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 the other 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
  • Description
  • Amount

The *.csv format is the least reliable, with no accepted standard for bank statements. Use it only if your bank offers none of the other options.

Import your bank statement

To import a bank statement into Manager, go to the Receipts & Payments tab. At the bottom, click on the Import bank statement button:

Click Choose File to browse to the downloaded statement (or modified *.csv file) you want to import. Select the bank account for which you are importing the statement:

Click Next. Review the summary of transactions to be imported and press the Import button:

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, four were 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 a 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 Batch 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.)

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

Manager will not import payer or payee information from the bank statement, because completion of the Payer/Payee field requires designation of the payer/payee as a Customer, Supplier, or Other, and no bank statement contains that information. Therefore, payers/payees must be edited manually or, preferably, included in bank rules.

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.)

Some import formats (or poor implementation of them by financial institutions) also have the potential for date ambiguities when transactions are limited to early in a month (days 1 - 12) or represent years with only two digits.

To minimize problems, thoroughly review imported transactions when the process is complete. Edit manually, if necessary. The bank statement import feature is meant to save time in data entry, not substitute for regular review and oversight.

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