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From a bank transaction to accounting records
A bank import describes money moving in or out of an account. The Chart of Accounts organizes where that activity belongs; posted journals change the books. A suggested category alone is not an approved ledger entry.
1. Find the account types
Review the Business Chart of Accounts for assets (bank, receivables), liabilities (credit cards, payables, tax or payroll amounts owed), income, expenses and equity. Confirm any accounts added or renamed after migration.
2. Work through a $120 purchase
Imagine the business purchases $120 of qualifying software entirely from its bank account, ignoring sales tax for this illustration. The bookkeeping effect can be $120 more software expense and $120 less bank cash. With a double-entry journal, the expense is debited and bank cash credited by $120. Real tax treatment could add separate lines.
3. Review pending and posted activity separately
Inspect imported bank transactions while they are Pending. Confirm the payee, date, account, category and tax coding before approving. Then use the journal and ledger views to check that the expected accounts changed.
4. Avoid double-counting transfers
Moving $500 from chequing to savings should move asset balances, not create $500 of revenue or expense. Likewise, paying off a card liability should not record the original purchase as a second expense.
5. Check auditability and month-end
Review debit/credit detail, balances, unusual negative amounts and linked source transactions. For reversals, accruals or fiscal adjustments, keep supporting documents and consult your accountant when appropriate.
Continue with month-end checklist, bank transfers and accountant exports.
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