Importing statements for impound bank account reconciliation

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Importing transactions from a bank statement

If your financial institution allows you to download bank statements via the internet, you can quickly reconcile the firm impound bank accounts using the Bank Statement Import tab of the Actions > Reconcile Impound Bank Accounts screen. You can download statements for reconciliation in any of the following formats - OFX, QFX, QIF, and BAI2.

  1. Download the bank statement file and save it to a location on your computer or network.
  2. Choose Actions > Reconcile Impound Bank Accounts.
  3. Select the account to reconcile, either by choosing it in the Reconciliation list or by selecting it in the Account section of the General Information tab.
  4. Click the Bank Statement Import tab.
  5. In the Statement file field, enter or browse to the path and file name of the statement you downloaded. The transactions in the import file are automatically matched to the transactions recorded in the application based on type, reference, and amount. If each transaction from the bank statement cannot be matched to a transaction recorded in the application, you will need to manually match transactions.
  6. Continue with the reconciliation using the applicable tabs in the Actions > Reconcile Impound Bank Accounts screen.

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Importing multiple statements

You can import multiple statements for each reconciliation. The following rules apply when importing multiple statements.

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Manually matching transactions

When you import a bank statement for reconciliation in the Bank Statement Import tab of the Actions > Reconcile Impound Bank Accounts screen, the transactions in the import file are automatically matched to the transactions recorded in the application based on type, reference, and amount. If each transaction from the statement cannot be matched to a transaction recorded for this impound account in the application, the unmatched transactions are listed in the Unmatched bank account transactions grid (for transactions recorded in the application that could not be matched to a transaction in the bank statement) and the Unmatched statement transactions grid (for transactions from the bank statement that could not be matched to a transaction recorded in the application). The unmatched transactions are grouped by type - credit or debit.

Notes

  • For debit transactions, you can match multiple bank account transactions to a single statement transaction.
  • For credit transactions, you can match a single bank account transaction to multiple statement transactions. In this case, it will be handled as a split deposit transaction. Each statement transaction will be listed as a separate line item in the Deposits & Payments tab. Example

    You entered a $15,000 transaction in the Enter Transactions screen. During reconciliation, you import transactions from a bank statement. In the Bank Statement Import tab, you match the $15,000 transaction in the Unmatched bank account transactions grid to two transactions in the Unmatched statement transactions grid - one for $5,000 and one for $7,000.

    Once the match is complete, the $15,000 transaction in the Deposits & Payments tab is replaced by three separate transactions - one for $5,000, one for $7,000, and one for $3,000. (The $3,000 transaction is the difference between the $15,000 transaction and the $5,000 and $7,000 transactions combined.) Each item has the same date and description as the original transaction. The $5,000 and $7,000 transactions are marked as cleared, but the $3,000 transaction is not.

  • You cannot match a debit transaction to a credit transaction or vice versa.
  • You cannot delete any transactions from the grids in the Bank Statement Import tab.

Use the following procedure to manually match transactions.

  1. Expand the list of credits and debits in the Unmatched bank account transactions grid and in the Unmatched statement transactions grid.
  2. Scroll through the list of transactions in both grids until you find transactions that can be matched.
  3. In the Unmatched statement transactions grid, mark the checkbox for the transaction to be matched.
  4. In the Unmatched bank account transactions grid, mark the transaction(s) to match with the statement transaction.
  5. Click the Match button. The transactions will be removed from the Bank Statement Import tab and marked as cleared in the Deposits & Additions tab or the Checks & Payments tab.
  6. Repeat steps 2 through 5 until you cannot match any more transactions.

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Making adjustments

You can save an unmatched statement transaction as an adjustment that is written back to the general ledger using the steps below.

  1. In the Unmatched statement transactions grid, mark the checkbox in the Adjustment column for the transaction to save as an adjustment.

    Note: When you mark the Adjustment checkbox, this transaction is no longer available for matching. If you clear the Adjustment checkbox, the transaction will be available for matching again.

  2. The GL Account column for that transaction changes to a drop-down list. Enter or select the appropriate GL account number to use for the adjustment transaction.

When you click the Post Adjustments, Finish Later, or Finalize button, the transaction will be moved to the applicable tab and marked as cleared. To view or delete the adjustment, choose Edit > Non-recurring Adjustments.

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