission)
I was able to use that technique within ms-access to link to tables

ajennin said:

Just wanted to know if there is any way to import data using ODBC to excel into a format that I wanted?

It's absolutely possible to move data in, or out, of Sage 50 using ODBC.  For developing a few reports, it may be more practical to use software that others have developed, such as XLGL to get data out

For importing lists or for importing batches into Sage 50 (from a custom billing system, for example), the import capability in Sage 50 will probably work if all you need are the numbers.

ajennin said:

Would really appreciate if there is a step by step guide available out there.

There is a document called 'datadict.pdf' included with Sage 50 showing the tables and fields.   No step-by-step guide, but dev-datarel.pdf in the SDK will be a big help when assembling reports from multiple tables.

To use ODBC you'll of course need to use the SQL language.  SQL was intended to be a language where end users could easily extract data in the format they needed, but it's not exactly simple or easy.

What sort of data (sales / purchase transactions, lists, prices, payments, ??) are you looking to import, and in which direction?  (to, or from Sage 50?)