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Types of transactions when matching imported statements

When explaining transactions after you have imported your online banking statements, you need to understand the different types of transactions and when to use them.

Once you have imported a statement a menu option will appear against each entry asking you for further actions in order to fully explain the entry.



Add Receipt / Payment

Depending on whether the entry is a credit or debit will determine whether you see Add Receipt or Add Payment.


A payment or receipt is a direct entry into or out of the bank account.  It will not usually be associated with sales or purchase invoices that you may enter on to Clever Accounts, nor will it be associated with a transfer between bank accounts.

Such payments could be income and expenses if you do not intend to add sales or purchases invoices into the system (e.g. cash accounting method).  Other payments and receipts could be wages, dividends, tax/vat/paye payments and receipts or anything else you do not have an invoice to match against the payment.

Add Invoice
Adding an invoice will work with payments into or out of the bank.

Add invoice for a receipt if you want to create a sales invoices for the payment into the account.  It maybe that you have forgotten to add an invoice into the system or did not expect the payment.

Add invoice for a payment if you have made a payment out of the account that relates to a supplier invoice you may hold but hadn't updated Clever Accounts in time.

Match Entry
There are times, especially if first using the bank import function, that you might have already entered and reconciled the payment or receipt to the bank account within Clever Accounts.

You will thus not need to create a new entry but match it against the entry already in Clever Accounts.

Transfer
If you made a transfer between business bank, credit card, petty cash or loan accounts then you should use this option to create the actual bank transfer between the accounts.

The entry will be created on both bank accounts and thus if you import statements on the "other" bank account you will need to match the entry already made.

Customer Paid
If you normally enter sales invoice into Clever Accounts then you will need to allocate payments into the bank to the customer that made the payment.

When you click on this function, you will be asked for the customer name then a list of all outstanding invoices will be shown that the payment can be allocated to.

Supplier Paid
If you normally enter purchase invoices into Clever Accounts then you will need to allocate the payments from the bank to the supplier that you made the payment to.

When you click on the link you will be asked for the supplier name then a list of all outstanding invoices will be shown that the payment can be allocated to.

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