Importing your bank account and reconciling transactions
1. Add a bank, petty cash, or credit card account
On the left side menu, click on Bank Transactions.
In the Bank Accounts sheet, select the "Name" cell and give your bank account a friendly name, e.g. "HSBC xxx101 Primary Account", then select the account type and the currency.
Once you've completed these fields, an Asset account with the same name will be automatically created in the Chart of Accounts and linked to the bank account.
Additionally, your bank account will now show up as an option in the Paid through dropdown whenever you're recording a payment for an invoice, bill, credit note, payslip, or expense.
2. Import your bank statement
Watch this video on how to import your bank statement or read on below:
From your list of bank accounts, click on reconcile, then click on import a statement. You will be presented with a form asking you to upload your statement in the specific csv, xls, or xlsx formats. To do this, you can either drag and drop your file or click on the form to choose it.
Now, all you need to do is map the column names in your file to the column names in WeKeep. As you are doing so, WeKeep will present you with a preview of your import to keep track of your statement.
Once, you are done, click on save in the top right corner to view your statement.
Note: In order to make sure that your ending balance is correct, before importing your statement make sure that the order of transactions and the balance in your CSV file are correct. WeKeep will first sort by the date of the transaction, and if two transactions have the same date, WeKeep will preserve the order in your CSV file.
3. Reconcile your transactions
In this video you will see how to:
- Quickly classify transactions to accounts.
- Make advanced reconciliations to payments, invoices, bills, and expenses.
- Add adjustments to the reconciled transactions when needed.
To classify your transactions go to Bank transactions and then click on the reconcile button.
In the Classify to account column, you can easily match transactions to accounts. For example, if you have charges coming from your bank account, choose the Bank Fees and Charges account for these transactions. WeKeep will mark these expenses as reconciled and will automatically create them in your expenses sheet. Other transactions are treated similarly and can be classified to their relevant accounts.
When your customer pays you for an invoice, you can match the payment you've recorded in WeKeep to the transaction that you've received in your bank account. Click on the reconcile button of the relevant transaction, and from the reconciliation panel select the invoice payment from WeKeep, then click on the Match selected button.
The status of your transaction will change to Reconciled and a green double tick will be added next to your payment indicating that it has been matched to its specific transaction.
If your customer has paid you but you still haven't recorded that payment in WeKeep, you can also reconcile the transaction you've received in your bank account to your customer's invoice. WeKeep will automatically create the invoice payment and will mark it as Reconciled, and Paid through your bank account.
In case you find differences between your bank statement's transactions and WeKeep's, you can add an adjustment to your reconciled transactions. Simply click on the Add adjustment button in the Description column of the reconciliation panel, and choose the account where you'd like to record that discrepancy.
Then click on the Match selected button for WeKeep to mark your transactions as reconciled and create the transaction of the account you've chosen for the adjustment.