Importing Statement, Matching and Reconciliation Transaction

Once you connected to the bank, you will be receiving feeds from your bank by clicking refresh which is located below option and feeds will be updated in Mybooks banking page. You match and reconcile those transitions you can also import your bank statements and match those transactions as well in myBooks

  1. Go to banking
  2. You will be able to connect to bank based on your subscription type.
  3. If you are connected to bank the 'Refresh' field will appear under options.
  4. When you click on refresh, feeds from the bank will get loaded into myBooks.

If your subscription type does not allow you connect to your bank, you will have to upload your bank statements instead:

  1. You can click on transaction located under option.
  2. Click on Import Statement located at top right hand corner.
  3. Press Select transaction file and upload an appropriate file format.
  4. For your verification you can also download sample file format.
  5. When you open a valid statement, the transactions will get imported in myBooks.

Reconciling the transaction

Once the automatic feeds from bank loaded or bank statement is uploaded, transactions which have loaded will be displayed under deposits and withdrawals. Amounts displayed under deposits will reflect sales and amount displayed under withdrawal will be reflect purchases. When clicked on amount displayed under deposits, you will see two options of reconciliation; one is manual reconciliation and the other is match transaction. Manual reconciliation is needed when a transaction needs to be matched manually by selecting below mentioned options. Some transactions need not be reconciled manually given that myBooks automatically picks up transactions which can be matched to a selected amount. Those transactions will be displayed in Match Transaction.

Match Transaction

When clicking on the Match - Transactions tab, transactions which can be matched will appear as shown in above screenshot.

Manual Reconciliation

These are several options for payments displayed in the transaction type. Below is the screenshot of the different transaction types.

Customer Advance

Customer advance means payments received from customers before the goods are delivered or services are performed. You can categorize those transactions here.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Customer Advance
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Customer Payment

A payment is the transfer of one form of good, service or financial asset in exchange for another form of good, service or financial asset in proportions that have been previously agreed upon by all parties involved.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Customer Payment
  4. Once the customer name is updated
  5. Open invoice for that customer will appear as shown in the above screenshot
  6. Enter all necessary information
  7. Press submit to match the transaction

Sales without invoices

Sometimes sales were made without creating invoice. You can match those transactions here.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Sales Without Invoices
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Transfer from another account

This reconciliation shows amount transferred from another account.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Transfer From Another Account
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Interest Income

Income which was received through interest

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Interest Income
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Other Income

This reconciliation shows amount from other income

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Other Income
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Expense Refund

This reconciliation shows expenses which was refunded from your vendor

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Expense Refund
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Vendor Credit Note Refund

Vendor Credit note is the transaction that reduces the money owed to vendor for the future transactions. These transactions can be reconciled here.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type Vendor credit Note Refund
  4. Once the vendor name is updated
  5. Credit note for that vendor will appear as shown in the above screenshot
  6. Enter all necessary information
  7. Press submit to match the transaction

These are options will be displayed in transaction type. Below is the screen shot when clicked on amount displayed under Withdrawal?

Expense

Expense occurs is the cost that every companies will bear and it is part of companies operating activities and you can reconcile those expenses here.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Expense
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Vendor Advance

This reconciliation shows advanced amount paid to vendor.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Vendor Advance
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Vendor Payment

Goods or services which are rendered by the vendor. For those goods or services payments will be made to vendor. Those transactions can be reconciled here.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type Vendor Payment
  4. Once the vendor name is updated
  5. Vendor Payment for that vendor will appear as shown in the above screenshot
  6. Enter all necessary information
  7. Press submit to match the transaction

Transfer to another account

This reconciliation shows amount transferred from one account to another account.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Transfer to Another Account
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Sales Refund

Merchandise that was returned to the seller by a customer. This account is a contra sales account. This reconciliation shows amount paid back to customer through sales refund.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type as Sales Refund
  4. Enter all the necessary information
  5. Upload document if needed
  6. Press submit to match the transaction

Credit Note Refund

A credit note is a letter sent by the supplier to the customer notifying the customer that he or she has been credited a certain amount due to an error in the original invoice or other reasons. This reconciliation shows amount paid back to customer through credit note.

  1. Go to banking
  2. Click on edit located below options
  3. Select the transaction type Credit Note Refund
  4. Once the Customer name is updated
  5. Credit note for that Customer will appear as shown in the above screenshot
  6. Enter all necessary information
  7. Press submit to match the transaction