Import the bank statement and matching

Summary

Importing the bank statement each morning is a much quicker way to receipt your tenants. You can also receipt to the owner plus invoices.

This article covers:


Bank import

Note: When using bank import, no one else can use transactions as it was causing issues if other users were doing transactions at the same time. There is a transaction lock that will kick in the minute the bank import process is started.

This will restrict users from entering transactions from the below area until the import is completed.

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

Note: It unlocks once the Bank Import screen is empty, if you do not empty the screen each day, then you will need to unlock the Transaction Lock manually.

  • Go to System > settings
  • Click on More
  • Select Reset Transaction Lock
    Reset_transaction_lock.png

Day-to-day instructions

Go online to your bank, download a CSV file of your statement and save it onto your desktop or leave it in the default downloads folder.

Note: Do not open the CSV file as this affects the formatting.

  • Go to Financial
  • Select Bank Import
  • Click on Choose File
  • Browse to the file and click Open
    Bank_import_1.png
  • Click on Import (Top of the screen)
  • A pop-up box will show, telling you the transaction lock has been applied
    Snip20201105_160.png
  • A list of transactions will appear on your screen
    Bank import 3.png
  • The list will be updated.
  • Yes will appear in the Match column next to those that have matched before
  • Or Tenant Match will appear, which means that Palace knows who this transaction belongs to but something has changed
  • Click on the drop-down next to Process
  • Click on Match Tenant
  • Some will say No, this means nothing about this transaction alerts Palace, so click on the drop-down arrow next to process and select Match Tenant

Match transactions

  • Click on the Transactions that you wish to Match
  • Click on the drop-down arrow and choose Match Tenant
  • Start typing the tenant name and select and then click OK
  • The screen will display the default amount of rent and frequency that has been set up in the tenant edit screen - (See the tenant help file or click here for more information on setting up this area)

    Bank Import.PNG
  • Showing to the top right is the latest information on the tenant
  • Check the information if correct - if the tenant has paid less or more you can change it here
  • If the payment has been increased to cover water rates or maintenance invoices, fill in the boxes as required
  • You can even select invoices to pay
  • You can choose if you want to apply commission to those invoices (This is the management commission and is charged to the owner)
  • The transaction totals and Statement Line totals need to match before you can carry on
  • Scroll down to the questions:
    • Would you like to update the Next AP Date? Yes or No
    • Yes - If you want the next AP date to move forward, important if you are using Direct Debits and important if wanting to report on those who have missed a rent payment
    • Would you like to update the Tenant Match Code: Yes or No
    • Yes - if you want it to save for future matches
    • No - if only a one-off
    • Would you like to update the AP record? Yes or No
    • Yes - Definitely yes for direct debits
  • The Transaction will now say Yes in the matched column When you match a tenant, it creates a Bank Match Code that is recorded in the Tenant Edit screen
  • Continue down to match any others that need matching
  • You can click process at any time to clear the screen so you are left with only the unmatched ones and you can work down them one at a time
  • Once the screen is empty, you can close out and it will automatically unlock the transaction lock
    Snip20201105_161.png

Note: If you do not empty the screen and choose instead to print out the unmatched transactions report then you will need to manually remove the transaction lock.

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