Banking
All transactions that have a monetary value should be reflected in one of your bank accounts. This includes, but is not limited to, movements in your current account, credit card account, petty cash or deposit accounts.
The Banking area in AccountsPortal enables you to enter, manage and reconcile these entries in a logical and timely manner.
You can add a new bank account at any time.
Bank Overview
The accounts set up in your Chart of Accounts with account type of 'Bank Account' will be displayed with summary information for a quick overview of the current status. This overview will help you identify which accounts need attention so that they can be brought up to date.
- Account Name: The name defined for the account in the Chart of Accounts.
- Reconciliation Status: Number of unreconciled items in each bank account.
- Import Status: If you import bank statements for this account, then this represents the number unprocessed items across all imported bank statements.
- Last Transaction: The date of the last transaction entered in this account
- Balance: The current balance of the account relating to saved transactions (this will not necessarily match your bank statement balance).
Bank Transactions
Navigate to the Banking tab and then click on the Banking Transactions tab.
Enter incoming and outgoing payments by way of Spend Money, Receive Money or Bank Statement Import.
Manage bank transactions by viewing/editing if required.
Reconcile any bank account, card account or even petty cash using the Reconcile tool.
A list of all transactions relating to the selected bank account is displayed. Use the drop down list to select a different bank account if required.
- Transaction ID: Automatically generated sequential number based on the Transaction Numbering settings for the organisation. It uniquely identifies the bank transaction.
- Date: The date specified when entering the bank transaction.
- Reference: The text specified in this optional field when entering the bank transaction.
- Customer/Supplier: The relevant payee or payer (note this field is optional when entering General Receipts and General Payments).
- Received: The transaction amount received into the bank account.
- Spent: The transaction amount paid out of the bank account.
- Balance: The cumulative total of the bank transactions (this will not necessarily match your bank statement balance). A red amount indicates that the balance is negative.
- Reconciled: If ticked, then this indicates that the item has either been manually reconciled during a bank reconciliation, or automtically reconciled during a bank statement import.
- Delete transaction: The option to delete a bank transaction will not be available if it has been reconciled or included in a VAT Report.
Although inadvisable, it is possible to unreconcile bank items and delete VAT Reports in order to delete bank transactions. Careful consideration should be given to any representations already made to external parties such as the HMRC.
Receive Money
Navigate to the Banking tab and click on Bank Transactions
Select the appropriate bank account from the drop down list and then click on the Receive Money button to start entering receipts. Choose one of the options from the Type drop down list:
- General Payment: Receipts or inflows not relating to customer invoices or supplier refunds eg. interest received, bank transfer etc - see General Receipt
- Invoice Payment: Receipts relating to existing customer invoices - see Customer Invoice Payment
- Refund: Receipts relating to existing supplier credit notes - see Supplier Refunds
General Receipt
This transaction is used for entering miscellaneous receipts and cash sales for which you have not issued an invoice.
If the receipt relates to an issued customer invoice, use Customer Invoice Payment.
If the receipt relates to the refund of a supplier credit note, use Supplier Refund.
The starting point for creating this entry is one of the following options. View the relevant help files to see how the pop up window for New Receive Money is activated:
- Transaction ID: Automatically generated sequential number based on the Transaction Numbering settings for the organisation.
- Customer: Use the drop down list to select the appropriate customer. This field is automatically entered if you are processing a bank statement using an import rule. Note that when the Type selected is General, the customer is an optional selection.
- Reference: Enter any relevant information you may require eg. cheque number.
- Amount Received: Enter the amount of the receipt. This field is automatically entered if you are processing a bank statement in which case you can change this amount to a lesser value if you require. You cannot save the transaction if this value differs from the Total.
- Date: The date that the receipt took place. This defaults to the current date unless you are processing a bank statement in which case its the date provided by the bank for the line item.
- Bank Account: The relevant Bank Account for the receipt. This field is automatically entered if you are processing a bank statement or entering a receipt from the Bank Transactions path.
- Type: Type of transaction being entered which should be General. This field is automatically entered if you are processing a bank statement. It can be changed if required.
- Add New Line Item: If more than one line item is to be entered, click on this button to initiate the entry of the next line item.
- VAT Treatment: This option is only visible if your organisation is registered for VAT. It is mostly relevant to UK organisations with European sales or purchases. If entering amounts relating to refunds/returns, you may need to change the default VAT Treament. See VAT UK - Box by Box for information on how this setting affects the VAT Report.
