From your bank statement to your financial statements
Import your bank statement: InnoBooks suggests the expense or the invoice that matches each transaction, and you reconcile the month to the cent. The trial balance, the balance sheet, the cash flow and the general ledger are computed from your invoices, your sales and your expenses.
Import your bank statement
Download your bank statement as CSV, OFX or QFX and drop it into InnoBooks, several files at once if you like. The bank is recognised for Desjardins, RBC, TD, BMO, National Bank, CIBC, Tangerine and Scotiabank; a generic format reads other CSV statements.
A transaction already imported is not imported twice: InnoBooks recognises it and sets it aside before you confirm.
- CSV, OFX and QFX, several files at once
- Eight Canadian institutions recognised
- Duplicates set aside before you confirm
- No banking password to hand over: you import a file
Rules that categorise your transactions
A rule says: when the description contains this word, file the transaction in this account and this category. Rules run by priority on every import, or when you apply them yourself, and InnoBooks suggests the keyword from a transaction's description.
Accounts come from a ready-made chart of accounts. A transaction can be split across several accounts, and petty cash is tracked as an account of its own.
- Keyword rules, with priority
- Applied on import or on demand
- One transaction split across several accounts
- GST and QST of a debit worked out in one click
Every transaction finds its expense or invoice
For each debit, InnoBooks looks for the matching expense — amount, date, supplier name — and suggests it; you confirm. A debit with no expense can become one in a click.
For each credit, it looks for the unpaid invoice it settles, by amount, date, client or invoice number. When you confirm, the payment is recorded and the invoice becomes paid or partly paid: your overdue receivables stay accurate.
- Debits matched to expenses, credits to unpaid invoices
- You confirm every match
- Payment recorded, invoice updated
- Transfers between your accounts recognised in the statements
The month reconciled, to the cent
For one account and one month, InnoBooks computes the opening and closing balances, compares them with your statement balance and shows you the gap, with the transactions reconciled and those still waiting. When everything agrees, you mark the month as reconciled.
The cash flow comparison puts side by side, month by month, what went through the bank and what you invoiced and spent.
- Opening and closing balances, gap with the statement
- Transactions reconciled and pending
- Bank reconciliation summary in PDF or CSV
- The month's journal and reconciliation exported to Excel
The journal, kept on its own
You have no entries to post: the journal builds itself from what you already do in InnoBooks. Every invoice, till sale, expense and payment takes its place in it.
- Invoices, till sales, expenses and payments
- Nothing to retype
- PDF and CSV export
General ledger and trial balance
The general ledger shows every movement, account by account, and the trial balance adds up each account's balance at a given date. They are the two reports your accountant opens first.
- General ledger by account
- Trial balance at a given date
- PDF and CSV export
Your financial statements
The balance sheet, the cash flow statement and the financial statement are computed from the same data. The sales tax summary sits in the same module: tax collected, tax paid and net amount, tax by tax.
- Balance sheet
- Cash flow
- Financial statement
- GST/QST summary
In the Elite plan
Bank import, reconciliation and the accounting reports are part of the Elite plan, for the administrator and the manager.
Does your accountant work in QuickBooks or Sage? The Export add-on produces files ready to import into QuickBooks Online, QuickBooks Desktop and Sage 50 — files, not a permanent connection.
- Included in the Elite plan
- QuickBooks Online, QuickBooks Desktop and Sage 50 export as an add-on
See also
- Dashboard — Four indicators, their trend, your filtered charts.
- GST/QST summary — Tax collected, paid and net for the period you file, in PDF or CSV.
- Report — Clear reports to decide with confidence.
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