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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).
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