Use the Incoming Bank Transactions page to process incoming transactions from a bank feed or bank statement. This page opens automatically after you:
Select the transaction count link on a bank account connected to a bank feed.
Import a bank statement for a bank account.
Each transaction shows the date, amount and transaction details and is either a payment in or out of the account. You decide how to process it using the Match, Create, and Transfer buttons in the middle of the transaction. You can also split and delete transactions.
You won't be able to match multi-currency transactions that come in from a bank feed. You'll need to manually create them.
You can also select Create bank rule on any transaction to automatically create them based on predefined criteria on your next batch of incoming transactions.
Accounting looks for an outstanding invoice to match each transaction during the download (or import) process. For example, if a payment for £110.00 comes in from your bank, it may match an outstanding sales invoice for £110.00. If it's correct, select Match to apply the payment to the invoice. If it's incorrect, select Edit to fix it.
If a match isn't found but you think there is one, select Match to see a list of all outstanding invoices. You may need to do this if you receive a payment that covers more than one invoice. Select the invoice (or invoices) to match.
|1. Select Match to show a list of your
|2. Select the relevant invoices.||3. Edit as needed. Confirm the totals match and then select Match.|
If no outstanding invoices were found but you think there is one, select Search to find it.
There may be special payment situations to consider when matching transactions to outstanding invoices. For:
Partial payments. Enter the amount of the incoming transaction in the Amount field and then select Match. The payment will be applied as long as you've entered the total payment amount.
Overpayments. If a customer has overpaid you or you have overpaid a supplier, partially pay the invoice and then enter the remainder as a payment on account.
|1. Enter the amount of the partial payment in the Amount field.||2. Select New Transaction and then Add.||3. Select Payment on Account and then Add. Select Match.|
Bank fees. Sometimes a bank payment or receipt may include charges. For example, if it's been converted from another currency. Change the payment amount to match the invoice amount and then select Make Adjustment.
|1. Select Make Adjustment.||2. Enter the details for the bank charges and then select Add and then select Match.|
Refunds. You can only match the refund in your bank feed to the credit note it's paying.
Create the credit note first.
From your bank feed, select Match and then select or search for the relevant credit note.
Note: A bank transaction's net status determines its display in your feed. If a transaction, for example an outgoing payment, is the result of a payment for one invoice and a credit for another, then this will not show up in the list as a credit. If the rolled-up bank transaction is of this type, you should record a separate transaction for each element, and then discard the rolled up transaction to have each element show up on its own.
Payment on account. Use this for payments (or receipts) that don't match an invoice yet. They must remain outstanding until they can be allocated to an invoice. For example, you may receive a deposit for work that hasn't started yet or is ongoing. Select the transaction details in the For, What, Reference, and
Split transactions. Use this when a payment needs to be split over several nominal accounts or different VAT rates. If you use transaction analysis types, you can also select different categories for department, cost centre, and project. Select Split to expand the transaction and then create a new line for each nominal account or VAT rate and amount. Make sure all of the lines add up and then select Create.
Use this when transferring money between bank accounts. This creates a transaction in both bank accounts. If both bank accounts use bank feeds, you'll need to discard or match the imported transaction from the other bank account.
- Select Transfer.
- Choose the bank account to Transfer to or Transfer from.
- Select Transfer.
If you have transactions you don't want, you can delete them. You may need to do this if you have bank transfers or transactions you've already imported or reconciled.
Select the transaction (or transactions) you want to delete and then select Delete.
Fix problems with your incoming transactions
If you have missing transactions, keep in mind that most banks only send transactions once a day. So, there may be times when you see a transaction in your online banking service that isn't on the Incoming Bank Transactions page.
If you're still missing transactions or have duplicates, use the troubleshooting guide to fix the problem. The guide will help you identify your connection type and provide potential solutions. If a solution isn't available, you will be able to send a request for help directly from the guide.