- Show VAT Amount: Selecting this checkbox displays the VAT Amount field for each line item. The VAT amount can be changed if required.
- Amounts include VAT: This is ticked as the default setting for General Receipts. If required, remove the tick to continue entering amounts net of VAT. Be sure to check that the VAT is correct.
- Account: Enter the account against which the receipt should be recorded. Use the drop down arrow to search available accounts or click in the field and enter free text to find matching values. If you cannot find an appropriate account, check your settings for the Chart of Accounts and create a new account if required.
- Description: Enter a description of the receipt.
- VAT Code: Select the appropriate VAT Code which should be applied to the line item (default VAT codes can be set in Chart of Accounts). The codes chosen here impact your VAT Reporting. If you are unfamiliar with VAT, it is advisable to consult your accountant or the HMRC for advice.
- VAT: Only visible if Show VAT Amount checkbox selected. The VAT amount can be changed if required.
- Category: Only visible if Categories have been created. Optional field for further classification of line item.
- Amount: Line item amount.
- Delete Line: This button allows you to delete an unwanted line item if there are no validation restrictions (such as the transaction being included in a Bank Reconciliation or VAT Report).
- Memo: Enter information applicable to the entire receipt.
Click the Save button to complete the General Receipt.
NOTES
Unlike, Invoice Payments and Refunds, General receipts do not save values to the Accounts Receivable account. The Customer field in this type of bank transaction is optional and for information purposes only.
The transaction can only be saved if the Amount Received equals the transaction Total.
Customer Invoice Payment
This transaction is used for entering customer payments against existing Sales Invoices. If you are entering a cash sale for which you have not issued an invoice, you should consider use the General Receipt option.
The starting point for creating this entry is one of the following options. View the relevant help files to see how the popup window for New Receive Money is activated:
- Transaction ID: Automatically generated sequential number based on the Transaction Numbering settings for the organisation.
- Customer: Use the drop down list to select the appropriate customer. This field is automatically entered if you are processing a bank statement using an import rule or entering payment directly from an invoice.
- Reference: Enter any relevant information you may require eg. cheque number.
- Amount Received: Enter the amount of the receipt. This field is automatically entered if you are processing a bank statement or entering payment directly from an invoice, in which case you can change this amount to a lesser value if you require. You cannot save the transaction if this value differs from the Total Amount Allocated.
- Date: The date that the receipt took place. This defaults to the current date unless you are processing a bank statement in which case the system will automatically insert the the date as per the bank statement.
- Bank Account: The relevant Bank Account for the receipt. This field is automatically entered if you are processing a bank statement or entering a payment from the Bank Transactions menu.
- Type: Type of transaction being entered which should be Invoice Payment. This field is automatically entered if you are processing a bank statement or entering payment directly from an invoice. It can be changed if required.
A list of the customer's outstanding invoices (i.e where the outstanding amount is greater than zero) will be displayed for selection. Tick the checkbox in the first column to select an invoice for payment, and enter an amount in the This Payment column. Note that all other columns in this section are read-only and you will not be able to edit the information here.
- Transaction ID: The transaction ID of an invoice available for payment.
- Invoice Date: The date as specified on the invoice.
- Invoice Amount: The overall total value of the original invoice.
- Other Payments: The total of any payments or credit note allocations previously made against this invoice.
- This Payment: The amount of the payment being entered against the selected invoice. This amount cannot be greater than [Invoice Amount - Other Payments]. Click on this field to change the amount if required.
- Outstanding: Calculated as [Invoice Amount - Other Payments - This Payment].
Note that the amount in the This Payment field can be changed by clicking on the value.
Continue to select and enter a payment for as many invoices as required.
Click the Save button to complete the Customer Invoice Payment.
NOTES
Each invoice selected for payment results in one line posted to the Accounts Receivable account for this transaction ie. if five invoices are selected for payment, this transaction will result in five separate lines posted against the Accounts Receivable account. This is to allow you to subsequently report which invoices were paid by a particular bank transaction.
The transaction can only be saved if the Amount Received equals the Total Amount Allocated.
Supplier Refund
This transaction is used for entering supplier refunds against existing Credit Notes. If you are entering a refund for which you did not receive a credit note, you should consider using the General Receipt option.
The starting point for creating this entry is one of the following options. View the relevant help files to see how the pop up window for New Receive Money is activated:
- Transaction ID: Automatically generated sequential number based on the Transaction Numbering settings for the organisation.
- Supplier: Use the drop down list to select the appropriate supplier. This field is automatically entered if you are processing a bank statement using an import rule or entering refund directly from a credit note.
