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How to Do Bank Imports in Patriot Software

Time is money. So when it comes to importing bank transactions into bookkeeping software, you want a smooth process—for both you and your clients.

Patriot'due south Premium and Accounting Basic Software options streamline the procedure of importing bank transactions. But, don't simply take our give-and-take for it. Here'southward a quick lesson on how to do banking concern imports in Patriot Software so you can encounter for yourself.

How to do banking concern imports in Patriot Software

Your banking concern transactions are central to managing your accounting books. And if you desire to relieve time, bulk importing is the way to go.

Then, all those in favor of banking company imports, say yeah. And read on...

Step 1: Connect your bank account

When you ready automatic banking concern imports in your accounting software, you lot don't take to worry about manually importing spreadsheets.

Instead, the software automatically pulls your bank transactions into your account either the day of the activity or the day after. Transactions are then ready to go into your general ledger.

If y'all desire to automatically import depository financial institution accounts, offset by connecting your bank and accounting accounts. Hither'southward how to practise that in your Patriot business relationship:

• Get to Settings > Accounting Settings > Full general Settings > Connect Bank Accounts

• Click "Connect New Banking company"

• Select your bank

• Enter your login credentials

• Select the accounts you want to import

• Choose the Patriot Software Account from your Chart of Accounts you want associated

• Cull a date to begin importing transactions

Expanded feature alert! In 2020, Patriot increased the fourth dimension frame for banking company imports to two years (originally seven days). That ways Bookkeeping customers can choose a date to brainstorm importing transactions that'southward up to ii years in the by (if your bank institution allows information technology).

Accounting Basic customers can connect up to four financial institutions to their business relationship, while Bookkeeping Premium customers tin can connect upwardly to ten. There is no limit on the number of accounts within those institutions yous can connect.

Later on connecting your bank account, here's how yous go to the page that has your pending transactions. Yous have two routes:

• Yous'll run across a notification alert at the top of your Bookkeeping Home Folio. Click the "View Transactions" link

• Get to the left navigation menu. And then navigate to Accounting Financial Tasks > Reconcile Pending Transactions

Don't want to connect your bank account?If you lot're looking for an alternative to automatic banking concern imports, there's also transmission banking concern importing. You can upload .xls, .xlsx, and .csv file types. Learn more about manually importing bank transactions is piece of cake and requires only simple mapping spreadsheet to Patriot. And fifty-fifty if yous opt for automatic bank imports, there may be times when yous need to do a little manual legwork, which we'll get to later on.

Step 2: Categorize your bank transactions

Whether yous're manually or automatically importing bank transactions, your work isn't done when they're pulled into your software account. Next, you need to assign them to accounts and departments (if applicable).

Take a look at how Patriot helps make this necessary process easier, saving y'allall the clicks y'all would normally take to do for each transaction:

• Suggestions based on what other users have selected (artificial intelligence)
• Suggestions based on your history
• Ability to prepare up rules

Here'southward a screenshot of the to a higher place three time-saving automations in action (icons at the far left—we'll become to what each is below):

Patriot's software uses artificial intelligence (AI) in the course of machine learning. Known as "Patriot Smart Proposition," Patriot'due south machine learning provides automatic expense account suggestions based on what other users have selected for like types of transactions. Yous can either accept or dismiss the proposition. Y'all'll know the software has automatically categorized a transaction using Smart Suggestion when y'all see an atom-like icon at the far left of your import page.

The software can also make suggestions based on your history to make up one's mind the correct account. You'll run into a clock icon if the software has automatically categorized a transaction using your historical data. Again, accept or dismiss the suggestion.

And last but not least, yous tin set up rules (e.g., all transactions containing "Paper") so the software automatically assigns imported transactions to the appropriate accounts (east.g., Checking business relationship) and departments. You'll see a magic wand icon at the get-go of the row (because saving timeismagical).

You can gear up automated bank import rules right in Settings or on the Import Transactions folio. All it takes is a few simple steps:

1. 1. To create a dominion in Settings:

1. 1. 1.     a. Become to Settings > Bookkeeping Settings > General Settings > Transaction Rules

1. 1.     b. Click "Add a Dominion"

1. two. To assign a new rule or existing dominion to a specific transaction on the Import Transactions page:

1.     a. Become to Bookkeeping > Financial Tasks > Manage Imported Transactions

1.     b. Choose a transaction yous want to prepare a rule for

1.     c. Click the gear icon at the end of the row

1.     d. Choose "Create a new dominion for this transaction" or "Add this transaction to an existing rule"

OK, so once you're on one of the above pages, it's time to create your rule. When creating your rule, you lot must:

• Detail the text or alphanumeric characters to include
• Exclude whatsoever text (optional)
• Name your dominion
• Select the account where these transactions should get
• Assign a section where these transactions should go (optional)

If more one rule applies to a transaction, the software will apply the nearly recent rule. If you demand to change the account, department, or both, you tin do and so.

Already made a journal entry for a transaction? Simply dismiss it (yes, it'south that easy).

Until you take or dismiss the imported transactions, they'll appear equally "Pending Importing Transactions."

What if I demand to allocate a transaction to more than i account?

Sometimes, at that place'south more than to a transaction than meets the eye. One single bank transaction (e.m., buying $1,000 worth of office supplies, nutrient, and equipment from 1 place) might need to be allocated to several accounts or departments. If that's the case, you demand to dissever the transaction later importing it.

Patriot'south divide transaction feature lets yous allocate the amount, account, and department when importing a bank transaction. Simply click the "Split Transaction" icon, break downward how much should get where, and click "Utilize Changes."

Need to make changes to your import connection?

This footstep is only for those who make up one's mind to take advantage of the automatic bank imports option. You can make the post-obit changes to your import connexion at any time:

• Edit depository financial institution accounts

• Pause the import

• Disconnect a depository financial institution business relationship

Edit bank accounts

If you need to change up the bank account connection in whatever way, yous can edit bank accounts quickly and efficiently.

Want to change the bank accounts that are importing into your Patriot account?

• Go to Settings > Accounting Settings > General Settings > Connect Bank Accounts > Manage Connected Accounts

Want to change the Patriot Software account for each connected bank business relationship?

• Go to Settings > Accounting Settings > Full general Settings > Connect Bank Accounts > Edit

Pause the import

Need to pause one of your transaction imports from one of your bank accounts? No problem.

Here's what to do:

• Get to Settings > Accounting Settings > Full general Settings > Connect Bank Accounts

• Click "Break" for each account you demand to break imports for

Time to unpause? Just:

• Become to Settings > Accounting Settings > General Settings > Connect Bank Accounts
• Click "Resume" for each account you want to resume imports for

If you get to a signal where y'all desire to permanently finish the import connection, yous can...

Disconnect a bank account

To disconnect a bank business relationship connection, use the following three steps:

1. Become to Settings > Accounting Settings > General Settings > Connect Banking concern Accounts > Manage Connected Accounts
two. Click "Disconnect"
3. Click "Yes" to the "Are you lot certain?" question

Go on in listen that if there is no activity subsequently 45 days for a particular bank account, information technology will automatically disconnect.

Step 0: Signing up

If yous're interested in taking reward of banking company imports and other central bookkeeping features, you tin can sign up for Patriot'south Accounting Premium  or Bookkeeping Basic  Software.

Accountants can join Patriot'due south Partner Program  to receive special pricing for their clients and free accounting for the firm (with vi or more customer accounts).

And hither's the best role: Each new bookkeeping business relationship gets 30 days gratis!

Topics: Cloud Bookkeeping

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Source: https://report.woodard.com/articles/how-to-do-bank-imports-in-patriot-software

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