Import bank Statement Question

I have done my first Bank Import and seen how the process works. I did backup my database first!

I have worked out that I need to use Accounts Receivable and Accounts Payable. I think that this is because I am using Sales Invoices and Purchase Invoices. If you are doing Cash (no invoices) - you need to allocate to the account like advertising, but if you are using a purchase invoice you have already allocated to advertising and you simply need to allocate to accounts payable and supplier. Is this correct?

Everything looks right, but I want to be very clear on this before I end up having to reverse hundreds of transactions.

Ps I could not use CSV - It just wouldn’t work. So I ended up using .ofx.

Bank imports are just a different way of typing in the data. In the past you have manually entered Receipts & payments, selecting invoices or other Manager accounts directly for cash sales.
The individual transactions in bank imports need to be identical to the manual entries you created in the past. The only difference is Bank imports with Bank rules should make this process easier, faster and less error prone.

The one thing that I have noticed is that it doesn’t allocate to the last invoice. I have a feeling I was asking about that somewhere. So bulk import works and I can see which Invoices I have forgotten to create as it shows account payable for missing purchase invoices.

So yes the import should save me time in future reconciling the bank account because I don’t have to create each payment manually or adjust the dates of payments. But pity about not linking the payment to last unpaid invoice.

I have just seen another issue. It does not add the Contacts automatically. Maybe the bank rules should have a field for Contacts.

Your comments on this subject a little bit puzzling. Are you saying, for example, that an imported receipt allocated to Accounts receivable > Customer X will not be applied to the unpaid invoice of Customer X with the oldest due date?

If you are saying that you cannot construct a bank rule down to the invoice level, there is a good reason for that. You would need to know the invoice number before creating the bank rule. So, you go through all the steps of creating the bank rule only to use it once.

By “contacts,” are you referring to the customer/supplier/payer/payee whose name would appear in a tab listing for the imported transaction? Or are you saying that if you import a transaction for a first-time supplier or customer the program should automatically create those in the relevant tabs?

I am talking about the Payee Field in Receipts and Payments. This is blank when importing the bank statement. In the past I used to fill in the field with Client or Supplier name. Then it shows in the contact column in Receipts and Payments

Yes it pays the oldest invoice first. What I mean is that when you open payments, it does not list the invoice number(s) which is useful if you want to send a supplier a payment remittance advice. You don’t need to specify the invoice number in the bank rule. I think the program could add the invoice numbers to the payment based on whether the oldest invoice is paid in full.

It would not add invoice numbers to payments or receipts if done manually, either. It is payment or receipt information that is added to invoices, in the mini-statement.

Remember, you can also edit the imported transactions either before or after creating them.

Yes I know it has to be added manually. What I am saying is that it would be useful to automate it based on paying off the last invoice if this were programatically possible.

Achieving a balance between

  • Fully automatic / complete bank rules

  • Fully manual bank import entry

  • Bank rules requiring partial editing each receipt / payment

Is the key

Yes essentially that is what I am looking for.

Adding the Contact to the Bank Rule makes sense because it’s always going to be the same contact for that description.

As for the Invoice Number info, I suspect that it would make sense to program payments to dynamically allocate the last paid invoice. But not the end of the world. I don’t often send payment remittance advice.

Agree but it is probably going to be more efficient to add that functionality after linking to the customer or supplier database is added