- Reference: Enter any relevant information you may require eg. cheque number.
- Amount Received: Enter the amount of the refund. This field is automatically entered if you are processing a bank statement or entering refund directly from a credit note, in which case you can change this amount to a lesser value if you require. You cannot save the transaction if this value differs from the Total Amount Allocated.
- Date: The date that the refund place. This defaults to the current date unless you are processing a bank statement in which case its the date provided by the bank for the line item.
- Bank Account: The relevant Bank Account for the refund. This field is automatically entered if you are processing a bank statement or entering refund from the Bank->Bank Transactions path.
- Type: Type of transaction being entered which should be Refund. This field is automatically entered if you are processing a bank statement or entering refund directly from a credit note. It can be changed if required.
A list of the supplier's outstanding credit notes (i.e where the outstanding amount is greater than zero) will be displayed for selection. Tick the checkbox in the first column to select an invoice for payment, and enter an amount in the This Payment column. Note that all other columns in this section are read-only and you will not be able to edit the information here.
- Transaction ID: The transaction ID of a credit note available for refund.
- Date: The date as specified on the credit note.
- Amount: The total value of the original credit note.
- Other Payments: The total of any refunds or allocations against invoices previously made for this credit note.
- This Payment: The amount of the refund being entered against the selected credit note. This amount cannot be greater than [Amount - Other Payments]. Click on this field to change the amount if required.
- Outstanding: Calculated as [Amount - Other Payments - This Payment].
Note that the amount in the This Payment field can be changed by clicking on the value.
Continue to select and enter refund for as many credit notes as required.
Click the Save button to complete the Supplier Refund.
NOTES
Each credit note selected for refund results in one line posted to the Accounts Payable account for this transaction ie. if five credit notes are selected for refund, this transaction will result in five separate lines posted against the Accounts Payable account. This is to allow you to subsequently report which credit notes were refunded by a particular bank transaction.
The transaction can only be saved if the Amount Received equals the Total Amount Allocated.
Spend Money
Navigate to the Banking tab and click on Bank Transactions
Select the appropriate bank account from the drop down list and then click on the Spend Money button to start entering payments. Choose one of the options from the Type drop down list:
- General Payment: Payments or outflows not relating to supplier invoices or customer refunds eg. interest paid, bank transfer out etc - see General Payment
- Invoice Payment: Payments relating to existing supplier invoices - see Supplier Invoice Payment
- Refund: Payments relating to existing customer credit notes - see Customer Refunds
General Payment
This transaction is used for entering miscellaneous payments and cash purchases for which you may not have received a supplier invoice.
If the payment relates to an issued supplier invoice, use Supplier Invoice Payment.
If the receipt relates to the refund of a supplier credit note, use Customer Refund.
The starting point for creating this entry is one of the following options. View the relevant help files to see how the pop up window for New Spend Money is activated:
- Transaction ID: Automatically generated sequential number based on the Transaction Numbering settings for the organisation.
- Supplier: Use the drop down list to select the appropriate supplier. This field is automatically entered if you are processing a bank statement using an import rule. Note that when the Type selected is General, the customer is an optional selection.
- Reference: Enter any relevant information you may require eg. cheque number.
- Amount Spent: Enter the amount of the payment. This field is automatically entered if you are processing a bank statement in which case you can change this amount to a lesser value if you require. You cannot save the transaction if this value differs from the Total.
- Date: The date that the payment took place. This defaults to the current date unless you are processing a bank statement in which case its the date provided by the bank for the line item.
- Bank Account: The relevant Bank Account for the payment. This field is automatically entered if you are processing a bank statement or entering a payment from the Bank->Bank Transactions path.
- Type: Type of transaction being entered which should be General. This field is automatically entered if you are processing a bank statement. It can be changed if required.
- Add New Line Item: If more than one line item is to be entered, click on this button to initiate the entry of the next line item.
- VAT Treatment: This option is only visible if your organisation is registered for VAT. It is mostly relevant to UK organisations with European sales or purchases. If entering amounts relating to refunds/returns, you may need to change the default VAT Treament. See VAT UK - Box by Box for information on how this setting affects the VAT Report.
- Show VAT Amount: Selecting this checkbox displays the VAT Amount field for each line item. The VAT amount can be changed if required.
- Amounts include VAT: This is ticked as the default setting for General Payment. If required, remove the tick to continue entering amounts net of VAT. Be sure to check that the VAT is correct.
