Bank Transactions
The Bank Transactions List provides a centralized view of all transactions imported from linked bank accounts and credit cards. Users can easily review, search, filter and manage transactions based on their reconciliation status and associated bank account. Enables users to efficiently track and reconcile transactions as well as monitor and maintain accurate financial records. In addition to that, by automating transaction imports and providing robust search and filters, overall it improves productivity and simplified reconciliation.
- Navigate to Commerce > Bank Transactions.
- Initially, you will see no records in the list.
- The system retrieves and displays bank transactions based on the selected:
- Bank Transactions Type
- Bank Account
- Bank Transaction Type: Allows users to filter transactions based on their processing status. The transactions type can be for review, matched or excluded transactions.
- For review: Displays transactions that require user review before they can be processed or matched. Simply, displays pending transactions for the selected account.
- Matched: Displays transactions that have been successfully matched with existing payments or expenses. Simply, displays matched transactions for the selected account successfully.
- Excluded: Displays transactions that have been intentionally excluded from reconciliation or further processing. Simply, all excluded transactions across linked accounts. The Excluded filter provides visibility into transactions that have been omitted intentionally, helping users review and restore them if necessary.
- Bank Account: A dropdown list displaying all linked bank accounts and credit cards. Users can view transactions for a specific account and switch between different connected accounts. It will display a bank/credit card name with nick name in the dropdown for the selection as shown below. Learn more to add bank/credit card manually.
Here's a breakdown of what each column might contain:
- The Bank Transactions List provides detailed transaction information to review, match, exclude or exclude transactions efficiently. It includes columns such as Transaction Date, Transaction Type, Transaction Amount, Category, Memo, Description, Match, Action.
- Transaction Date: The date on which the transaction was posted or processed by the financial institution.
- Transaction Type: Indicates whether the transaction is a Debit (money withdrawn) or Credit (money deposited).
- Transaction Amount: The monetary value of the transaction. Debit and credit transactions are displayed according to their respective amounts with currency. E.g. If debit: -$100 and in credit: $100.
- Category: The transaction category assigned automatically or manually (e.g., Office Supplies, Utilities, Payroll, Travel).
- Memo: Additional notes or remarks provided by the financial institution or entered by the user.
- Description: Detailed transaction description imported from the bank, such as merchant name, payment reference, or transaction details.
- Match: This column indicates whether the transaction has been matched with one or more existing transactions in the system. Existing transactions in the system can be an invoice, payment, expense, bill. It helps users to understand matched counts quickly. E.g. If a payment of $100 is imported, then the system finds existing transactions against that payment. And suppose if there are 4 matches, then displays 4 matches found, otherwise displays transaction type - Expense, Invoice or Payment.
- Actions: Provides available actions such as Exclude or Undo transactions.
- Exclude: Enables users to exclude or omit transactions that should not be reconciled. This option is available when the transactions are in review state.
- Undo: Allows users to unmatch or undo a transaction, if it is already matched or excluded.
- Click on the expand icon “ ▶” in the list on the left side as shown below, which will display all suggested matching transactions to reconcile.
- Suggested Matches: Automatically suggested matches reduce the time spent to locate records manually. For each bank transaction, the suggested matches panel displays the existing transaction information that resides within the system. Based on criteria such as open balance (transaction amount), its date, payee and reference details, the system presents a list of suggested matches for user review, if found.
- Date: The date of the transaction.
- Match Suggestion: It displays the type of the transaction, such as Invoice, Payment, Bill, Vendor Payment or Expense.
- Open Balance: The remaining unpaid or outstanding balance of the matching record.
- Payee: The customer, vendor or payee name associated with the transaction.
- Match Button: The Match button allows users to reconcile the selected record. Select any one transaction from the suggested matches and click the match button for faster reconciliation and once the transaction is matched, it will be removed from the For review list and displayed in the Matched list.
Case 1: If suggestions are found, then displays below information. Here, users can select from the suggested match or search for alternative records on the “Find other matches” button.
- Here, suggested matches also display detailed information of the available transactions in the system. Click on these links, it will open a dialog which gives detailed information about the transactions. It can be an invoice, payment, bill or expense.
- After matching the transaction, you can see linked bank transaction details. Refer below.
- Find Other Matches Button: Used to display alternative records. If the users can’t find suggested matches for the specific transaction, then click on the Find Other Matches button. It will open a dialog with additional records for matching available in the system, enabling users to select the appropriate transaction.
- Note: When a bank transaction is matched with:
- If it is Invoice, then the system automatically creates a payment against it to reconcile the transaction. Also, it performs the reverse process when we Undo/Unmatch transactions.
- If the type is Bill, then the system will create a bill payment against it to reconcile the transaction.
- If it is Expense from the customer/vendor or Bill Payment from the vendor, then automatically reconciles the transaction.
- Match Process:
- The user selects an Invoice from the suggested matches or finds other matches dialog and clicks the Match button.
- The system validates the invoice and available balance.
- A Payment record is automatically generated against the selected invoice. And the payment amount is applied to the invoice. This process eliminates manual payment creation when reconciling.
- The bank transaction is marked as Matched.
- The invoice and payment status are updated accordingly.
- Undo/Unmatch Process: Simply, it can be an easy reversal process. Users can safely undo an incorrect match without manually adjusting invoices, payments or expenses.
- If the user chooses to Undo a transaction that was matched or excluded by mistake, then the system reverses the reconciliation process.
- The system automatically deletes a created payment record. Here, the balance is restored to its previous outstanding balance.
- The invoice or bill status is updated accordingly (for example, Partial or Open).
- And finally, the bank transaction is moved back to the For Review status and becomes available for matching again.
Case 2: If no matched suggestions are there, it will display shown below:
- Here, you can see the Find match button, used to display alternative records. It will open a dialog with additional records for matching available in the system, enabling users to select the appropriate transaction. It works the same as the find other matches button does.
- Exclude Button: Users can view the Exclude button, whenever the transactions are in pending or review state, before reconciliation.
- Excluded Transactions: Once the transaction is omitted, its status will be marked as Excluded and all the omitted or excluded transactions will be displayed in the list with filter type Excluded. From here, you can see the “Undo” button to unmatch the transaction.
Advanced Search/Filters:
Search Functionality
The search feature allows users to find accounts quickly without manually going through the entire account list. Users can search transactions using: Description, Category and Memo.
Filters
- Filters help users to find records based on specific criteria. Meanwhile, reducing time spent searching and enhanced user experience.
- Simply click on the filter icon to apply the filter which opens the filter modal as shown below.
- Transaction Type: Here, we can filter transactions based on transaction type: All, Debit or Credit.
- Transaction date: Select a specific time slot.
- Grouping: Allows to group related transactions based on transaction type.
- Add: This button allows the user to save specific filters for future use.
- Apply: Apply the selected filters and display relevant results on the list.
Sorting
- Sorting allows users to organize account records in a preferred order.
- In the Bank Transaction List, sorting can be done on Transaction Type, Transaction Date, Transaction Amount, Description and Memo.
- Learn more about how to use advanced filters, sorting and column management.
Import Bank Transactions Manually
Know more about how to import bank transactions manually.