Bank transactions can be imported into inniAccounts by uploading electronic statements or by using automatic bank feeds. Using the statement importer makes bookkeeping up to 6 times faster than manual entry.
Your bookkeeping records are used to prepare your tax returns, year end accounts and realtime LiveCash. Importing electronic statements helps ensure your records are complete and your taxes, accounts and LiveCash are accurate.
Enabling your statement importer
There are two ways the statement importer can receive your bank transactions, either by using direct and automatic bank feeds or by drag and drop uploading of electronic bank statements.
Both are enabled by selecting your bank account in your bookkeeping area then click the ‘Setup statement importer’ button, or alternatively for Cashplus you will need to email your Account Manager.
Automatic bank feeds
With secure bank feeds from Barclays and Cashplus we can automatically import your business bank transactions each working day. Transactions will appear in your statement importer without you having to log in to your bank or upload any files.
Uploading electronic bank statements
Alternatively, you can download statements from your online bank and upload them into inniAccounts. Once you’ve uploaded a file your transactions will instantly appear in your statement importer for matching.
Using the statement importer
Once you’ve enabled your statement importer you’ll be able to upload statements or receive bank feeds. The intelligent features of the statement importer will save you time by allowing you to quickly match (reconcile) your records in inniAccounts against your bank statements.
You will use transactions from your bank to reconcile (match and add new) transactions you have in inniAccounts. The end result is an exact match of all your transactions in inniAccounts with your bank statement.
Each time you use the importer you will start from your last reconciled transaction where the balances on your bank statement will match your balance in inniAccounts. The process is to work through your new transactions from your bank statement in date order until they are all recorded in inniAccounts.
We recommend you periodically check your business bank balances against the balance shown in your bookkeeping area to ensure an exact match is being maintained.
When you create a transaction in inniAccounts for example a payslip or if there was a VAT payment due, it will appear in your importer ready match against your bank payment. A green indicator bar shows the confidence level of the match.
When you have identified the correct transaction from the suggestions, simply click the match button.
If the amount on your bank statement is a partial payment, for example you have not been fully paid for an invoice or if you have not fully paid a VAT payment to HMRC, use the match button against the inniAccounts transaction. This will leave the balance still due ready for when that payment appears on your bank statement as another transaction.
Record a new transaction
When there is a transaction on your bank statement that you didn’t create from inniAccounts, for example an adhoc expense or a bank charge, click the New button to create an entry.
When a payment shown on your bank statement is related to more than one transaction in inniAccounts, you can split it. Clicking the Split button allows you to select multiple inniAccounts transactions.
An example is when you receive a single payment that shows on your bank statement that relates to two invoices you have created in inniAccounts. Click Split and select the two invoices the payment is made up of.
If you accidentally match the wrong inniAccounts transactions against a bank payment, simply click undo on your transactions to roll back to the incorrect transaction.
Should you need to correct the description, accounting category, VAT rate or make a transaction billable to a client, you don’t need to undo – instead click the pencil icon on the transaction to quickly edit the details.
You’ll only be able to edit or undo transactions if they have not been included on a VAT return.
The statement importer has a number of advanced features including keyboard shortcuts and auto-complete. It is also designed to handle complex scenarios and transactions all of which are detailed in this guide.