The bank import feature allows you to import transactions from your bank or credit card vendors directly into Accounting Seed without any file transformation. Accounting Seed supports the following files formats which are used by most banks: OFX and QFX. The extension of the file needs to be one of these suffixes for the import to work. When selecting a file output format from your bank labels like "Microsoft Money" and "Quickbooks" are often used to label these file types. Accounting Seed recommends the latest version of OFX or Microsoft Money if given a choice of file formats from your bank. The following are features of the Bank Import: 
  • Bank imports are executed from the "Import Financial File" tab. Simply navigate to this tab to start the process. 
  • There is an option to prevent duplicate entries. This feature will not book any duplicate entries from your bank and is recommended to always be enabled.
  • When finding vendor matches the application will attempt to match on the first 3 letters of the first word. You are able to store an Import Nickname on the account to provide an exact match.
  • Both Cash Receipts and Cash disbursements will be created from the results file. 
Importing a Bank File
Step By Step: 
Importing a file
  1. Download transactions form your bank website into one of the supported file formats: OFX and QFX. When selecting a file output format from your bank labels like "Microsoft Money" and "Quickbooks" are often used to label these file types. Accounting Seed recommends the latest version of OFX or Microsoft Money if given a choice of file formats from your bank.
  2. Navigate to the "Import Financial File" Tab
  3. Click the "File Input" button to choose the file from the folder on your computer to which you downloaded it to.
  4. Click the "Import" button. This will import the transactions to a grid view. You are able to display 10, 25, 50 or 100 transactions at a time. Use the upper right hand search to find a specific transaction or ID. It will search on all of the fields.
Coding Account and GL Account
  1. Use the Find Customer/Vendor Matches button to search for existing Account matches. Accounting Seed will attempt to match on the first word of the vendor. 
  2. If the vendor does not exist then you can add a new vendor by right clicking on the Account Tab and opening it in a new Tab in your browser. Here you can add a new vendor. You will need to populate the following fields:
    1. Name
    2. Accounting Active set to Checked
    3. Accounting Type = Vendor or Customer and Vendor
    4. Default Gl Account 
    5. Import Match Name - Optional, but allows for an exact match on this Account. Simply cut and paste the name used in the bank import file into this field.
  3. If the vendor already exists you can update the Import Match Name on the Account so that the Customer/Vendor and GL Account will be updated automatically next time you import the file.
  4. You are able to mass populate The Vendor and GL Account fields by Selecting a Value in the Default Vendor and Default Vendor GL Account fields in the upper right hand part of the screen. Once you populate these fields click the Populate Default Vendor button at the top of the screen to mass populate and blank values for Vendor and GL Account in your grid. 
Creating Records
  1. Both the Customer/Vendor and GL Account fields need to be populated for the record to be created.
  2. If you do not care about the Vendor simply create a bucket account such as "Uncategorized Account" to code these transactions to and use the Mass Populate button described in step 4 of the previous section.
  3. Upon import, a unique ID is created. This prevents importing duplicate records. If a transaction is imported again, it will match to the already created record and not allow for duplicate entry. 
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7 Comments

  • 0
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    Katie Kampmann

    The bank import feature does not include GL Variables. 

    Will this be corrected in future releases?

    What is the work-around now? 

     

    Katie

     

  • 0
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    Ryan Faulkingham

    Hi Katie,

    If the account has a variable associated with it, then it will populate when the record is created. Will this work for you? 

    Also, we are focusing on improvements with just the bank direct connect tool and not the import financial file. 

    Thank you,

    Ryan

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    Rebecca Ralls

    I also worked in an org where the missing GLAV variables in the import functionality cause ABSOLUTE HAVOC.  It was a multi entity org, and they imported a TON of back data and did not have GLAV variables set up on accounts and it caused WEEKS of clean-up work.  If those are not going to be added, there should be a big warning on there somewhere to point out that they're missing.  They spoke more than once about abandoning AS rather than trying to get it all cleaned up.  Happily - we got through and past it, but ... I'd like to add another voice to getting them added - or disabling the feature.

  • 0
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    Katie Kampmann

    Ryan,

    This is a real problem for multi-company orgs. In this particular case, the account records do not have the GL variable populated. There are valid reasons for not populating that field on the account.

    So after creating the transactions via the Bank File Import upload interface, the user will have to manually add the GL variable to each CD (or CR) that is created. 

    So that is a workaround, but it would be a lot better if the user could add the GL variable inside of the Bank File upload interface. If that improvement could be made, that would be wonderful.

    Clients that use banks that do not participate in Yodlee do not have the option to use bank direct connect. They are stuck using the bank file import. 

    Thanks, Katie 

     

  • 0
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    Ryan Faulkingham

    Hi Katie, 

    Is there other logic that can be built in to help automate the population of the variables? Even if this was available in this screen, a user would still have to assign each transaction to a variable. Also, it would be best to submit a ticket to Yodlee to have their bank included. 

    Thank you,

    Ryan

  • 0
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    Katie Kampmann

    Ryan, the bank has now joined Yodlee and we can pull the transactions in via BDC. Excellent timing...Katie

  • 0
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    Ryan Faulkingham

    Awesome, that's great news!

    Thank you,

    Ryan

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