Import Statement can speed up the Bank Reconciliation process by importing the transactions from your Bank into a reconciliation screen for a specific date range.
This improves the accuracy of the Bank reconciliation.
What Is a Bank Reconciliation?
Bank reconciliation is the process of comparing the Orion accounting records (i.e. Cashbook) with your bank statement.
The goal is to identify any discrepancies between the two sets of records and make necessary adjustments.
Why Is It Important?
Accuracy: Reconciliation ensures that your personal records match the bank’s records, avoiding miscalculations or overdrafts.
Financial Health: It provides a clearer picture of your financial standing by tracking money inflows and outflows.
Fraud Prevention: Regular reconciliation helps detect any suspicious activity or errors early.
TABLE OF CONTENTS
Setup
Before importing you must set-up the format.
View the file generated by exporting the statement from your Bank and confirm what information is in which column
It is essential to get the field numbers correct before proceeding
In Orion Accounts > Maintenance > System Setup > Bank Accounts
Open/maintain a Bank, then click on Statement Import
Enter the set-up that matches your banks export
1. Field Numbers: These have to match the file supplied from the bank
This example has a header which makes it a bit easier - not all files will.
2. Skip Lines: as this example has a header we need to skip the first line/row
3. Date format: Choose the correct format from the list.
4. Field Separator: In this example a comma separates each data field
5. Tick boxes: LF stands for Line Feed, some data will have "quotes" as well.
The Process
1. Import Statement
In the correct bank (1) Click on "Import Statement" (2)
1. Use Last Saved Import: This will allow you to come back to the same import/reconciliation allowing you to exit without losing your progress
2. File Name: navigate to the file downloaded from your bank
3. Dated Between: The date range you are going to import into the Cashbook and reconcile
The file from your bank can have a larger range than what you import To make it easier you can import each day separately. NEVER import today's transactions
2. Match the transactions
Before proceeding make sur that the Closing Balance matches your bank statement.
Double click on the transaction to see the options to reconcile:
2.a Payments
1. Existing Cashbook Payment - use this if the transaction is in the Cashbook already
This will open another window showing the payments filtered by the amount automatically, this can be removed to show all payments:
Double click on the transaction to select.
2. New Orion Miscellaneous Payment - use this if the payment was made to a supplier that doesn't need/have an invoice
This will open an "Add Payment" window where you can add the details of the payment.
3. New Orion Creditors Payment - use this to match the payment to an invoice and/or keep track of the transaction in a Creditors account.
First select the Supplier, then select the invoices being paid
As soon as you press OK a Cashbook entry will be made
4. New Orion Debtors Refund - Similar process as New Orion Creditors Payment above - just a Debtors refund instead
First select the Customer, then select the refunds being paid.
2.b. Receipts
In the example above you will notice that a payment was already matched. This was automatic because the reference is the customers keycode.
1. Existing Orion Cashbook receipt - use this if the transaction is in the Cashbook already
The process is identical to "Existing Cashbook Payment" above where it will open another window showing the payments filtered by the amount automatically, this can be removed to show all payments:
Double click on the transaction to select.
2. New Orion Miscellaneous Receipt - use this if the payment was made to a supplier that doesn't need/have an invoice
This will open an "Add Receipt" window where you can add the details of the receipt.
3. New Bank transfer - use this if the amount is to be transferred to another bank in Orion
4. New Orion Debtors Receipt - use this to match the receipt to an invoice and/or keep track of the transaction in a Debtors account.
First select the Debtor, then select the transactions being paid
As soon as you press OK a Cashbook entry will be made
5. New Orion Creditors Refund - use this to match the payment to a new refund from the supplier
First select the Supplier, then add the creditors refund being received.
Finish
You have finished when the Closing balance (1) matches the total from the bank and the Required to Balance (2) is 0.00 :
If you Cancel your work will be saved if "Use last saved Import" in the Import Bank Statement window is ticked.
Otherwise, click on OK
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