Managing Your Imported Bank Transactions
You can automatically import your bank transactions and quickly create journal entries so activity from your bank account or credit card can be recorded in your accounting software. First, you’ll need to connect your bank accounts to automatically check for new transactions. For more details, see Connecting Your Bank Accounts for Accounting Journal Entries.
You can also manually import your bank transactions from a downloaded file. See Manually Importing Your Bank Transactions.
How to Manage Your Automatic Imported Pending Transactions
After your bank accounts are connected, you will begin receiving notifications of your pending transactions from your bank account or credit card account. You will then reconcile these transactions by accepting or dismissing them from being posted.
Things to Note:
- When you connect your account for the first time, transactions will be imported back to the date you select, up to two years ago.
- Most banks only send information once daily, so a transaction posted to your bank may not appear until the next day. Other banks send information up to four times a day.
- Only transactions that are actually posted to your bank will appear as pending transactions in the accounting software. Pending bank transactions will not appear. One exception is some smaller, regional banks may show duplicate pending transactions and the same posted transaction in the accounting software. The word “pending” may appear in the description. If you happen to notice this, you can dismiss the duplicate. This should be rare.
You can either click the “View Transactions” link in the notification alert that appears at the top of your Accounting Home page or go to Accounting > Financial Tasks >Manage Imported Transactions in the left navigation menu.
You will see a list of the transactions, with a button either accept or dismiss each transaction.
Here are more details about each column:
- Icons: The icons at the far left column of the import page indicate the way the software has automatically categorized your imported bank transactions. You can hover your mouse over the icon to reference the automatic categorization.
- Date: This is the date the transaction posted to your bank. You can change the date of the transaction if you want to show a different date when posting the journal entry. Otherwise, you can keep the date as is.
- Description: This is from your bank/credit card transaction description.
- External Account: This is the bank or credit card account, using whatever nickname you give when managing your accounts under Settings > Accounting Settings > Connect Bank Accounts > Edit.
- Post to Account: Select the account from your Chart of Accounts to show what this transaction was for. This will be the other side of your journal entry, as you already selected the asset/liability account to use when you first connected your bank and/or credit card accounts. Once you have repeating transactions, the software will recognize descriptions and pre-select the account, based on what you selected the last time. You can change the account if needed.
- You can also set up rules to select the correct account. See Setting Up Rules for Imported Transactions.
- To create a new account for your chart of accounts on the fly, click the +Add New link by the “Post to Account” column
- If you have set up departments, select an optional Department. For more details, see Managing Accounting Departments.
- The “split” icon will allow you to allocate amounts of the transaction to multiple accounts and departments. Please read Split Bank Transactions for more details.
- Amount: The amount of the transaction.
- Accept: Click the checkmark to include this transaction as a journal entry in your general ledger.
- Dismiss: Click the trashcan to dismiss this transaction as a journal entry in your general ledger. If you dismiss and later change your mind, you will need to manually enter this. See Recording a Journal Entry
- You can add transaction rules to common transactions so they automatically are categorized by clicking the “gear” icon. See Setting Up Rules for Imported Transactions.
- If you have Accounting Premium, you can attach electronic files and receipts to this transaction by clicking the gear at the end of the row. See Managing Your Receipts and Documents for details.
- Duplicate? If a new imported transaction matches a transaction already posted in your account, it will show a possible duplicate warning, even if the description is different. The duplicate transaction has already been posted, but you still need to choose to either accept or dismiss this new transaction. This duplicate warning will appear if the two transactions have the same external account (e.g. Savings, Checking, Credit Card), dollar amount, and the date of the new transaction is within 7 days of the posted transaction.
- Save Your Progress: You can save your progress any time and come back to this page later to finish posting your transactions.
- Post Transactions: When you click “Post Transactions,” you will see a Transactions Summary page, showing the date, description, and debits and credits for the transaction. If needed, you can void this journal entry right away from this page.
Viewing Posted Transactions
Go to Reports > Accounting > Financial Reports > General Ledger. You can now see the imported bank transactions posted as journal entries.
If you decide later you want to void a journal entry that you have previously accepted, you can do this from your General Ledger report, by clicking the “gear icon.”