If you have an online banking facility, you can use the Get Statement feature to import bank statement or credit card statement files.
This feature enables you to import transactions that you haven’t recorded in your company file (e.g. bank fees). It also enables you to use the imported transactions as part of your reconciliation process. Namely, your software can automatically match transactions on your statement with the transactions in your company file. Matched transactions will be marked as cleared for reconciliation, making it easy for you to reconcile your account at the end of the month.
If some transactions cannot be matched, you have the option of matching them manually with uncleared transactions, adding them or skipping them altogether. Unmatched transactions are usually account fees and penalty charges applied by the bank.
Before you import your bank or credit card statement, you need to download the statement file from your bank.
Your bank’s website should provide instructions on downloading this file. The following file formats are supported: OFX, QFX, QIF, OFC and QBO.
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In the Account field, type or select the account that corresponds to the bank or credit card statement.
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Click OK. The statement transactions are automatically matched with the transactions in your company file by using the cheque number and amount as the criteria for matching payments and deposits. If:
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there are unmatched transactions, the Unmatched Statement Transactions window appears. Go to step 6.
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all your transactions match, then these transactions will be marked as cleared in the Reconcile Accounts window. You can ignore the rest of this procedure.
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Choose what you want to do with the unmatched transactions.
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If you want to match a transaction, select it and click Match Transaction. The Match Transaction window appears, listing the uncleared transactions in your company file for the specified account. Select the transaction that you want to match with the statement transaction and click Match. The transaction will be marked as cleared. Repeat this step for each transaction that you want to match.
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If you want to add a transaction to your company file, select it and click Add Transaction. The Spend Money window or the Receive Money window (depending on the type of transaction you are adding) appears. Enter the details of the transaction and record it. The transaction is shown as cleared. Repeat this step for each transaction you want to add.
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caution : Match or add all transactions
We recommend you finish adding or matching every transaction in the unmatched transaction list before you click Done. Otherwise, if you re-open the statement file, the original unmatched statement list would appear in the Unmatched Statement Transactions window.
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When you have finished matching and adding transactions, click Done. A list of all the transactions that were cleared appears.
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