To assist in the reconciliation of your bank GL accounts in Versa, you would typically import your bank statements into Versa to find any transactions that are not already entered. This article describe how to import the bank statements manually. Versa also have the ability to connect to your bank accounts and automatically download the transactions. This is done using Plaid, read more about it here.
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 FormatVersa 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 TransactionsYou can upload your transactions as follows:
- Click the Tools on the main menu
- Click Imports and Exports.
- 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.
- Click on the Upload OFX Transactions button.
- Select a Cash Account or a Credit Card Account from the drop-down list.
- 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.
- Click the Save Bank Transactions button. Your uploaded transactions will then be saved.
Posting Your Uploaded TransactionsFirst 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.
- 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 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.)
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.