Process incoming bank transactions

Use the Incoming Bank Transactions page to process incoming transactions from a bank feed or bank statement. This page opens automatically after you:

or

About transactions

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.

Note:

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.

Find out more about bank rules

Match payments to outstanding invoices

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
outstanding invoices.
  2. Select the relevant invoices.   3. Edit as needed. Confirm the totals match and then select Match.
location of match    

If no outstanding invoices were found but you think there is one, select Search to find it.

location of transaction search

Partial payments, overpayments, bank fees, and refunds

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.
  location of amount field   location of new transaction button   payment on account
  • 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.
  location of make adjustment   make adjustment window
  • Refund. If you need to process a refund for a transaction, you must match it to the credit note that it's paying. Select Match and then select or search for the relevant credit note. If you haven't created the credit note yet, select Sales, Sales Credits Notes, New Credit Note to create it. The credit note must be the same amount as the refund.

Create transactions without an invoice

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 Method fields and then select Create.

create transaction

  • 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.

Transfer transactions between accounts

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.

  1. Select Transfer.
  2. Choose the bank account to Transfer to or Transfer from.
  3. Select Transfer.

Delete transactions

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

Tip:

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.

Troubleshoot downloading transactions from a bank feed