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Explaining bank transactions

Once your statement is uploaded you'll need to explain them accordingly.  If you have transactions that are simply bank payments or receipts then you need to create an entry into the bank ledger.

Some entries that go through the bank may not have invoices associated with them (or you do not want to add an invoice), are not transfers and have not been entered already onto the system. Please refer to our types of transactions guide to give you a good idea of the type of transaction a bank payment or receipt might be.

How to create a bank transaction

Outstanding bank entries to be imported are shown in a variety of ways as shown in the guide.

Next to each transaction is a dropdown down menu showing either Add receipt or Add payment depending on whether the entry to be imported is a bank payment or bank receipt.

Click on Add receipt or Add payment and a pop up screen will appear pre-populated with the details of the entry including date, reference and amount. The only fields you need to update are the nominal code and (if VAT registered), the VAT rate (if the rate is different to the standard rate for that code).

Allocating a nominal code

The nominal code dropdown selector determines where Clever Accounts will allocate the payment or receipt. Allocating a code helps standardise amounts paid, or received, in the accounts plus ensuring the accounts balance.

It is important to select the closest code that accurately identifies the transaction.

Using the drop down, you can click the arrow icon on the right side of the field, start typing the code reference, any part of the name of the type of payment or receipt or simply by pressing the space bar to bring up the full list

Select the appropriate account codes by using the cursor or keyboard to scroll down.

Can I change the description?

The description in any of the reference fields can be changed as required. The reference is pre-populated with the details from the imported statement entry. However, update this with your own reference if required

What if I am not VAT registered?

If you are not VAT registered then there is nothing else you need to complete. The only required field was the nominal code field.

Once you are happy with the nominal code selected, click on Add this transaction

What if I am VAT registered?

VAT rates are linked to nominal codes by default. Therefore, selecting a nominal code above will automatically change the VAT rate to the default rate.

This is not intended to be set in stone as there are many occasions where VAT cannot be claimed back in a VAT defaulted nominal code. It is purely used as a guide.

Select the nominal code as above.

Before the nominal code is updated the VAT rate is set to zero rated.  

However, once the nominal code is allocated, the VAT rate will be changed automatically based upon the code used.

Not VAT rated nominal code: The VAT rate will not change and the Net Amount and Total Amount will remain the same.

VAT rated nominal code: The VAT rate will change to the appropriate code and the Net Amount will change to the amount excluding VAT. This will ensure that the Total Amount remains the same as the total imported entry.

If the VAT rate is incorrect (as the entry should or should not be vatable) the fields can be changed accordingly. Obviously care is needed to ensure the total amount is the same as the imported statement entry amount.

Once the nominal code has been entered correct and the VAT rate is correct, click on Add this transaction to create the bank payment or receipt.

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