- Account: Enter the account against which the payment should be recorded. Use the drop down arrow to search available accounts or click in the field and enter free text to find matching values. If you cannot find an appropriate account, check your settings for the Chart of Accounts and create a new account if required.
- Description: Enter a line item description of the payment.
- VAT Code: Select the appropriate VAT Code which should be applied to the line item (default VAT codes can be set in Chart of Accounts). The codes chosen here impact your VAT Reporting. If you are unfamiliar with VAT, it is advisable to consult your accountant or the HMRC for advice.
- VAT: Only visible if Show VAT Amount checkbox selected. The VAT amount can be changed if required.
- Category: Only visible if Categories have been created. Optional field for further classification of line item.
- Amount: Line item amount.
- Delete Line: This button allows you to delete an unwanted line item if there are no validation restrictions (such as the transaction being included in a Bank Reconciliation or VAT Report).
- Memo: Enter information applicable to the entire payment.
Click the Save button to complete the General Payment.
NOTES
Unlike, Invoice Payments and Refunds, General payments do not save values to the Accounts Payable account. The Supplier field in this type of bank transaction is optional and for information purposes only.
The transaction can only be saved if the Amount Spent equals the transaction Total.
Supplier Invoice Payment
This transaction is used for entering supplier payments against existing Purchase Invoices. If you are entering a cash purchase, or where you have not received a purchase invoice, you should consider using the General Payment option.
The starting point for creating this entry is one of the following options. View the relevant help files to see how the pop up window for New Spend Money is activated:
- Transaction ID: Automatically generated sequential number based on the Transaction Numbering settings for the organisation.
- Supplier: Use the drop down list to select the appropriate supplier. This field is automatically entered if you are processing a bank statement using an import rule or entering payment directly from an invoice.
- Reference: Enter any relevant information you may require eg. cheque number.
- Amount Spent: Enter the amount of the payment. This field is automatically entered if you are processing a bank statement or entering payment directly from an invoice, in which case you can change this amount to a lesser value if you require. You cannot save the transaction if this value differs from the Total Amount Allocated.
- Date: The date that the payment took place. This defaults to the current date unless you are processing a bank statement in which case its the date provided by the bank for the line item.
- Bank Account: The relevant Bank Account for the payment. This field is automatically entered if you are processing a bank statement or entering payment from the Bank->Bank Transactions path.
- Type: Type of transaction being entered which should be Invoice Payment. This field is automatically entered if you are processing a bank statement or entering payment directly from an invoice. It can be changed if required.
A list of the supplier's outstanding invoices (i.e where the outstanding amount is greater than zero) will be displayed for selection. Tick the checkbox in the first column to select an invoice for payment, and enter an amount in the This Payment column. Note that all other columns in this section are read-only and you will not be able to edit the information here.
- Transaction ID: The transaction ID of an invoice available for payment.
- Invoice Date: The date as specified on the invoice.
- Invoice Amount: The overall total value of the original invoice.
- Other Payments: The total of any payments or credit note allocations previously made against this invoice.
- This Payment: The amount of the payment being entered against the selected invoice. This amount cannot be greater than [Invoice Amount - Other Payments]. Click on this field to change the amount if required.
- Outstanding: Calculated as [Invoice Amount - Other Payments - This Payment].
Note that the amount in the This Payment field can be changed by clicking on the value.
Continue to select and enter payment for as many invoices as required.
Click the Save button to complete the Supplier Invoice Payment.
NOTES
Each invoice selected for payment results in one line posted to the Accounts Payable account for this transaction ie. if five invoices are selected for payment, this transaction will result in five separate lines posted against the Accounts Payable account. This is to allow you to subsequently report which invoices were paid by a particular bank transaction.
The transaction can only be saved if the Amount Spent equals the Total Amount Allocated.
Customer Refund
This transaction is used for entering customer refunds against existing Credit Notes. If you are entering a refund for which you did not issue a credit note, you should consider using the General Payment option.
The starting point for creating this entry is one of the following options. View the relevant help files to see how the pop up window for New Spend Money is activated:
- Transaction ID: Automatically generated sequential number based on the Transaction Numbering settings for the organisation.
- Customer: Use the drop down list to select the appropriate customer. This field is automatically entered if you are processing a bank statement using an import rule or entering refund directly from a credit note.
- Reference: Enter any relevant information you may require eg. cheque number.
- Amount Spent: Enter the amount of the refund. This field is automatically entered if you are processing a bank statement or entering refund directly from a credit note, in which case you can change this amount to a lesser value if you require. You cannot save the transaction if this value differs from the Total Amount Allocated.
