Reconcile Bank Accounts > Bank Statement Import tab

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Use the Bank Statement Import tab of the Reconcile Bank Accounts screen to import data from an electronic copy of a bank statement to more easily and quickly complete the bank account reconciliation. You can import statements at any interval (daily, weekly, monthly, etc.), and you can import multiple statements for each reconciliation.

Choose Actions > Reconcile Bank Accounts and then click the Bank Statement Import tab.

Special information

  • You are responsible for downloading the statement file from the bank. Most financial institutions have several file formats available to download. Accounting CS currently supports the following formats for bank statement downloads.
    • QIF: Quicken Interchange Format
    • QFX: Quicken Web Connect
    • OFX: Open Financial Exchange
    • BAI2: Bank Administrative Institute Version 2 (also known as Cash Management Balance Reporting Specifications Version 2)

    The QIF and QFX formats are most commonly used by Quicken and QuickBooks, while the OFX format is used by Microsoft Money.

  • When you import bank statement transactions through this screen, Accounting CS automatically uses the posting period end date as the posting date for the imported transactions. For example, if the imported transaction has a date of 9/17/18, the application imports the transaction with a 9/30/18 posting date (assuming the client is set up with calendar month posting periods).

Fields & buttons

Statement

Enter the path and filename of the statement file or click the Browse button to navigate to it. The drop-down list in the File field includes the last nine imported statements. Once you specify a bank statement, the application begins to match transactions automatically.

The application matches transactions recorded in Accounting CS against the transactions in the statement file by first comparing the transaction type (debit or credit), then the amount, and then the reference. If a match is found, the application marks the transaction as cleared on the Deposits & Additions tab or the Checks & Payments tab. If more than one statement transaction matches a single Accounting CS transaction (or vice versa), the application leaves the transaction as an unmatched transaction.

Click the Manage Files button to open the Manage Files dialog to delete unmatched transactions that were imported from a bank statement file.

Unmatched Bank Account Transactions

The available list pane includes transactions that have been entered into Accounting CS that were not automatically matched to any single transaction on a bank statement. The transactions are grouped by type, either Credits or Debits. Each group shows the total amount and number of transactions included in the grouping. Expand each group to see the individual transactions available for matching.

Select a transaction from the Unmatched Bank Account Transactions pane to match to a single transaction in the Unmatched Statement Transactions pane.

Unmatched Statement Transactions

The available list pane includes transactions imported from the bank statement that were not automatically matched to any transaction entered in Accounting CS. The transactions are grouped by type, either Credits or Debits. Each group shows the total amount and number of transactions included in the grouping. Expand each group to see the individual transactions available for matching.

Select a transaction from the Unmatched Statement Transactions pane to match to a single transaction in the Unmatched Bank Account Transactions pane.

Alternatively, you can mark the checkbox in the Adjustment column for each transaction to write to your bank account. When you mark the checkbox for debit type transactions, you can select the appropriate vendor and 1099 type, if necessary.

To distribute an adjustment to multiple GL accounts, click the Ellipsis Ellipsis button button to open the Enter Adjustment Distributions dialog.

Note: If you specified GL account distributions and/or 1099 properties for the vendor in the Setup > Vendors screen, the application automatically enters those values in the applicable fields.

Related topics

Importing bank statements for reconciliation

Reconciling bank accounts

Deleting previously imported bank statement transactions