Bank Statement Import

Bank Statement Import

Bank statement import allows you to automatically import transactions from your bank statements into EquiBillBook, saving time and reducing manual data entry errors. This guide will help you import bank statements effectively.

Understanding Bank Statement Import

Bank statement import helps you:

• Automatically import bank transactions into EquiBillBook
• Reduce manual data entry and errors
• Speed up bank reconciliation process
• Maintain accurate transaction records
• Support multiple file formats (CSV, Excel, OFX, QIF)

Supported File Formats

EquiBillBook may support various file formats:

• CSV (Comma Separated Values): Common format from banks
• Excel (XLS, XLSX): Microsoft Excel files
• OFX (Open Financial Exchange): Standard format for financial data
• QIF (Quicken Interchange Format): Quicken format
• Other formats: Check system documentation for additional formats

Prerequisites for Bank Statement Import

Before importing a bank statement, ensure you have:

• Bank account set up in EquiBillBook
• Access to the Banking module with appropriate permissions
• Bank statement file in a supported format
• Statement file downloaded from your bank or exported from banking software
• Understanding of the file format and structure

Accessing the Bank Statement Import Module

To import a bank statement:

1. Navigate to the Banking module from the main menu
2. Click on Bank Statement Import or Import Statement
3. Select the Bank Account for the import
4. Click "Import" or "Upload File"

Preparing Your Bank Statement File

Downloading from Bank

To download statement from your bank:

• Log in to your online banking portal
• Navigate to statement or transaction download section
• Select the date range for the statement
• Choose CSV or Excel format (preferred)
• Download the statement file
• Save the file with a descriptive name (e.g., "HDFC_Jan2024.csv")

File Format Requirements

Ensure your file contains:

• Date: Transaction date column
• Description/Narration: Transaction description
• Amount: Transaction amount (positive for deposits, negative for withdrawals)
• Reference Number: Cheque number, transaction ID, or reference
• Balance: Running balance (optional but helpful)

Importing Bank Statement

Step 1: Select Bank Account

Choose the bank account for import:

• Select the account from the dropdown
• Verify the account name and number
• Ensure this matches the statement being imported

Step 2: Upload Statement File

Upload your statement file:

• Click "Browse" or "Choose File"
• Select the statement file from your computer
• Verify the file name and size
• Click "Upload" or "Next"

Step 3: Map Columns

Map statement columns to EquiBillBook fields:

• System will detect columns in your file
• Map each column to the corresponding field:
  • Date column → Transaction Date
  • Description column → Description/Narration
  • Amount column → Amount
  • Reference column → Reference Number
  • Balance column → Balance (if applicable)
• Verify mappings are correct

Step 4: Configure Import Settings

Set import preferences:

• Date Format: Select the date format used in file (DD/MM/YYYY, MM/DD/YYYY, etc.)
• Amount Format: Specify how amounts are formatted
• Currency: Select currency if multi-currency is enabled
• Duplicate Handling: Choose how to handle duplicate transactions
• Auto-match: Enable automatic matching with existing transactions if available

Step 5: Preview Import

Review imported transactions:

• Preview the transactions that will be imported
• Check dates, amounts, and descriptions
• Identify any errors or issues
• Verify transaction count matches expected

Step 6: Validate Data

Before final import:

• System will validate data format
• Check for missing required fields
• Verify date formats are correct
• Check amount formats are valid
• Review any validation errors

Step 7: Complete Import

Finalize the import:

• Review import summary
• Check number of transactions to be imported
• Click "Import" or "Confirm Import"
• Wait for import to complete
• Review import results and any errors

Post-Import Steps

Review Imported Transactions

• Go to transaction history for the bank account
• Review imported transactions
• Verify amounts and dates are correct
• Check descriptions are accurate

Match with Existing Transactions

• System may automatically match duplicates
• Review matched transactions
• Manually match any unmatched transactions
• Delete or merge duplicates if needed

Categorize Transactions

• Assign appropriate accounts to transactions
• Link to customers or suppliers if applicable
• Add tags or categories for better organization
• Add notes or descriptions if needed

Common Import Issues and Solutions

Date format errors:

• Check the date format in your file
• Select the correct date format during mapping
• Reformat dates in the file if needed

Amount format errors:

• Ensure amounts are in numeric format
• Remove currency symbols if causing issues
• Check decimal separators (period vs comma)
• Verify positive/negative indicators

Duplicate transactions:

• Enable duplicate detection during import
• Review and remove duplicates manually
• Check import history to avoid re-importing

Missing or incorrect data:

• Review source file for completeness
• Fill in missing data before importing
• Correct errors in the source file
• Re-import after corrections

Best Practices

• Import statements regularly (monthly or as available)
• Use consistent file formats from your bank
• Save imported files for reference and audit
• Review and validate imported data before finalizing
• Match imported transactions with existing records
• Keep backup of original statement files
• Document any manual corrections made
• Reconcile imported transactions with bank statements

Troubleshooting

Import fails or errors occur:

• Check file format is supported
• Verify file is not corrupted
• Review error messages for specific issues
• Try reformatting the file
• Contact support if issue persists

Transactions not matching correctly:

• Review column mappings
• Check date and amount formats
• Verify reference numbers are included
• Manually match unmatched transactions