End of Period Procedures
Import a Bank Statement
This feature enables you to import transactions that you haven’t recorded in your company file (e.g., bank fees). It also allows you to use the imported transactions as part of your reconciliation process. AccountEdge 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.
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 bank interest, account fees, and penalty charges applied by the bank.
Before you can 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 how to download this file. You can import OFX, QFX, QIF, OFC, and QBO files into AccountEdge for reconciliation.
- Go to the Banking Command Center and click Reconcile Accounts
- In the Account field, type or select the account you want to reconcile
- Click Bank Statement
- Click Import Statement
- Locate and select the downloaded statement file, click Open, then click OK
NOTE: The statement transactions are automatically matched with the transactions in your company file using the check number, date, and amount as the criteria for matching withdrawals and deposits.
If there are unmatched transactions, continue to step 6.
If all your transactions match, you are finished and can continue with the reconciliation process.
- Choose what you want to do with the transactions
- If you want to match a transaction, select the transaction and click Match Transaction. Select the transaction that you want to match with the statement transaction and click Match. The transaction will be marked as cleared.
- If you want to add a transaction to your company file, select the transaction and click Add. You may be prompted to assign an account to the transaction. Add the account and click Add Checked.
- The Spend Money window or the Receive Money window (depending upon the type of transaction you are adding) appears. Enter the details of the transaction and record it. The transaction will be marked as cleared.
- Repeat step 6 for each unmatched transaction
- When you have finished matching and adding transactions, click Done
Bank Statement Rules
Sometimes, when importing a bank statement to reconcile your bank and credit card accounts, AccountEdge may be unable to automatically match the transactions because of a difference in the Payee or Vendor name between AccountEdge and your bank statement.
For example, Your AccountEdge Company file has your Vendor set up as ‘Verizon,’ but on your bank statement, their name shows up as ‘Verizon Wireless Inc; Monthly Plan.’ Since the Vendor name does not match, AccountEdge will not be able to match these transactions.
By creating a bank statement rule, you can tell AccountEdge how to match the transaction for easier reconciliation in the future.
To create a bank statement import rule:
- From the Import Bank Statement window, click Rules
- Specify the Bank Payee field to either Contain, Starts With, Ends With, or Exactly match a name
- Choose the fields that you would like to automatically assign when that Bank Payee is matched with a transaction upon import
- Click Save