Downloading Bank Statements
If you can download your bank statement from your bank and save it to wherever you normally save downloaded files on your computer, you can simply click the Get Statement button while in your Bank Register or in the Reconcile Accounts window to read your bank statement into your AccountEdge company file. AccountEdge will mark all matched transactions as reconciled, saving you the time and trouble. If you use the new advanced bank reconciliation feature, which is available in the 2013 version of AccountEdge, you can establish rules so AccountEdge can match bank statement transactions to dynamically-created bank register transactions.
Bank statements in the formats of OFX, .QFX, .QIF, .OFC and QBO can be read by AccountEdge.
In order for transactions to be automatically matched, they must meet the following criteria:
- Checks: Check number and Amount must be the same
- Deposits: Amount and Date must be the same
- Other transaction types: Amount and Date must be the same
The date format in the statement must match the date format set on your computer (mm/dd/yyyy or yyyy/mm/dd).
If the program cannot find a match among the transactions, you have the ability to manually match them, adding new transactions, or skipping them altogether. The program will also mark the new or matched transaction as cleared on your bank reconciliation, making reconciling with your bank a snap.
You cannot edit transactions while in the Match Transaction window. If you need to change any information on your transactions, such as amount, date or the transaction ID number, you must open the transaction journal, find the transaction and edit it. If you are attempting to edit a Pay Bills or Receive Payment transaction, you will need to either reverse or delete the transaction then re-enter it with the correct information.
When bank web sites indicate a download file format as, QuickBooks Web Connect or Quicken Web Connect, it typically means one of the above-indicated formats. (Sometimes bank web sites do not indicate file extensions.)
- While you are able to import the .QIF file format, sometimes a bank's .QIF file can be formatted in a variety of ways: some with line feeds, some with carriage returns, some with carriage returns and line feeds. AccountEdge requires carriage returns in order to determine the end of each record. Therefore, depending on the bank or credit card company you are downloading from, you may get a message saying: No transactions were found in this file.
- Once you decide to add a transaction that is not appearing in your company file, and Cancel out of the Add Transaction Window, the number of Matched Transactions will still be increased and the transaction will disappear from the Unmatched Statement Transactions. This is not a problem with the software, it is how it was designed.
If You Receive the Message: No transactions were found in this file. Only OFX, QFX, OFC and QIF types
- There aren't any transactions in the date range of the statement that was downloaded. Choose a different date range or statement date to solve this problem.
- The file format of the bank file downloaded is not supported. Choose a different file format to download. AccountEdge accepts Quicken and QuickBooks QIF, QFX and QBO file formats, and Microsoft Money OFX, QIF and OFC (active statement) file formats.
- The QIF file format from a particular bank that was downloaded is currently not supported. See the note listed above for details about .QIF file formats.
- Your Mac browser didn't create the correct file type when downloading the bank file. Check your browser preferences.
More details on bank reconciliation is available on the Bank Reconciliation Process page.