Importing the bank statement and Matching

Importing the Bank Statement

Importing the Bank statement each morning is a much quicker way to receipt your tenants. you can even receipt to owner plus invoices.

Please 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.

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 the More button and choose the top option - Reset Transaction Lock (Top Option)

Day to Day Instructions 

• Go online to your bank and download a CSV file of your statement, save onto your desktop or just leave in downloads (Do not open the file)
• In Palace – Financial – Click on Bank Import
• Click on Choose file
• Browse to the file location>> Open
  
• Click on "Import" (Top of the screen)
• A pop up box will show, telling you the transaction lock has been applied
• A list of Transactions will appear on your screen
  
• The list will change, Yes will appear next to those that have matched before
  Or Tenant Match will appear, that means that Palace knows who this transaction belongs to but something has changed – Click on the drop down next to process and click on Match Tenant
• Some will so No, this means nothing about this transaction alerts Palace, so click on drop down arrow next to process and select Match Tenant.

Matching 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 in setting up this area)
  
• Showing to the top and to the 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 a 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 transactions 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 using Direct Debits and important if wanting to report on those that 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
  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
  

Note: If you do not empty the screen and chose instead to print out the unmatched transactions report then you will need to manually remove the transaction lock. Instructions at the start of this article.