Guides

Import bank statements

To save time, you can import bank statement transactions instead of manually entering them.

Download your bank statement

Of course, you can only do this if your bank or other financial institution allows you to electronically export the statement first. Follow your bank’s procedures for defining and downloading a statement or transaction list. To limit redundant transactions, try to download a statement covering only the period since you last downloaded one. Manager will accept statements in these formats:

  • *.qif
  • *.ofx
  • *.qfx
  • *.qbo
  • *.sta
  • *.swi
  • *.940
  • *.iif
  • *.csv

If your bank does not offer one of these formats, you may be able to import the statement into a spreadsheet program and convert it to *.csv format. If you import a *.csv file, Manager will recognize only the following columns, so delete all others:

  • Date (be sure format matches your selection in the Preferences tab)
  • Reference
  • Payee
  • Description
  • Amount

Import your bank statement

There are two ways to import a bank statement into Manager:

  • For the first, go to the Bank Accounts tab and click on the blue balance figure in the Statement balance column for the account you want to import. Then click on Import bank statement:

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    Since the operation was initiated from a particular bank’s statement balance, you need not select a bank account, but only click Choose File to browse to the downloaded file:

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  • For the second, go to the Receipts & Payments tab. At the bottom, click on the Import bank statement button:

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    Select the bank account for which you are importing the statement and click Choose File to browse to the downloaded statement:

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Regardless of where you begin the process, after the statement file is chosen, click Next. Review the summary of transactions to be imported and press the Import button.

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Note
Manager has the ability to recognize most duplicate transactions, based on type, date, and amount. In the import illustrated above, Manager does not recognize any duplicates and imports all transactions.

After the import is complete, Manager returns you to a list of uncategorized transactions. Here, imported transactions are displayed in one of two ways:

  • Those recognized according to an existing bank rule have their tentative posting Account listed in green.
  • Transactions not recognized by a bank rule are assigned to the Suspense account, awaiting editing or creation of a new bank rule.

The illustration below shows a portion of the Uncategorized transactions list for the import shown above. Of transactions shown, only one was recognized under a bank rule:

Edit transactions to post them to proper accounts or add descriptions or other information. When a transaction has been allocated to an account, it will disappear from the list. If the transaction is likely to be repeated in the future, click New Bank Rule to define a rule that will recognize and categorize it automatically next time. The account assigned by the newly defined bank rule will be shown. When all transactions have been allocated to desired accounts, check boxes for those you want to update and click Bulk Update. (In most situations, this will include only those recognized by bank rules, because any that were edited by selecting accounts will no longer appear in the list.)

Notes
Transactions categorized by bank rules are only tentatively assigned to accounts. Until they are selected and updated with the Bulk Update button, the categorization is not final.

Many imported bank transactions will not contain entries in the Payer or Payee fields, as many banks include this information in the Description field. Unless you edit such transactions manually, your transactions will be partially incomplete. This can result in various reports being less informative than normal. Remedy this situation by editing the transactions to manually copy payer/payee information to the correct fields.

Caution
Bank statement imports have the potential to duplicate transactions already entered either manually or by prior import. They might also eliminate transactions erroneously as duplicates when dates and amounts are the same. (This could happen, for example, when a frequent customer buys the same thing several times in one day and some transactions are entered manually.) To minimize problems, thoroughly review imported transactions when the process is complete. The bank statement import feature is meant to save time in data entry, not substitute for regular review and oversight.

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