Bank Statement Import & Reconciliation

Video Tutorial

For a visual walkthrough, watch our step-by-step guide:

Video 1: Complete bank statement import process

Overview

The Bank Statement Import feature allows users to:

  • Upload electronic bank statements
  • Automatically match transactions with book entries
  • Reconcile discrepancies directly in the system
  • Maintain accurate cash flow records
Bank statement import interface
Figure 1: Bank statement import screen

Step-by-Step Process

1. Prepare Your Bank Statement

  • Download the bank statement template (.xlsx) from the import screen
  • Ensure your statement includes:
    • Transaction dates
    • Descriptions
    • Reference numbers
    • Debit/credit amounts
    • Running balance

2. Import the Statement

  1. Navigate to: Banking & Cash → Statement Import
  2. Select the bank account from dropdown
  3. Enter statement date (format: DD/MM/YYYY)
  4. Input opening balance (typically 0.00 for new statements)
  5. Upload the prepared .xlsx file
  6. Verify the closing balance matches the last running balance in your file

Reconciliation Workflow

Statement Lines vs Book Transactions

Statement lines interface
Figure 2: Imported statement lines

  1. The system displays two sections:

    • Statement Lines: Transactions from your bank
    • Book Transactions: Existing entries in your accounting system

  2. Automatic matching occurs when:

    • Amounts match exactly
    • Reference numbers correspond
    • Dates fall within acceptable range

Handling Discrepancies

Book transactions interface
Figure 3: Book transactions matching

For unmatched transactions:

  1. Create Missing Journal Entries:

    • Click "+" on statement lines
    • Select appropriate accounts:
      • Income accounts for deposits
      • Expense accounts for withdrawals
      • Bank charges account for fees
    • Add descriptions and references

  2. Correct Book Entries:

    • Edit existing entries if amounts differ
    • Split transactions if partial matches exist

Finalizing Reconciliation

Final reconciliation screen
Figure 4: Final reconciliation step
  1. Verify the Difference field shows SGD 0.00
  2. Review all matched transactions
  3. Click Finalize Reconciliation to:
    • Lock the statement period
    • Generate reconciliation report
    • Update account balances

Best Practices

  • Frequency: Reconcile weekly to catch errors early
  • Documentation: Add notes for unusual transactions
  • Verification: Cross-check with physical statements
  • Training: Ensure all accounting staff follow the same process

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