- Date: The date that the refund place. This defaults to the current date unless you are processing a bank statement in which case its the date provided by the bank for the line item.
- Bank Account: The relevant Bank Account for the refund. This field is automatically entered if you are processing a bank statement or entering refund from the Bank Transactions menu.
- Type: Type of transaction being entered which should be Refund. This field is automatically entered if you are processing a bank statement or entering refund directly from a credit note. It can be changed if required.
A list of the customer's outstanding credit notes (i.e where the outstanding amount is greater than zero) will be displayed for selection. Tick the checkbox in the first column to select an invoice for payment, and enter an amount in the This Payment column. Note that all other columns in this section are read-only and you will not be able to edit the information here.
- Transaction ID: The transaction ID of a credit note available for refund.
- Date: The date as specified on the credit note.
- Amount: The overall total value of the original credit note.
- Other Payments: The total of any refunds or allocations against invoices previously made for this credit note.
- This Payment: The amount of the refund being entered against the selected credit note. This amount cannot be greater than [Amount - Other Payments]. Click on this field to change the amount if required.
- Outstanding: Calculated as [Amount - Other Payments - This Payment].
Note that the amount in the This Payment field can be changed by clicking on the value.
Continue to select and enter refund for as many credit notes as required.
Click the Save button to complete the Customer Refund.
NOTES
Each credit note selected for refund results in one line posted to the Accounts Receivable account for this transaction ie. if five credit notes are selected for refund, this transaction will result in five separate lines posted against the Accounts Receivable account. This is to allow you to subsequently report which credit notes were refunded by a particular bank transaction.
The transaction can only be saved if the Amount Spent equals the Total Amount Allocated.
View/Edit Bank Transaction
Navigate to the Banking tab and click on Bank Transactions.
Select the appropriate bank account from the drop down list.
Double click on a transaction to view or edit the entry.
All fields will be available for editing unless the transaction, or one or more line items, have already been included in a Bank Reconciliation or VAT Report. Although inadvisable, it is possible to unreconcile bank items and delete VAT Reports in order to edit transactions. Careful consideration should be given to any representations already made to external parties such as the HMRC.
Delete Bank Transaction
Navigate to the Banking tab and then click on Bank Transactions.
The Delete indicator on the bank transaction will only be available if the transaction (or line items) have not already been included in a Bank Reconciliation or VAT Report.
Click the button and confirm the prompt to delete the bank transaction.
NOTE
Although inadvisable, it is possible to unreconcile bank items and delete VAT Reports in order to delete transactions. Careful consideration should be given to any representations already made to external parties such as the HMRC.
Bank Reconciliation
The goal of the reconciliation process is to compare banking related transactions (i.e. money received and money spent) in AccountsPortal with your actual bank statement.
To initiate a new bank reconciliation:
- Navigate to the Banking tab
- Click on the Bank Transactions tab
- Select the account that you wish to reconcile from the drop down list
- Click the Reconcile button
At this point you will have access to the bank reconciliation screen. You will not be able to navigate to other areas in AccountsPortal until you Save or Cancel the reconciliation.
- Start Date: This is the start date as per your bank statement. If you have previously saved a reconciliation in AccountsPortal, then this date will default to 1 day past the previously saved End Date.
- End Date: This is the end date as per your bank statement.
- Start Balance: The start or opening balance as per your bank statement. If you have previously saved a reconciliation in AccountsPortal, then this date will default to the previously saved End Balance.
- End Balance: The ending or closing balance as per your bank statement.
- Change in Bank Statement: The difference between the Start Balance and End Balance, which will be automatically calculated.
Once you have set your parameters as above, then you can commence the actual reconciliation process by ticking off individual items in the main list, which will automatically affect the following amounts:
- Received: The total amount received of all reconciled transactions between the start and end date.
- Spent: The total amount received of all reconciled transactions between the start and end date.
- Total Reconciled: The difference between Received and Spent.
- Difference: The difference between the Change in Bank Statement and Total Reconciled.
Once the Total Reconciled is equal to the Change in Bank Statement, then the Difference will be equal to zero and the reconciliation can be saved.
NOTES
Items with a blue checkmark are transactions that have previously been reconciled in AccountsPortal. These can be un-reconciled, but only if they have not been included in a VAT report.
Once a bank transaction has been reconciled, then you will be unable to edit or change certain elements of the transaction. Although inadvisable, it is possible to unreconcile bank items in order to edit transactions, but careful consideration should be given to any representations already made to external parties.
