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Bank Statement Import


Easily import bank statements in the form of csv files and allocate the transactions to customers (customer receipt) and suppliers (supplier payment) for allocation against a preexisting invoice or directly to the general ledger as an income (receipt GL) or expense (payment GL). 

When allocating a receipt or payment GL it is also possible to categorize the income or expense by adding a GL Tag, profit center or Cost center for further break down and analysis. 




Bank Import Steps


Step 1 - Prepare the csv file.   There are six required fields when importing a bank statement.  The first being to track the number of transactions being imported.  The example below has this as column "No".  Secondly you will need to have a field for debit/payments and credits/receipts and thirdly a field for description of the transaction and one for transaction reference.  Your csv file maybe a working document with additional information.   The additional information will be unaffected by the file import process but it is essential that you have the six fields identified. 


Step 2 - Remove the comma from the debits (payments) and credits (receipts). 



Step 3 -  Save the file as a CSV (comma delimited file).   To check whether or not the file was save properly, open the file using notepad or wordpad and check to see if the spaces between each column is separated by a comma as shown in the example below. 

bank import comma delimiter csv file

Step 4 - Log into Costbucket, Select bank in the left menu then click on import bank statement.   Once the new tab has opened, click on the blue button "Choose file" then identify the file from the pop up folder then click the green "import" button.   Once completed a notification will show on screen that it was successfully imported  click on the notification to clear it from the screen then click on Next to go to the compare columns.
 

Step 5 - Identify the bank account being imported then match the columns in the imported to file to the Date, comments, debit, credit and reference columns. 

bank import file matching

Step 6 - Go to Bank in the left menu then select Statement allocation.  




Step 7 - Identify the bank account to allocate then select the date range of the transactions and select "Search"

Customer Receipt
Allocate income from customers to offset an invoice created in Costbucket by selecting all the boxes identified for the customer, then select customer receipt then process. 

Supplier Payment
Allocate payments made to suppliers to offset an invoice created in Costbucket by selecting all the boxes identified for the supplier, then select supplier payment then process.

General income 
Allocate income directly to the general ledger by identifying and selecting all the credit transactions then select Receipt GL, then search through the drop down menu for the GL account to credit.  At this stage you can identify a GL tag and Profit Center to also allocate the income to.

General expense
Allocate income directly to the general ledger by identifying and selecting all the credit transactions then select Receipt GL, then search through the drop down menu for the GL account to credit.  At this stage you can identify a GL tag, Profit Center or Cost Center to also allocate the expense to. 

Step 8 - Allocate customer receipts and supplier payments to offset outstanding invoices

Notes: 

If the currency of the account being imported is differs from the local home currency of the company, Costbucket will automatically convert the currency to home currency and post all transactions as home currency based on the currency table setup. 

For all Receipt and Payment GL Costbucket gives the option to remove the tax portion of the payment or receipt and allocate the net to the GL account with the tax portion posting to the tax account.  This is also subjected to currency conversion if the bank account currency differs from the home currency.  

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