This function is designed to save time in entering and reconciling bank account transactions.
Before using the import function, you will need to export the bank statement/transaction file (in CSV format) from your bank for the relevant bank account/s and date ranges, and save it to a convenient location on your computer, USB, or memory card etc.
A CSV is comma separated values file, which allows data to be saved in a table structured format. CSVs looks like any spreadsheet but with a .csv extension. Most bank exports will allow you to select this format when exporting transactions. If you are unsure if you have the correct file, that will come to light as you go through the import process - the information displayed will not make sense if you have the wrong format.
The "wizard" approach steps the user through several simple step for Importing and processing the relevant data.
The Import Bank Statement window below will appear. Work your way through each of the steps on that window:
Step 5. Press Process with Bank Feeds,this will take you to the Bank Feeds Import screen.
There are 3 tabs to help you process a transaction correctly:
A cheque was written on the 05/03/2014 and entered into Cashbook. The cheque was not presented until 16/03/2014. ie 16 days difference. In order to accommodate this date difference, the No. of days grace to show matches can be changed by clicking on the up arrow to increase the date range. Similarly, click on the down arrow to decrease.
Example 1: Accepting the imported bank transaction description for a Customer/Supplier. You will then need to manually add other details (eg. Reference, Description, Account).
(Note: Setting up a Customer and Supplier name, allocating Defaults such as Reference and Account will speed up this importing process.)
Example 2: Entering your own Customer/Supplier description (this will not add this to the Customer or Supplier list). You will then need to manually add other details (eg. Reference, Description, Account).
Example 3: Add a new Customer and Supplier by clicking on the button.
Example 4: Select a Customer or Supplier from the drop-down list by clicking on the button.
Example 5: Automatic selection due to linkages previously set up.
The balance line appears at the bottom of the transaction list, as follows:
Refer to the following screen shot:
The Record button. This will only be visible if the Closing Statement Balance = the Reconciled Balance and the Reconcile To date is not after the end of the financial year. Click on this button if you want to process all the imported transactions with a green tick. Once you click on this button, you will be presented with a screen similar to the following:
Transfers between your bank accounts: