Importing Bank Account and Credit Card Transactions

You can upload transactions for your bank accounts and credit cards. Once uploaded, each transaction can be quickly classified and posted to an appropriate account.
Your bank and credit card transactions, whether they are expenses or revenues, will often include taxes. You will want to be sure to select the appropriate taxes that are included in each transaction; Versa will calculate the tax values and post them to the appropriate tax accounts. 

 

Uploadable File Format

Versa is able to import the standard Open Financial Exchange (OFX) format. Most US and Canadian banks make this file format available with a file extension of .aso. If you are in doubt about what to download from your bank, we suggest that you select the file type specified for QuickBooks, Quicken, or Sage 50.
 

Uploading Your Transactions

You can upload your transactions as follows:

1. Click the Tools on the main menu
2. Click Imports and Exports.
3. In the Bank Transactions section of the Data Import Utility page, click the Choose File button...and select the bank transactions file that you wish to upload.
4. Click on the Upload OFX Transactions button.

This will bring you to the Uploaded Bank Transactions screen. This screen allows you to review the transactions you are about to upload -- nothing is saved yet. You need to tell Versa which bank (or credit card) account the transactions are related to.

1. Select a Cash Account or a Credit Card Account from the drop-down list.
2. Click the Assign Account button to relate the selected account to the Account ID shown for the uploaded transactions.
   • Once a cash or credit card account is assigned to a particular Account ID, the account will be selected automatically for future uploads.

Once you have assigned a cash or credit card account, the Save Bank Transactions button will appear.

1. Click the Save Bank Transactions button. Your uploaded transactions will then be saved.

Posting Your Uploaded Transactions

The user will need to go to the GL Menu>Cash Accounts>And click on Bank Imports under the Imported Transactions Column: 

This will show the user a list of all the transactions imported and then the user can either match it to an existing transaction (bill or invoice) or choose to post it as a miscellaneous transaction: 

First thing to note about the uploaded transactions is:

• Negative Amount figures are monies going out of your account. For credit card account, this means things you have purchased
• Positive Amount figures are monies coming into your account. For credit card, this means payments you made to your credit card or any refunds.

This implies the following rules-of-thumb: For bank account transactions:

• For negative Amount figures, you will usually want to select an Expense or Liability account from the drop-down list.
• For positive Amount figures, you will usually want to select a Revenue account from the drop-down list.

For credit card transactions:

• For negative Amount figures, you will usually want to select an Expense account from the drop-down list.
• For positive Amount figures, you will usually want to select an Asset account from the drop-down list. (This will be the cash account you used to pay down your credit card.)

Also, for cases where you are paying down a credit card, you will never want to include any taxes on such transactions.
Now, to post the transactions do the following:
1) Select the taxes that are included in the Amount figure.

• If the taxes corresponding to the standard tax rates (i.e. 5% GST) then tick the checkbox for that particular tax.
• If the taxes can not be calculated based on the standard rates, then tick the checkbox for that particular tax and, in the Tax Calculation Override Field, enter the specific amount of tax included in the Amount figure.
• Select the account to which the Amount should be posted.
• Click the Post button.

Upon successful posting of a transaction, the transaction line background will be green. The Accounting Transaction ID will also be shown. Click on the Transaction ID hyperlink to see its journal listing.