Setting up and using automatic bank reconciliations

Owned by Monica Chand (Deactivated)
Last updated: Nov 23, 2016 by Diane Partridge

Overview

The bank reconciliation process can be automated by importing transactions from your bank's online banking site. By importing in a supported format, Readysell can automated your bank reconciliation by:

  • Automatically matching bank statement lines to transactions or groups of transactions already in Readysell
  • Automatically creating bank payments or bank deposits for bank statement lines that match a pre-defined criteria

Introductory Video

Setup

Before running automated bank reconciliation, the following must be set up.

  • Reconciliation Method on each tender (see Tenders). Ensure you have configured the following:
    • Reconciliation Method
    • Reconciliation Cut Off Time
    • Matching Mode
    • Site and/or Workstation Reconciliation References (if applicable)
  • Bank Reconciliation Rules for each recurring transaction (see Bank Reconciliation Rules)
  • Recurring Bank Payments (see Creating a Recuring Bank Payment)
  • Ensure that when entering the Direct Deposits working from the Bank Statement, that the date and payment reference are filled in as per what is on the bank statement and the correct tender is used.

Import transactions into the bank reconciliation

Automated Bank Reconcilation from a imported Bank Statement

  1. Extract a new Bank Reconciliation (following the standard process)
  2. Go to your bank's online banking site, export and download an extract of your transactions for the same date range as the reconciliation in either BAI2 or CSV or QIF format. (We have documented the process for some of the common banks below).
  3. In Readysell, click "Import Transactions"
  4. Find the exported file and click "Open"
  5. Depending upon the Bank Reconciliation rules that have been set up transactions such as bank deposits and bank payments may have been auto created.
  6. These transactions are left with a Status = Open
  7. Go to Bank Deposits and Payments, click on show outstanding and review the transactions.
  8. Make any required adjustments/corrections, then post the automatically generated transactions.
  9. Go back to the bank reconciliations. Checked that these transactions have been matched automatically.
  10. Complete your bank reconciliation as usual

Exporting bank transactions with various banks

ANZ

  1. Log into your account
  2. Click on the account you wish to reconcile
  3. Click "Download Transaction History"
  4. Select your account
  5. Fill in the date range based on the bank reconciliation
  6. Select "MYOB(QIF)" from the software drop down
  7. Click "Download"
  8. Save the exported ANZ.qif file to your PC

NAB

  1. Log into your account
  2. Find the account you wish to reconcile, click "Transactions" directly underneath
  3. Click "Show Filter"
  4. Set the "From" date and the "To" date based on the bank reconciliation
  5. Click "Display"
  6. At the top right, click "Export Data"
  7. Select "MYOB(QIF) . There are two types with one is good but NOT the one with the date format of MMDDYY
  8. Click "OK"
  9. Save the exported TransactionHistory.csv file to your PC

Westpac

  1. Log into your account
  2. Click on the account you wish to reconcile
  3. Click "Export"
  4. Fill in the date range based on the bank reconciliation
  5. Select the "MYOB v9 and above" application
  6. Click "OK"
  7. Save the exported Data.QIF file to your PC


Commonwealth

  1. Log into your account
  2. Click on the account you wish to reconcile
  3. Click "Export"
  4. Fill in the date range based on the bank reconciliation
  5. Select the "QIF MYOB' application or QIF Aus 2004
  6. Click "OK"
  7. Save the exported Data.QIF file to your PC