Trust Accounting Q&A: Reducing Reconciliation Times

May 2021    Tags: Import, Reconciliation, Trust Accounting

Our bank and credit card accounts are very active, and it takes longer than we’d like to complete our monthly reconciliation. Is there a way that we can streamline this process to make it any quicker?

The Import Bank Transactions program allows you to import transaction information via a file that you download from your bank or credit card company. File formats supported include the .OFX, .QFX, and .QBO file formats.

During the import process, Trust compares the imported bank account transactions with existing checks, deposit slips, and EFT transactions. If matching transactions are found, they are shown on the Matched tab so they can easily be marked as having cleared the bank. Any imported transactions that cannot be matched are shown on the Unmatched tab, allowing you to easily match them with existing transactions or create new entries based on the imported information.

To import bank or credit card transactions

1. From the File menu, point to Open and select Bank Account Manager.
2. Select the Bank Account for which you want to import bank transactions and then click the Import Bank Transactions button.
3. Select the file you received from your financial institution and click OK.
4. Once the import has completed, click the Confirm Transactions button.
   1. Review any transactions on the Unmatched tab, matching them as needed.
   2. Review the transactions on the Matched tab and click Confirm once complete.

You have now reduced the time it takes to reconcile your bank and credit card accounts.

Note: This process is also available in Tabs3 General Ledger (GL).