Importing bank statements to Tyms for a specific financial period simplifies the process of transferring all transactions within that 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. With Tyms, users have the flexibility to import statements regularly or leverage AI-powered statement imports for automated category suggestions, streamlining their accounting process.

 

There are two ways of importing bank statements to Tyms:

1. Regular statement import: The option allows users to upload their bank statement in a spreadsheet format, such as Excel or CSV. To ensure a seamless import process, users must utilize the provided template to format their data accordingly. This approach requires manual mapping and cleaning of the data, but provides complete control over the import process.

2. AI-statement import: The AI-Statement Import leverages artificial intelligence to automatically process and understand bank statement data. This innovative approach eliminates the need for manual mapping and cleaning, as it allows bank statements, in PDF and Excel formats saving users valuable time and effort. The AI technology even suggests possible accounts for transactions, although users can choose to ignore these suggestions and categorize transactions manually. 

 

To import bank statements using the regular statement import, follow these steps:

1. Navigate to the TBankSync module, and preview the bank for which you want to import.

2. Click on “New” by the top right corner of the screen.

3. Select “Statement import” 

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 it 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.

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 which 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 at 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.

 

To import bank statements using the AI-statement import, follow these steps:

1. Navigate to the TBankSync module, and preview the bank for which you want to import.

2. Click on “New” by the top right corner of the screen.

3. Select “AI statement import” 

4. Click on the option to Upload bank statements, which can be in the form of pdf, or xlsx.

5. Review the data from your bank statements as displayed on the page.

6. Once the statement is uploaded, Tyms' AI technology automatically suggests categories from your chart of accounts for each transaction. These account suggestions get better with each trial as the AI trains itself with existing data from your books over time. You can review and save these suggestions or edit them by clicking the pen icon next to each transaction. Additionally, you can delete transactions by clicking the delete icon beside them. 

7. Click on “Save” at the top right corner of the screen, and the transactions will be imported to the transactions table.

Transactions with suggested or selected accounts or categories will be displayed as “Recognized" on the table. You can approve these transactions as is, or edit them to refine their categorization. This step allows you to verify and finalize the classification of your transactions, ensuring accuracy and consistency in your financial records.

 

The following functions are available under the importing of bank statements:

1. Statement import of spreadsheets.

2. AI statement import including PDF.

3. Auto-suggesting of categories or chart of accounts.

 

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.

3. Do I have to make use of the categories suggested from the AI statement import?

No, you don’t. You can always edit the categories before you approve importing.