Before beginning any Bank Reconciliation make sure that your opening balance has been created in Xoro using Journal Entries and the bank statement has been uploaded.
- Choose Bank Account
- Download the Bank Transactions
- Verify the File Template
- Upload the .csv , .ofx or .qif template into Xoro.
Download the CSV template file
- Go to “Upload Bank Statment” using the search menu.
- Click on “Download template”.
Copy the information into the template
- Select the Bank Account from the dropdown that you want to upload the statement for.
- In a new window, go to your bank web site.
- Download your bank statement. File type must be
- If you downloaded. OFX or. QIF, you don’t need to verify the template and can proceed to Step 4.
- But, if you downloaded .CSV file, please make sure the file format matches the required template.
- Once you’ve downloaded the template file, you can copy in your data using any spreadsheet software. There are columns that you must complete, and others that are optional. Mandatory fields are marked with a double asterisk (**) prefix.
- The file must be a CSV (Comma-separated values) file. The name of your file must end with csv.
- Make sure you don’t change any of the column headings from row 1 in the template – these are needed for the file to import correctly.
- All date fields will accept a format of MM/DD/YYYY or MM-DD-YYYY.
- Be mindful of any leading zeros in your data, some spreadsheet software will trim them automatically without notifying you. This can be resolved by ensuring your columns have correct formatting.
- Sometimes long numbers (UPC, etc.) are formatted as scientific notation. Be sure to change the formatting on this data to display these long numbers correctly.
|Column Name||Data Type||Description|
|**Date||Text||The date of the transaction in MM/DD/YYYY format.|
|**Amount||Numeric||The numerical amount (without commas) of the transaction in decimal format.|
|Payee||Text||A Payee for the transaction.|
|Description||Text||A Description of the transaction.|
|Reference||Text||A Reference of the transaction.|
|ChequeNumber||Text||A Cheque # for the transaction.
For Bank Accounts: use + values for deposits into your bank and – values for payments.
For Credit Card Accounts: use + values for payments made toward paying off your credit card and – values for charges placed on your card.
Upload the template
Once you have filled the CSV file with your data, you can follow the steps below to upload it into Xoro:
- Click Browse to select the saved CSV template file.
- After the file and rule has been selected, click on Verify & Upload to start importing.
- While the import is in progress, the summary of the progress will be displayed at the bottom of the screen with the progress bar.
- After the import has been completed, the result will be displayed with the message for success or error (if any).
- Bank Statment will only get uploaded into the system if there are no errors in the file.
- If there are errors in the file, you can download the error file, fix the errors in the original file and upload it back into Xoro.