The purpose of importing transactions from a bank feed or through an Excel spreadsheet is to make it quick and easy to perform a bank reconciliation i.e. to find the differences between the your bank account records and your company records, so that you can adjust your accounting records as required.
When you import your bank account records, hAIbooks will match up these records with your company records and display the results in the To Be Reconciled tab on your bank account page.
Don’t worry, hAIbooks will never reconcile transactions without your approval!
To reconcile transactions:
- Select Accounts from the sidebar menu and then Banking from the drop-down menu. Alternatively, select Banking from the your Dashboard.
- Scroll to the bank account that you’d like to work on and select Transactions to Review to be transferred to the To Be Reconciled tab.
This tab lists the transactions that have been uploaded from your bank feed or imported through an Excel spreadsheet but have not as yet been reconciled with the transactions you’ve entered into hAIbooks through your normal day-to-day business e.g. through invoicing.
4. To view an individual unreconciled transaction, select its name under the Description column header. The transaction entry will expand to show you more details about the transaction, including actions to take to reconcile the transaction: Match, Search a Match, Create an Invoice/Create a Bill, Create a Transaction and Transfer.
For each transaction in the To Be Reconciled list, the Category or Match column will indicate one of the following:
If hAIbooks has found a perfect match for that transaction in the list, it will display Record Found under the Category/Match column header. This means that hAIbooks has found just one transaction on the system that has the exact same value as the bank transaction imported through a bank feed or Excel spreadsheet.
X Records Found
(where X is a number)
This indicates that hAIbooks has found several transactions in the system with the exact same value as the bank transaction imported through a bank feed or Excel spreadsheet.
This indicates that hAIbooks hasn’t found any income transaction with the same value as the bank transaction, so it has recommended it be assigned to a non-specific income group. It calls this Uncategorised Sales.
This indicates that hAIbooks hasn’t found any payment transaction with the same value as the bank transaction, so it has recommended it be assigned to a non-specific expense group. It calls this Uncategorised Expenses.
This indicates that a rule has been created for this transaction which has meant it has been automatically treated in a particular way.
There are two locations from which you can reconcile:
- On the To be Reconciled tab, you’ll see options under the Activities column heading. Different options will be displayed, depending on whether hAIbooks found records relating to that transaction. Options are:
- View: Displays the transaction and the records found that might be a match.
- Create: Creates a transaction on hAIbooks that reconciles with the transaction on the bank feed.
- Archive: Archives the transaction.
2. From each individual transaction. Click the name of the transaction from the Description column header and you’ll see the option choices. Where an option is greyed out, this means that this option isn’t available for that particular transaction.
To reconcile your transactions, hAIbooks presents you with different options to choose between, depending on the transaction.
- Match: Select Match to reconcile the bank feed transaction to the company accounts transaction. The transaction will now appear in the Account Transactions list as reconciled.
- Search a Match: Select Search a Match to look for a possible match in hAIbooks for the transaction. hAIbooks will display a list of possible matches for you to choose from. You can choose the parameters of your search by amount, date, supplier and customer.
- Create an Invoice: If you’ve noticed a deposit in your bank statement that is due to sales but doesn’t show up in your hAIbooks account, choose Create an Invoice to create an income transaction for that income. Complete the details and then select Create at the bottom right hand corner of your screen to confirm your action.
- Create a Bill: If you’ve noticed a payment from your bank statement that is due to expenses or purchases, but doesn’t show up in your hAIbooks account, choose Create a Bill to create a payment transaction for that income. Complete the details and then select Create at the bottom right hand corner of your screen to confirm your action.
- Create a Transaction: If a deposit or a payment shows up in your bank feed but isn’t in hAIbooks, and it’s not related to sales or business expenses, choose Create a Transaction to create an entry in hAIbooks. Complete the details and then select Create at the bottom right hand corner of your screen to confirm your action.
- Transfer: This option allows you to transfer unreconciled transactions into a different bank account on hAIbooks. Select Transfer and then select the correct account from the drop-down list.