- The total amount received of all reconciled items between the start and end date.
Bank Statement Import
Where possible, we recommend you make use of this functionality to enter bank transactions. This will enhance efficiency, accuracy and transparency in managing your payments and receipts. Use Import Rules for intelligent, assisted transaction entry.
The following steps should be followed:
1. Download your bank statement from your online banking account in either OFX, QFX or CSV formats and save the downloaded file on your local computer.
2. Import the bank statement into AccountsPortal.
3. Process each line item in the imported bank statement.
Importing a file
Once you have downloaded the OFX, QFX or CSV file from your online banking, navigate to the Banking tab and then the Bank Statement Import tab. Click the Import New Bank Statement button.
- Bank account: Select the appropriate bank account for the statement being imported.
- File to import: Click on the Browse button and select the OFX, QFX or CSV file that you previously downloaded and saved on your computer.
Once you have made your selections, click the Import button to read the transactions in the selected file.
If you selected a CSV file for import, you will need to assign each of the fields in the file to an appropriate system field by selecting the available system fields in the column combo boxes provided.
- Don't Import: use this option to ignore the values in a particular field.
- Transaction Date: must be assigned.
- Amount: must be assigned.
- Payee: represents the payee or payer and is the key field for creating an Import Rule.
- Transaction Memo: the values in this field will appear in the Memo field in the saved bank transaction.
- Reference: the values in this field will appear in the Reference field in the saved bank transaction.
- Item Description: the values in this field will appear in the line item Description field in the saved bank transaction.
- First row contains headings: use this option to prevent a row containing headings from being imported.
- Date format: this will be automatically determined if possible and must match the date format in the file.
Cell values can be edited before the Bank Statement is saved. It is not advisabe to edit dates or amounts but the functionality can be useful to add text or comments.
Click the Save button to create the bank statement. You will be transferred to the Bank Satement Detail screen from where you can process the bank statement.
If you selected an OFX or QFX file for import, the fields will appear similar to the image below:
- Transaction Date: will be used in the transaction date field of bank transaction.
- Amount: the amount to be used in the bank transaction.
- Payee: represents the payee or payer and is the key field for creating an Import Rule.
- Description: the values in this field will appear in the Memo field in the saved bank transaction.
Cell values can be edited before the Bank Statement is saved. It is not advisabe to edit dates or amounts but the functionality can be useful to add text or comments.
Click the Save button to create the bank statement. You will be transferred to the Bank Satement Detail screen from where you can process the bank statement.
NOTE
When importing a bank statement, timing differences can arise between the actual transaction date and the value appearing on your bank statement. Time taken for cheques to clear is a good example of this. This is especially relevant if you are registered for Cash Accounting VAT, which has special rules regarding receipt date and does not consider the relevant date to be the date the cash clears in your bank statement (see HMRC website for further details) In some cases, it is therefore more appropriate to make use of Receive Money or Spend Money options to initially record the entry followed by a 'matching' activity when the values clear on the bank statement which has been imported.
Tip for users who cannot download Bank Statements
You can create a bank statement import file from scratch by entering a record for each bank transaction in your favourite spreadsheet program and saving the file as a CSV type. This is helpful if you cannot download a statement from your bank but wish to use the Import Bank Statement tool and would like an online record of statements in AccountsPortal.
File preparation:
- Open spreadsheet program.
- Create rows of information representing bank transactions.
- Enter at least 4 columns of information.
- Amount: positive amounts create Receive Money and negative amounts create Spend Money.
Date: date transaction clears in bank account. Use format DD/MM/YYYY, YYYY/MM/DD, YYYY-MM-DD or DD-MM-YYYY.
Payer/Payee: the text entered here is matched against the search term of Import Rules.
Description: the text entered here can be inserted into the Reference, Memo or Description field of the bank transaction. - Save the file as file type CSV.
- If any text or numbers contain commas, then they should be delimited with quotation marks as follows (the spreadsheet program should do this automatically):
10/06/2009,"1,000.21",Endcorp,INV39
11/06/2009,"-1,250.20",Telco Ltd,Telephone Charges
15/06/2009,-25.50,Charges,"Bank Charges, May09"
Go back to the top of this page and process the file as a CSV type.
Importing a PayPal file
Your PayPal account is essentially a bank account and therefore it is advisable to add a new bank account in the Chart of Accounts to manage your PayPal transactions.
