Importing Bank statements with transfers

When importing bank statements I cannot use transfers. I have transfers on my statement.
I read earlier to create a equity account. It is a solution, but not very efficient.
Could it be build to select either payment, receipt or transfers?

This is something I’m going to write some guide on.

If you are importing bank statements, then the easiest way to handle categorization of transfers is to go to Chart of accounts and create new account called Inter-account transfers under Equity section.

Then any transfer on your bank account categorize into this account. After you categorize all bank transactions, the balance of this account should be always zero.

This will work well with bank rules where you will be able to get Manager categorize all transfers into this account automatically.

Hi Lubos,

For accounting purposes this workaround wouldn’t really be desirable as the ledger wouldn’t really be tracking money going out from one account to another within the accounting system.

Do you think you could integrate the transfer feature?

There is another approach I’m planning to implement before end of this month which is more solid and avoids “Inter-account transfers” workaround.

For now, “Inter-account transfers” is the only way to go. It’s not as elegant but generally accepted.

Yes, that would be great. The feature to transfer between accounts is already available - but just not when you’re categorising transactions that have been imported.

How is this feature coming along? I am able to categorize most of my regular transactions automatically with bank rules, but credit card payments and owner withdraws are 2 major items I would like to properly automate as transfers but can not currently.

There hasn’t been progress on this since May. Mostly because I’m still unable to come up with elegant solution. The one I thought about fails on multi-currency transfers.

For the time being, I strongly recommend to have an account called Inter-account transfers and allocate all transfers into this account (it will work with bank rules).

Owner’s drawings are not supported by bank rules yet but that’s coming soon.

Currency exchange and owner’s drawings are also things I will need, but it would be great to have the ability to enter automatic transfers even with the limitations.

For now I will use an equity account as you suggest, and manually do exchange and owner draw ones.

You can use this tool here…

Has there been any progress on this?

I have just imported a number of transactions from my bank statement and reconciled my 2 bank accounts.

There are a few transactions which are debits from one account and then the corresponding credits are shown on the other but these are not reflected correctly as a transfer from one to the other.

There are two ways to record bank transfers. One way is to use Transfer money button which will debit one account and credit other account.

However, if you are importing transactions, it’s better to have an account called Inter-account transfers and then categorize all transfers between bank accounts to this account.

The balance of this account should always come to zero.

while transferring from one account to another after importing bank statement - sometimes certain bank charges are levied.If we open a account transfer tab in equity, the bank charges would remain unsettled in equity then !! how to proceed ??

The bank charges are not a transfer, they are an expense charged by the bank.
Do a Spend Money with the account being P&L Bank Charges

While importing bank statement, since we don’t have a transfer option, if
we open an interaccount transfer under equity , then bank charges levied by
one bank remain unsettled in equity

An inter-account transfer account should be a Asset or Liability account, not an Equity account.
You would “only” use that account for the actual amount being transferred between accounts.

The Bank chargers are a completely separate transaction to the transfer, they are an expense just like any other Bank charges / account fees. Do you use the inter-account transfer for those other Bank chargers, if no, then don’t use that account for this charge.

Bank Transfer (use inter-account transfer)
Bank Account A = -1000
Bank Account B = +1000

Bank Charge (use Spend Money)
Bank Account A = -5.00
P&L Bank Chargers = +5.00

thank you . that makes sense , with it being an asset or liability , bank charges can be seperately added to the expense. i generally use bank charges while spending money , however i imported bank statements fot the first time and got stuck in interaccount transfers . when i read old discussions the option of opening account tranfer tab in equity came up , however then i got stuck with bank charges.