Importing bank statements

Accounting allows you to import bank and credit card statements that you have downloaded from the Internet.

When you download your Internet bank statement, select the OFX format. This is an electronic file format supported by most banks.

If you belong to a bank that does not support the OFX format, you can download your bank statement into a QIF or CSV format.

Remember that when you import and map your bank transactions, and the system detects no activity for 2 hours, the system logs off for security reasons.

  • To import bank statements, go to the Banking…Transactions…Banking menu option.
  • The following screen displays:
  • Click on the Import Bank Statements button.

Select the Bank or Credit Card account from the drop down list. The statement details will be imported into this bank or credit card account that you have selected.

There are two Date Range options available:

Options Explanation
All Transactions Select this option when you want to import all of the transactions contained in the import file.
Dates to Import This option allows you to import new transactions by selecting the relevant date range.
  • In the Import File field, click on the Browse button to search for your downloaded bank statement (QIF, OFX or CSV format).
  • If you selected to import a CSV file, the Date Format field activates. When you open your CSV file ensure that the date format selected matches the date format displayed in the CSV file.
  • The CSV file must be in a particular format. It should only have 3 columns: Date, Description and Amount. If opened as a text file, e.g. in Notepad, the first line displays the column headings, separated by comma’s and the rest of the lines should have the bank statement information, also, separated by comma’s. For example:

If the CVS file is opened in Excel (preferred), your columns and headings should look like this:

  • After you have selected your bank statement and bank or credit card account, click on the Import File button.
  • transactions will be uploaded into Accounting. A successful import will show you how many rows were imported and how many transations are unallocated (not allocated by Bank Statement Mapping Rules) as below.
  • The transactions will display as follows:
  • By default 8 transactions are displayed per page (you may adjust this preference under My Profile to view more transactional lines) that were imported:
    • Transactions will be imported and shown on the New Transactions tab, after allocating and reviewing, you may move these transactions onto the Reviewed Transactions tab.
    • Accounting will automatically detect whether the transaction is a receipt or a payment, and display it accordingly.
    • Accounting allows you to split transactions on the bank statement and link the amounts to other transactions. You can split a transaction by clicking on the button.
  • Select the other transaction that you are splitting the selected transaction with, and enter the amount.
  • Click on the Save Changes button. The transaction will now be shown as split on the Bank Statement and will process the transaction like this when saving.

Duplicates Found Option

When you make use of Bank Feeds or import your Bank Statements, you will be notified of possible duplicate transactions that you can review. When you use Online Payment Gateways integrated in Accounting and your customers pay you, the receipts will automatically be matched and reconciled when you import your online payment gateway bank statement.

If you click on the Duplicates Found link in the Selection field, Accounting will explain to you where the Duplicate Transactions were found.

Click on the Show More/Less option:

Click on the View Duplicate Transactions option to view the duplicate transactions:

A list of possible duplicate transactions will display. You have three options to choose from:

Delete Transaction Choose this option if you have already processed this transaction.
Keep Transaction Choose this option if this is a new transaction.
Match Transaction Choose this option if you have already processed this transaction but want to mark it as reconciled.

The duplicate line will get a strike through when you delete it.