Bank Feeds - Manual Import

This support note is suitable for:

• ABSS Accounting
• ABSS Premier

Introduction

"Bank Feeds" is a term being used to describe the automatic transmission of bank transactions into Accounting Software. A bank feed is an automatically created list of the transactions (withdrawal and deposit) in your bank account. This cuts out hours of manual data entry required to reconcile accounts.

Bank feeds let you compare your bank account and credit card transactions with the information you have in your data file and easily add transactions. Information from your financial institution is sent straight to your data file so you can sort out your banking and reconciliations quickly.

This support note will guide you on how to use the Bank Feeds feature in ABSS.

What are the requirements?

1. The bank feeds feature requires you to obtain the online bank statement for the period you want to reconcile.
2. You can now use the DBS bank statement (MT940 format) or you can select QIF or OFX format for other banks.

Steps to perfom Bank Feeds

1. On your Command Centre, go to Banking.

2. Click on Reconcile Accounts.

3. Click on the drop-down arrow next to the account field and select the bank account you wish to reconcile.

4. The bank statement date must be entered in the bank statement date field. The Bank statement Date refers to the date on the bank statement.

5. Proceed to enter the closing balance of your bank statement into the new statement balance field. Please ensure this is the ending balance of your bank statement for the month that you are reconciling.

6. Next, click on the Actions button and click on Bank Feeds.

7. In this Bank Feeds pop out window, please select the correct bank statement type. You can choose either DBS bank or other banks. Kindly note that the DBS bank statement file format will be MT940 whereas the other banks (i.e. HSBC) could be either QIF or OFX file format.

8. Click on the Import button. Next, select your bank statement file format and then click Open

9. On the information screen you will be able to see the number of transactions that are within your bank statement. You will just need to click OK.

10. On the unmatched statement transaction screen, you will able to see the transactions in the file that is matched against the transactions in ABSS. Any matched transactions will be auto-checked in your reconcile accounts screen. On the other hand, the unmatched transactions will appear in the unmatched statement transaction screen.

11. For those transactions that are unmatched, you can choose to add them into the ABSS system. To add these transactions, click on the Actions, and then click on Add Transaction.

12. Once the transactions are added, ABSS system will automatically check the transactions in the reconcile accounts screen.

13. When all of your transactions have been matched, you can proceed to click on Done.

14. Click on the Reconcile to reconcile your bank account.