Processing Your Daily Bank Import - Matching Transactions (Async Version)

Summary

Learn how to efficiently process your daily bank imports in Palace. This article covers the initial setup and subsequent imports.

Before You Start

Make sure you've set up your database to recognize your bank file for smooth processing. Please note that during the bank import process, other transaction-related actions are restricted as noted below and other users will be presented with the below warning

  • Dashboard process (reminders, charges & invoices)
  • Transaction History (Reverse)
  • Document Flow
  • Bank Import
  • Work Orders
  • Reconciliation (Reports)

Initial Bank Import

The first time you import your bank file, follow these steps:

  1. Export transactions from your bank as a CSV file for the desired day.

  2. In Palace, go to Financial > Bank Import.

  3. Click "Choose file" and select your bank file.

  4. Click "Import" at the top of the screen and a progress bar will display on the screen to visualize the 'importing' process.Bank Import Progress Bar.png

  5. None of the transactions will be matched initially, so be sure to print the Unmatched Transactions report if needed.

  6. To match a transaction, select it and choose "Match Tenant" for tenant-related payments or "Match Owner" for owner-related payments.

  7. Follow on-screen prompts to allocate funds to the appropriate categories.

  8. Ensure the total matches the bank statement amount.

  9. Answer three questions about the payment.

  10. Click "OK" to complete the match.

  11. Repeat this process until all transactions are matched.

  12. For unmatched transactions from owners or unallocated funds, choose "Match Owner."

  13. Once all transactions are matched, click "Process."

  14. Lastly, click on 'Finish' to unlock the transactions and finish the bank import process.

Subsequent Bank Imports

After the initial setup, follow these steps for subsequent imports:

  1. Export transactions from your bank as a CSV file for the desired day.

  2. In Palace, go to Financial > Bank Import.

  3. Click "Choose file" and select your bank file.

  4. Click "Import" at the top of the screen.

  5. Some transactions may already be matched, as indicated by color-coding:

    • Red: No match; you'll need to match the transaction.
    • Yellow: Partial match; match the transaction using on-screen prompts.
    • White: Full match; no further action needed.
  6. If desired, print the Unmatched Transactions report.

  7. You can process matched transactions immediately by clicking "Process."

  8. For unmatched transactions, follow the same matching process as during the initial import.

Final Steps

After importing transactions, complete your bank reconciliation and print daily reports, including a Bank Reconciliation report.

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