Until an entry is explained from the uploaded statements listing, the transaction will not appear anywhere else within Clever Accounts. This means that only when the entry has been explained will it appear on profit and loss, tax, VAT or dividend calculations.How do I know what needs explaining?
There are a number of ways to check when entries from statements still need explaining.
1. After you have uploaded and imported the statement the full outstanding list of all unexplained entries will appear.
Any entry that has not been explained will show a more action dropdown menu against it. This means that the entry has not been processed and the corresponding bank entry has not been created yet. Therefore, until it has been explained the bank will not be correct.
2. The bank summary page will show the number of entries still need explaining against each bank account.
3. Finally on the same page, you can quickly see the status of each bank account on the right hand side under the Imports to Complete section.
When explaining transactions what type of transaction should I use?
This depends on how you are using Clever Accounts e.g. if you are entering sales and purchases invoices or you are using purely as a cash entry system