Import Statement

Transactions > Import Statement

Importing bank statements is a quick and easy way to load a large number of transactions without the need to manually typing them all in.  Most banks now allow you to download a copy of your bank transactions.  You should check your banks web site, and see if they allow you to download your bank statement if OFX format (sometimes called the MS Money format) or the QIF file format (sometimes called the Quicken format).  Where possible, you should always use the OFX file format.

After the import is complete, the transactions will appear in the cashbook screen just like any other manually created transaction.

Disbursement transactions should not be imported.  If a file contains a disbursement, they should be left in the incomplete red state, and they will then be ignored.

You can either choose to import a file downloaded from your bank, or import your transactions from Xero.com

 

File selection.

 

First you need to specify which bank account the statement applies to.  Multiple bank accounts can be created if required.  See also Bank Accounts.

Then you need to select the files which you have already previously downloaded from your banks web site.

Xero.com

Xero.com is an online accounting software system.  You can import your transactions from Xero using the import option.  Before you can import the transactions, you will need to give authorisation to RentHQ to download your transactions.  Once this is done you need to specify a date range to import, and also which bank account to import from, if you have multiple Xero bank accounts.  Once this is done transactions can be imported the same way as importing from a file.

Transaction classification

When the statement is initially imported, the transactions are all listed in a red colour.  This indicated that the transaction is not yet valid for import due to missing information.  A notification at the bottom of the screen shows the number of valid and invalid transactions.  

Duplicate transactions are shown in a yellow colour.  These transactions will not be imported.  In the case of OFX files duplicates are easier to find.  In the case of QIF files, the system can sometimes incorrectly detect a duplicate.  In this case, you can manually override the  duplicate warning, and import it again anyway.  This is why OFX files are preferred.

Against each transaction you need to specify the related property and transaction group.  For transactions with a positive value the transaction group is limited to income groups, and negative transactions are limited to expense groups.  In the case of income transactions a tenant selection may also be required if the income group is used to pay rent or extra charges.

Once sufficient information has been obtained, the transaction will be shown with a white background, and the status message will show it is ready to import.

Optionally, rules can be defined using the Add Rule button.

Rules

Rules are a quick way of classifying regular occurring transactions.  For example a rent income transaction received by Mr Smith every Thursday.  Use the Add Rule button to add new rules.

Each rule should have a descriptive rule name in case the rule need to be deleted or charged later.

The next 2 text boxes contain the rule definition.  The rules use the notes and reference information provided by the bank against the transaction.  For example the description from the bank might contain the phrase SmithRent in the reference field.

The fields which follow specify what to do with each transaction which matches the above criteria.  You can specify the property, transaction group and payee (expense transactions only) and tenant (rent and extra charge income transactions only).

You can also choose to remove the original notes and references, and replace them with your own notes and references.

After saving and closing the rules, you get the option to automatically reapply all the rules.  Rules are also automatically applied each time a new file is imported.