General Ledger Q&A: Import Bank Transactions

January 2023    Tags: , ,

Our monthly reconciliation can take some time to perform. Our bank offers a digital file with all of the cleared transactions; is there a way to import this file and match them up to my General Ledger entries?

General Ledger’s Import Bank Transactions feature uses financial files in multiple formats (.OFX, .QBO, or .QFX) to help clear your bank transactions. This allows you to match up journal entries that are already in the system against the ones in the file.

To import bank transactions

  1. In the Quick Launch, search for and select “Import Bank Transactions.” Alternatively, you can click the Import Bank Transactions button on the Dashboard.
  2. Select the financial file downloaded from your bank. Once the import is complete, you will have the option to delete the import file. The Dashboard will be displayed, with the Last Import updated.

To match imported transactions to journal entries

  1. On the Dashboard, click the red number next to Last Import to see a list of imported transactions.
    …or…
    In the Quick Launch, search for and select “Bank Account Manager,” and then click the Confirm Transactions button.
  2. On the Matched tab, transactions from the bank that already exist in GL are shown. The match is based off of several criteria; check number, date, and amount are all taken into consideration. Transactions can be edited and unmatched from this window if necessary.
  3. On the Unmatched tab, new GL journal entries can be made by using the Create button.
  4. After transactions are matched, click Confirm.

When you start your reconciliation, all cleared entries will be selected, cutting down the amount of time that the reconciliation takes.

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