Bank transactions (import and categorization)
Import your statements (CSV, OFX, Excel), categorize transactions, create automatic rules and handle transfers between accounts.
The Bank transactions page works like a bank feed: you import the client's statements, each transaction comes with a suggested expense or revenue account, and you confirm. Every confirmation creates the corresponding journal entry.
Import a statement
- 1Download the statement from the bank's website as CSV, OFX or Excel.
- 2In Bank transactions, pick the bank account then import the file.
- 3Duplicates are detected automatically: a transaction already imported is not brought in twice.
- 4Categorize each line (the suggested account gets sharper with use) and confirm.
Automatic rules
A rule automatically applies an account (and taxes) to transactions whose description matches: “HYDRO-QUEBEC” to Electricity, “BELL” to Telecommunications. Create the rule from a transaction and every following one categorizes itself (Plus plan).
Transfers between accounts
Money moving between two of the client's accounts (chequing to line of credit, for example) is marked as a transfer: the two transactions are paired and no expense or revenue is created.