Objective
Bank Statement Batches allow you to import/enter bank statement data from the client's bank accounts. This article will go through the best practices for uploading statement batches to AccountsPrep, along with some tips for using them in the software!
Applies To
AccountsPrep integrated companies.
Procedure
Bank Statement data should be entered exactly as it appears on the statement issued by the financial institution in terms of:
Transaction date
Payment amount
Receipt amount
Details and Reference fields are as you wish (either import just as on the actual statement or your own improved descriptions).
How to Add Bank Statement Data
There are numerous ways to get to the same import page in AccountsPrep, but here are two ways:
From the Bank Accounts homepage, or via Bank Statement Batches homepage, select Add Statement data.
You will then be brought to the data import page where there are three options to choose from.
Use AutoEntry Statement Capture.
This allows you to import data already extracted from paper/PDF statements in AutoEntry's Bank Statements folder.
Import data using a CSV file.
This allows you to use one of our simple import templates for adding statement data.
If you select this option, the next page provides templates for you to use if you wish:
Remember to save as a CSV file before importing the template!
Enter data on-screen.
Jump straight into an empty bank statement batch entry page and begin adding transactions on-screen.
Please note that using the third method will require you to code each transaction to the general ledger before posting, whereas import options 1 & 2 will import the data into an 'unposted' state where you can code transactions to the general ledger as and when you like.
Key Things to Remember
If there is a payment to (or receipt from) another account which is set up as a bank account, you will need to follow the process for a bank transfer - see here for further details.
If there are payments which need to be reconciled/matched with outstanding cheques, see here.
If there are receipts which need to be reconciled/matched with outstanding deposits follow the same method as cheques (above), but for deposits instead.
If you need to split a payment/receipt amount between two or more accounts, see here.
Checking the Accuracy of Bank Statement Data
After posting bank statement batches you should check the Bank Statement report to ensure it is consistent with the bank statement from the financial institution.
Also, see the Bank Reconciliation report to check the statement is reconciled properly with the ledger.
Finally, if there are inconsistencies please remember to ensure that the opening bank statement balance was entered correctly.