Download/Export a file from PayPal in the CSV format. You don't need to modify the file before importing but its worth noting that only the following fields are imported:
| PayPal file field | Rule |
| Date | Mandatory field |
| Name | Mandatory field |
| Type | |
| Gross | Mandatory field |
| Fee | Mandatory field |
| From Email Address | |
| To Email Address | |
| Transaction ID | Mandatory field |
| Item Title |
Please note that the maximum lines per import file is 250.
Navigate to the Banking tab and then the Bank Statement Import tab. Click the Import New Bank Statement button.
- Bank account: Select the appropriate bank account for the statement being imported.
- PayPal Import: This option must be selected to successfully import PayPal files.
- File to import: Click on the Browse button and select the PayPal file that you previously downloaded and saved on your computer (must be in CSV format).
Once you have made your selections, click the Import button to read the transactions in the selected file. You will be notified with a confirmation message if the file is successfully imported.
You will notice that there are more transaction items imported than existed in the original PayPal file downloaded. This is because fees charged by PayPal are split into separate transaction lines in the imported statement. This enables the full amount paid by the customer to be allocated to their invoice as well as a separate transaction being created to reflect the fee value.
Assign each of the fields in the PayPal file to an appropriate system field by selecting the available system fields in the column combo boxes provided.
- Don't Import: use this option to ignore the values in a particular field.
- Transaction Date: must be assigned.
- Amount: must be assigned.
- Payee: represents the payee or payer and is the key field for creating an Import Rule. For PayPal files, the default assignment is to the Name field.
- Transaction Memo: the values in this field will appear in the Memo field in the saved bank transaction.
- Reference: the values in this field will appear in the Reference field in the saved bank transaction.
- Item Description: the values in this field will appear in the line item Description field in the saved bank transaction.
- First row contains headings: use this option to prevent a row containing headings from being imported.
- Date format: this will be automatically determined if possible and must match the date format in the file.
Cell values can be edited before the PayPal Bank Statement is saved. It is not advisabe to edit dates or amounts but the functionality can be useful to add text or comments.
Click the Save button to create the bank statement. You will be transferred to the Bank Satement Detail screen from where you can process the bank statement.
Process a Bank Statement
Navigate to the Banking tab and then the Bank Statement Import tab.
- Bank account: Bank Account of the statement.
- Start date: The date of the earliest transaction.
- End date: The date of the latest transaction.
- Import date: The date you imported the file into AccountsPortal.
- Statement lines processed: Current status of the statement.
- Delete statement: The option to delete a statement only exists if there are 0 lines processed (see Delete Bank Statement).
Click on a bank statement line to open the statement for processing
- Date: The date the transaction cleared at the bank or appeared on the statement.
- Amount: The amount provided in the statement.
- Payee: This is the payee or payer. The text in this field is used to search for the relevant Import Rule. It will also be used as the basis for creating new rules automatically if activated in your organisation's settings.
- Reference: Any relevant information provided by the bank that you assign to the Reference field in the bank transaction.
- Transaction Memo: Any relevant information provided by the bank that you assign to the Memo field in the bank transaction.
- Line Item Description: Any relevant information provided by the bank that you assign to the line item Description field in the bank transaction.
- Status:
- P : Click this button to initiate a new bank transaction using Spend Money for negative amounts and Receive Money for positive amounts.
- R : This button is only active if an Import Rule is found matching the value in the Payee field. Click the R button to create a Spend Money or a Receive Money bank transaction using the rule.
- M : This button is only active if an existing unreconciled bank transaction has been entered which matches the statement line item on Amount. An example might be a cheque you received and banked which was already saved as a bank transaction. The cheque has now cleared in your bank account. Avoid creating a new Receive Money which would be a duplicate. Click the M button to match the items (see below for more information on using M).
- Delete line: Any unprocessed statement line can be deleted.
Once you have completed the creation of a new bank transaction or matched a statement line item to an existing bank transaction, the status will be updated to reflect the bank transaction (saved bank transactions will be visible in the Bank Transactions tab). There will also be a V and a U button visible.
- Status:
- V : This button is only active for statement line items already processed. Click the V button to view or edit the saved transaction.
- U : This button is only active for statement line items already processed. Click the U button to unlink statement line items and saved bank transactions. This action will mark the saved bank transaction as unreconciled but does not delete it. The bank transaction can only be deleted in the Bank Transactions screen.
- Delete line: Processed statement lines can no longer be deleted.
M - Matching statement lines to bank transactions
You can only match one bank transaction to a statement line. Select the appropriate bank transaction and click on Use Selected to create the link.
