Processing your First Bank Import

Configuring your Bank Import

If you haven't yet configured your Bank Import, please follow this link to view the Customising the Bank Import Help File or contact our Support team

 

Processing your First Bank Import

This tutorial will take you through how to process your first bank import file. You can view this in full screen and have the option to Try It (click through the tutorial), View It (a scrollable format), Watch It (watch the tutorial), or Print It (which gives you a PDF to download... the choice is yours! Click Start

 

This tutorial will take you through importing your first bank import file to match and receipt transactions from your bank

74 STEPS

1. First you need to download your Bank File from your bank. In Palace, click to open the Financial menu

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2. Click on Bank Import

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3. Click Choose File and navigate to where you saved your Bank File.

You can also drag and drop your Bank File onto the Choose File button if this is easier.

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4. Click to highlight the Bank File

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5. Click Open

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6. Click Import to Import the Bank File

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7. Your transactions will appear as Not Matched in Red. To match and receipt them, click on the dropdown arrow to the right side of the transaction

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8. Click Match Tenant for a tenant receipt, or Match Owner if the funds need to go directly to an owner

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9. Click into the Select a tenancy dropdown and search for your tenant

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10. You can search by typing in the tenants name, property address or code number

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11. Select the correct tenancy to bring up their details. If you select the wrong tenant, simply search again.

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12. The top right details show you current tenant information: Rent Owing, Other Amounts Owing, Rent Rate and Bond Owing

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13. The top receipt details are what Palace expects the tenant to pay. Whether this is $500 every week, or $1000 every fortnight (which would be 14 days)

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14. The middle section relates to what you are receipting, whether this is Rent, Invoices, Bond, or money to hold for future invoices (which is the Receipt other ledger option)

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15. The transaction total is the total money entered into the middle columns above, this is money that you are receipting into Palace. The statement total is the money that has been received into your bank account. These must match to continue

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16. The Apply Commission Receipt (Other) only relates to charging your owner commission on the tenant paying an invoice (If you charge a maintenance fee for supplier invoices you typically would not also change on the tenant invoice)

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17. The Statement Line Code will copy to the Tenant Match Code for future receipts. If the tenant has an automatic payment set up for their rent payments then Palace will then recognize the payment each week as the reference details will be the same

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18. The Update Next AP date relates to the Expected Date and will default to Yes, talk to a trainer about this if you also use Direct Debits.
Update Tenant Match Code relates to copying the Statement Line Code to the Tenant Match Code

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19. Click update AP Record - No. You would select Yes to Update the AP record if you have made changes to the Receipt Details expectation or Receipting amounts so that it saves for the next time the tenant pays rent (ie updating the amount and frequency)

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20. Click OK

Note: If the OK is not highlighted then you have missed a section or the amounts do not match

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21. That receipt is now matched and ready to process. We will now do the rest.
Click the dropdown arrow next to the second transaction

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22. and Match Tenant

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23. Click into Select a Tenancy

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24. Search for and select the tenant

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25. Everything is matched, click the Update AP option that applies

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26. and then click OK

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27. Select the next transaction

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28. and Match Tenant

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29. Search for and select the correct tenant. You can see there are two contacts for Avocet Ave, they pay half of the rent each, so we will update the rent details for this

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30. As the tenants pay $300 each we need to update the expected rent amount from $600 to $300. This isn't overriding the rent rate that they need to pay, it is just updating the portion that this tenant pays

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31. Type $300.00 into the Rent Amount field

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32. Type in $300.00 into Rent and Press Tab, you will see the Transaction and Statement Totals change below to green now that the receipt matches what the tenant paid into the account

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33. Click on the Update AP record option - Yes. As we want these changes to save for the next time the tenant pays as they will be paying $300 each week

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34. Click OK

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35. Select the next transaction

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36. and Match Tenant

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37. Search for and select the correct tenant, this is the other tenant in Avocet Ave that pays half of the rent

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38. Type $300.00 into the Rent Amount

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39. Type $300.00 into Rent and Press Tab, you will see the totals below turn to green

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40. Select the Update AP option that applies

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41. Click OK

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42. Select the next transaction

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43. and match tenant

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44. Search for and select the correct tenant. When you have multiple tenants in one property you may need to look at the bank account name of who has paid this money. The head tenant in Palace usually has all tenants names in the same line as shown here

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45. Everything matches, so click on the Update AP record option that applies

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46. and click OK

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47. Select the next transaction

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48. and match tenant

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49. Search for and select the tenant

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50. This money is for an invoice payment (you can see the other amounts owing at the top of the screen). First enter $0.00 in the rent receipt section as there is no rent being receipted

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51. Then type the amount of $53.23 into the Receipt Other section

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52. Click on the Options button next to where you entered the receipt amount, this will bring up any invoices owing

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53. Select the invoices that this money is going to be assigned to. You can choose multiple invoices and you can also change the amount being assigned to an invoice (ie, if there were two invoices - $20 to one invoice and remainder to the other invoice)

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54. Click Assign Invoices

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55. Because the tenant has paid using a different bank reference from their rent payments, Palace wants to know if you want to override the currently saved Tenant Match Code. Usually this would be No, and also No to update the AP record

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56. Click No to Update the Tenant Match Code

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57. Click OK

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58. Select the next transaction

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59. and match tenant

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60. Search for and select the correct tenant

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61. Everything matches, so select the Update AP record that applies

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62. Click OK

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63. Select the next transaction - this money has no valid reference for a tenant or owner, so we will receipt it to our unallocated holding account.

The unallocated account is an owner/property in our database for temporarily holding unknown funds 

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64. Select Match Owner

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65. Click into the Select a Property dropdown

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66. Search for and select the unallocated owner/property

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67. The description and date of the transaction will save as default, you can add to this if you wish. Click Match

Note: An owner match will never save or auto match ever again, it will only receipt as a once off transaction

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68. Select the last transaction

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69. As this is an owner giving us funds to cover an invoice payment, select Match Owner

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70. Click into the Select a Property

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71. Search for and select the correct owner and property

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72. The description is what the owner will see on their property statement, so you can change the description here as you wish. Click Match

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73. All transactions have now been matched. 

Click Process to receipt these funds into Palace.

Note: If you had any transactions that you could not match or receipt to unallocated there is an Unmatched Report that you can print or save.

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74. That's it. You've finished your Bank Import! The next time you import your bank file for this day you will see that most of the transactions will already be matched.

You may also see a green "Finished" button depending on your database setup.

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Here's an interactive tutorial

https://www.iorad.com/player/1819920/Processing-your-first-Bank-Import

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