Importing bank statements to Tyms for a specific financial period simplifies the process of transferring all bank transactions within said time frame without the need for manual entry. When coupled with the bank rules feature, this enables seamless and fully automated posting to the appropriate accounts.
The Tyms' bank statement import enables users to effortlessly import bank statements into the system, bypassing manual data entry and significantly reducing the time spent retrieving bulk transactions. This is crucial for accurately tracking transactions and maintaining up-to-date financial records.
To import bank statements on Tyms, follow these steps:
1. Navigate to the Bank Reconciliation module, and preview the bank for which you want to import.
2. Click on “Import” in the top right corner of the screen.
3. Select “Structured Bank Statement”
4. Click “Click here” as in the image above to download the sample spreadsheet for statements upload to ensure you have the perfect formatting for your data import.
5. If you have your bank statement files in other formats, you can convert them to the accepted file format using any online/offline converter.
6. Format your bank statement according to the downloaded sample, ensuring especially that the right data falls under the right columns, which are:
Date: This is the date of the transaction, and can be in various formats.
Narration: This is the narration or the description of a transaction.
Credit: The amount of the transaction if it's an inflow (e.g., deposit, transfer in).
Debit: The amount of the transaction if it's an outflow (e.g., withdrawal, transfer out).
Balance: The bank balance as of the transaction date.
Exchange Rate: The exchange rate applied if the transaction currency differs from your default or base currency. Otherwise, if the currencies match, the exchange rate is set to 1.
Account: Contains the destination ledger account where the transaction is to be posted (Optional)
7. Save the spreadsheet, and click the highlighted area as seen above, or drag the file to the Tyms accounting software.
8. Select the file date column format that is on the uploaded spreadsheet so the data can be processed accordingly. Can be Y-M-D, Y/M/D, M/D/Y, D-M-Y etc.
9. Click “Next” below, to move to the mapping page.
10. Ensure all the fields are mapped to the right columns from your spreadsheet. The best match to each selected field would have been automatically generated, but if there’s a need to change it, click the dropdown on the right-hand side of the field, and select the preferred column.
11. Click “Next” below the page, to enter the Preview page.
12. Preview your data, and confirm if the data is as expected. Click on “Prev” at the bottom of the page to go back to remap the data properly, or re-upload if needed. Click on “Upload” to import the data into that bank.
Once uploaded, the data will be rapidly processed and imported into the bank transactions table, where categorization, merging, and other functions can be carried out.
FAQs
1. What file formats are supported for regular statement import?
CSV, and Excel.
2. What if I encounter errors during import?
Check the file formatting, preview the mapped columns, and ensure the correct statement date format has been selected.