Delete Bank Statement
Navigate to the Banking tab and then the Bank Statement Import tab.
The Delete indicator on the bank statement line will only be available if none of the line items have been processed.
Click the button and confirm the prompt to delete the statement.
NOTE
Line items that have been processed (thus preventing deletion of a statement) can be reset to unprocessed. Click the U button to unlink statement line items and saved bank transactions. This action will mark the saved bank transaction as unreconciled but does not delete it. The bank transaction can only be deleted in the Bank Transactions screen (see Process a Bank Statement).
Manage Import Rules
During bank statement import, AccountsPortal checks for existing rules which match the Payee (payee/payer) field in the bank statement line. If a rule is found, it can be used to quickstart the bank transaction by selecting the appropriate Transaction Type and where applicable the Customer/Supplier, Account and VAT code. The purpose of this functionality it to increase efficiency and consistency of how bank transactions are created from bank statement lines.
If activated in your organisation's settings, Import Rules will be created automatically when a bank statement line is processed using button P (see Process a Bank Statement). The rule is based on a search term that is derived from the Payee field in the bank statement line and is only created once. If you want to change the settings of a rule or delete the rule, then follow the instructions below.
Navigate to the Banking tab, click on Bank Statement Import and then Manage Import Rules.
Click on an existing rule to edit the settings. All fields can be changed including the Transaction Type.
The existing field values are based on the bank transaction created from the first statement imported. It is not necessary to differentiate at a rule level between payments and receipts as this determined whilst processing a bank statement line based on the sign of the Amount field.
- Search Term: This is the key text checked to see if it matches a value in the Payee field of the statement line. A positive match results in this rule being available for use during bank statement processing. During automatic creation of a rule the text is set to lowercase.
- Customer/Supplier: Customer/supplier to be used with this rule. Must be maintained if Transaction Type is Invoice Payment or Refund.
- Account: Acount to be used with this rule. Only applicable if Transaction Type is General Payment.
- VAT Treatment: This option is only visible if your organisation is registered for VAT. It is mostly relevant to UK organisations with European sales or purchases. See VAT UK - Box by Box for more information.
- VAT: VAT code to be used with this rule. Only applicable if Transaction Type is General Payment.
- Category: Optional field for further classification of line item.
- Transaction Type: This determines the type of bank transaction that will be created when using the rule (see Receive Money or Spend Money).
Automatic PayPal Import Tool
AccountsPortal can automatically import your PayPal data each day. In order for this to function correctly, please follow the steps below closely:
- Note that you must have a PayPal Business Account; you will not be able to use this tool on PayPal Personal Accounts.
- Imports take place automatically at approximately 05.00AM each morning, and will import transactions from the previous day
- Only transactions marked by PayPal as Completed, Cleared or Reversed will be imported.
- Transactions that have been imported using this tool will be ready for processing as per normal bank imports. This means that you will have to process the transactions once they have been imported. In the future, we will be adding in additional functionality to help automate this part of the process as well.
STEP 1
1.1 Log into AccountsPortal and navigate to the Chart of Accounts.
1.2 Select the Bank Account in AccountsPortal that you wish to use for your PayPal Imports.
1.3 In the Bank Account popup, select the checkbox 'Enable automatic PayPal imports for this account'
1.4 Enter your PayPal email address. Make sure to type this email address correctly.
1.5 Optionally, select whether you would like all the PayPal fees to be grouped into a single transaction for each import or not.
1.6 Click the Save button.
STEP 2
Log into your PayPal account and click on the Profile menu link.
STEP 3
Click on the 'API Access' link.
STEP 4
Click on the 'Add or edit API permissions' link.
STEP 5
- In the API account username field, enter paypal_api1.accountsportal.com.
- IMPORTANT: You may be presented with one of two screens as follows. If you are presented with the first screen, then select the 'Reporting and Backoffice APIs' option only. If you are presented with the second screen, then select 'Obtain information about a single transaction' and 'Search your transactions for items that match specific criteria and display the results' options only
- Click the Submit/Addbutton.
OPTION 1
OPTION 2
STEP 6
Confirm that the information is correct and click the Give Permission button.
STEP 7
The last step is to send an email from your registered PayPal email address to our support ticket desk requesting that we enable PayPal imports for your account. For security reasons, this email MUST be sent from your registered PayPal email address.
NOTE THAT YOUR PAYPAL IMPORTS WILL NOT COMMENCE UNTIL SUCH TIME AS ALL OF THE ABOVE STEPS HAVE BEEN COMPLETED