How to import and reconcile your bank transactions

With InnoBooks you import a file from your bank (CSV, OFX or QFX), let the software detect the institution, categorize each line, then reconcile debits against your expenses and credits against your invoices. The month-end statement reconciliation finally compares the calculated balance to your bank statement.

What you’ll need

A file exported from your bank in CSV, OFX or QFX format (InnoBooks recognizes Desjardins, RBC, TD, BMO, National Bank, CIBC, Tangerine and Scotiabank; for another bank, it reads the file with a generic format).
At least one bank account saved in the Accounts tab (Checking, Visa, Savings, etc.).
The bankimport.create (import), bankimport.update (rules) and bankimport.read (read) permissions on your role.
Your expenses and invoices already entered in InnoBooks so reconciliation can find matches.

Steps

Open Bank Import and create your accounts
From the Accounting menu, open Bank Import. Go to the Accounts tab and click Add bank account. Fill in Account name, Institution, Account type (Checking, Savings, Visa, Mastercard, Line of Credit or Investment), GL Account # and Last 4 digits, then click Add.

Accounts tab with the “Add bank account” form and the list of existing accounts.
Import a file from your bank
In the Import tab, click Choose a file and select your statement. InnoBooks shows Detecting bank... then Detected bank with the transaction count. Confirm Select an account, click Preview, review Total transactions, Duplicates and the Date range, then click Confirm Import. To import several files at once, use the Files tab (drag and drop, then Import selected).
Categorize the transactions
In the Transactions tab, filter by All Status to isolate Uncategorized lines. Assign a GL account, or click Apply Rules (header) to auto-categorize based on your rules. Use Create Rule to memorize a category, Tax to compute GST/QST on a debit, and Split to spread an amount across several accounts.
Reconcile expenses
Open the Reconciliation tab and click Find Matches. InnoBooks pairs each bank debit with a Matched Expense and shows a confidence Score (green ≥ 80%, yellow ≥ 60%). Check the correct rows then click Confirm Reconciliation. For unmatched lines, use Select an expense... or Auto-Create Expenses.
Match invoice payments
In the Invoice Payments tab, click Detect Payments: InnoBooks looks for bank credits that match an Invoice (number, client, Outstanding balance). Check the matches and click Confirm Payments to mark the invoices as paid.
Close the period (statement reconciliation)
In the Statement Recon. tab, choose the Account, Month and Year, then click Load. Enter the Statement Balance and confirm the Difference is 0 and Pending is zero: the Mark as Reconciled button then becomes available. For your records, export the Journal Excel and the Reconciliation Report (header, based on the selected month and year).

Tips & edge cases

Bank detection is automatic: the Account auto-selected banner appears when InnoBooks recognizes the account from the file.
Existing Duplicates are detected and skipped on import, so you never count the same transaction twice.
In the Rules tab, Priority sets the order of application and Pattern is matched against the description text (e.g. “OVH”, “Fizz”).
To move money between two accounts (e.g. bank to petty cash), use New Transfer: no revenue or expense is created.
A Split only confirms when the total of the lines exactly equals the transaction amount.

Frequently asked questions

Which file formats and banks are supported?

The CSV, OFX and QFX formats are accepted. The software recognizes the institution automatically on import for Desjardins, RBC, TD, BMO, National Bank, CIBC, Tangerine and Scotiabank. For another bank, the file is read with a generic format, without recognizing the institution.

What’s the difference between “Reconciliation” and “Statement Recon.”?

Reconciliation pairs your bank transactions with expenses and invoices in InnoBooks. Statement Recon. validates, for a given month, that the calculated closing balance matches your bank’s Statement Balance.

Can I create an expense from an unmatched transaction?

Yes. In the Reconciliation tab, the Auto-Create Expenses button generates the missing expenses from unmatched bank debits.