Before importing the bank transaction feeds into BBS users will be required to download the QIF file from their financial institution first. Once the QIF file has been downloded to your PC navigate to Bank Transaction Feeds and click and either select the file or drag and drop by clicking the drop down arrow.

The bank transactions will then import into BBS.

The below is a full list of statuses:

a.Not Matched – Needs to be manually matched to an existing transaction or a new transaction created from the bank feed transaction. Please refer to Creating New Transactions from Bank Feed Data or Matching to Existing BBS Transaction for more information.

b.Potential Match – There are one or more unmatched transactions in the system for this amount. Check the matches before creating a new transaction to avoid duplication

c.Auto-Matched – Highly confident that the bank transaction already exists in BBS and it is linked up automatically. Please refer to Auto Matching for more information.

d.New Transaction – A new transaction is to be posted in BBS for the bank transaction. Any that say **CHECK** need to be verified and any that say **FUTURE** indicates that a payment is being made for unupdated invoices.

e.Matched – A manually matched transaction.

f.Posted / Updated – The transaction has been created from a bank feed and has been posted and updated.

g.Matched / Cleared – The transaction has been previously matched to an existing BBS transaction.

Bank Feed transactions are passed through an advanced algorithm to analyse the memo/payee text associated with deposit transactions. It searches for identifiers including customer codes, invoice numbers, and sales order numbers and matches these against the amounts paid and owing. When a match is identified, the bank transaction automatically links to the corresponding customer, invoice, or sales order and posts the payment directly to the respective transactions within the system.

The algorithm will also search for any transactions that match Bank Transaction Feed Matching Rules and will match these up as well.

The Auto Match process runs automatically when a QIF file is imported, and when transactions are split. To run this process at any other time, the user can click the Auto Match button.

New transactions from bank feed data can be created by clicking the Create New Transaction button on the Bank Transaction Feed screen and selecting the transaction type and completing the relevant details. When creating new transactions, these can be one off's or a matching rule can be created for future transactions on the fly by ticking the Create Matching Rule for Future Transactions box allowing future transactions containing the entered description to be automatically matched. Matching rules can also be created via Bank Transaction Feed Matching Rules Maintenance prior to importing bank feed data to automatically match these transactions at time of import.

Please refer to Bank Transaction Feeds - Create New Transaction for more information.

Unmatched bank feed data transactions can be matched to existing transactions in BBS by clicking the Match To Existing Transaction button and selecting from the list of BBS transactions yet to be matched that are of the same value. Multiple bank feed transactions can be matched to a single BBS transaction by highlighting the bank feed transactions before clicking the Match to Existing Transaction button.

Please refer to Bank Transaction Feeds - Match to Existing Transaction for more information.

A single bank feed transaction can be split into multiple transactions by clicking the Split Transaction button and entering the value to be split. Once the bank feed transaction has been split, another transaction will be displayed in the Bank Feed screen. Users can then match each transaction to an existing transaction or create a new transaction. This is useful for when one payment comes through for a debtor who has multiple account codes.

Please refer to Bank Transaction Feeds - Split Transaction for more information.

After saving and updating the bank feed data, debtor payments that are equal to an entire period or where invoices/sales orders are matched to the bank feed transaction will automatically post against the invoices/sales orders. Users will be prompted to post those that cannot be automatically posted via Debtors Posting.

A single cash book batch will be created per month and one cash receipt batch per day. i.e if you import your bank feed data weekly, one cash receipt batch will be created for each day payments were received in that week.

When creating a new bank statement in Bank Statement Entry for a bank account that uses bank feeds, any transactions up to and including the date of the statement that have been matched to bank feed transactions, including transactions created via the bank feed module, will automatically be selected as reconciled. This essentially makes the bank reconciliation automatic, as all users need to do is enter the statement date and closing balance for that date.

If additional transactions are processed after the bank reconciliation has been created, the Auto Match button in Bank Statement Entry can be used to reconcile these items.