FAQ - How to import bank transactions - Accounting

This article is meant to give an overview of the Bank Import functionalities with a few tips in Sage Business Cloud Accounting

How to import your transactions

You can either:

• Import via file upload
• Create a direct bank feed - Setting Up Bank Feeds for Accounting

TIP: You can import transactions while your bank feed is connected. You may want to connect the bank for recent and new transactions while importing older transactions that the bank feed cannot retrieve. Import is only available for Chequing, Credit Cards, and Savings accounts but not the Cash in Hand, Loan or Other accounts - Bank account types in Accounting  

NOTE: You cannot import transactions to a foreign currency bank account. 

The import window

• Pending transactions: In this screen, you will see the transactions that have yet to be recorded within your bank activity in your account.
• Selected Account: If you have several bank accounts that you have either connected to a direct bank feed or imported a bank statement, you can switch between them using this facility.
• Bank feed Refresh: If you have created a direct bank feed, you can use the refresh button to download new transactions that have been processed through your bank since you last connected.
• Bank feed connection: From the bank account, you can update your connection credentials or disconnect a bank feed - Setting Up Bank Feeds for Accounting
• Bank feed troubleshooting - Bank feeds errors in Accounting and Accounting Start

NOTE: Imported transactions will appear in the same list as downloaded bank transactions. Imported transactions will be labelled as imported. 

How to process and finalize the import

To be able to process your transactions, you need to understand the different options available: Create / Match / Transfer / Discard

Create:
You can:

• Create Other Receipts or Other Payments: (or Receipts/payments in START)
  • Remember these transactions cannot be linked to invoices afterward - About Other Receipts and Other Payments in Accounting
  • You can split the transaction into various transaction lines, if you need to record a different vat rate, or select different ledger accounts - Split a bank transaction in Accounting
• Create a Payment on Account: (not available to Start Users)
  • This type of transaction can then be Allocated manually to an invoice after it is imported.

Match:

• We must distinguish two scenarios depending on whether you have recorded transactions manually already or not:
  • Match with UNPAID invoices, which allows recording the transaction in one click in your Bank activity, and mark it as cleared; it also allocates the transaction to the invoice, and thus marks it as paid.
  • Match with bank transactions already recorded: it can be a customer or supplier payment already recorded against the invoice, or Other Payment / Receipt: By matching to the transactions already recorded previously; this will mark the transaction as cleared according to your bank statement.
• Partial /multiple Matches:
  • You can match one transaction to several invoices for different contacts from this import window, whereas this is not possible to select different contacts from the Banking tab> New entry.
  • You can match one imported transaction partially to unpaid invoices. (imported transaction amount is less than the invoice amount)
  • However, if you are trying to match to  transactions already recorded:
    • You can only match if the amount of the one selected transaction is an exact match or until the total of the selection of several transactions (any types) matches the total of the one transaction to import
    • You cannot match the imported transaction to a transaction already recorded that is of a higher amount. The transaction will not show in the list suggested
• You cannot see the transaction you want to match:
  • You won't see Paid invoices, Transactions of a higher amount, or transactions that are already reconciled. 

 

Transfer:

• You can record a transfer from another one of your business bank accounts

NOTE: Please make sure to create the other account in your Banking tab first Add and manage bank accounts.  

• This option is not suitable if you want to record a transfer coming from a bank outside your business. In this case, you can simply create an Other Receipt or Other Payment.
• Remember, once you create a transfer, the transaction is created in both accounts simultaneously. Transfer money between bank accounts. If you also import your transactions for the second account, you will need in that instance to Match it to the one already recorded during the first import. Otherwise, you will create a duplicate. You could also ignore the transaction, but the Match option allows you to mark the transaction as cleared against your statement. 

Discard:

• If you do not wish to import a transaction into your account, you can discard any transaction you wish by clicking the box next to the transaction and clicking the waste basket icon. The transaction is not imported, and not marked as cleared against your statement. 
• This is option is useful to avoid entering any duplicates.
  • This can be useful if you have already imported or entered the transaction and reconciled it.
  • If you have already created the transaction manually but not reconciled it, it is better to Match the imported transaction to the one already recorded. This will mark the transaction as cleared against your statement and facilitate the reconciliation later.
• You can select all or multiple transactions and then discard them if you imported an incorrect file by mistake. 
   

How to manage refunds and cash deposits

Refunds:

You can record and match a refund against a credit note created previously. However, you cannot match a refund against a payment on account. You need to record the refund from the banking tab first, and then you can match the imported transaction against this refund recorded from your account - How to deal with refunds in Accounting

Cash deposits: 

If you want to record a cash or cheque lodgment into your account from your cash account, this needs to be recorded from Banking > Cash account > Bank Deposit - Record bank deposits in Accounting

Cleared transactions

Once transactions are imported it will mark them as cleared in your bank activity. This status indicates which transactions were imported via bank statements import or direct bank feed import. This will help with completing a bank reconciliation as all the cleared transactions are automatically marked as reconciled in the reconciliation window. 

CAUTION: Once you have completed a bank reconciliation, you cannot modify reconciled transactions 

Corrections

If you have made any mistake choosing the wrong type of transaction, you can still delete it from your bank activity.

However, the cleared status will stop you from deleting it. You can always undo the cleared status to free the transaction and modify it - 

For more details, review the following article: How to delete a bank transaction in Accounting

Transaction Dates

NOTE: Please note the date of the transaction may differ whether they are recorded manually at the time of the payment or via the bank statement import. 

With the bank import, you cannot change the date. The date of the transaction will be the bank clearance date.

If you prefer to indicate the date you received the payment from the customer, you can record the transaction directly from banking. You can then choose the date and you can still use the import to Match and mark your transactions as cleared.