Upload Bank Statement

Before beginning any bank reconciliation, make sure that your opening balance has been created in Xoro using journal entries and that the bank statement has been uploaded.

You can upload the bank statement using the steps mentioned below:

• Choose a bank account.

• Download the bank transactions.

• Download the latest CSV template.

• Copy the bank statement information into the CSV template.

• Upload the template into Xoro.

Choosing a bank account

Select the bank account from the drop-down for which you want to upload the statement.

Downloading the bank transactions

Once you have selected the bank account, proceed to download your bank transactions.

• Go to your bank website.

• Download your bank statement. Please note that the file type for the bank statement file must be one of the following:

  • OFX

  • QIF

  • CSV

Downloading the CSV template file

• Go to the “Upload Bank Statment” module using the search menu.

• Click on “Download template”.

  

Copying the information into the template

Once you’ve downloaded the template file, you can copy 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.

Please Note:

• If you downloaded. OFX or. QIF, you don’t need to verify the template and can directly upload the file.

• But, if you downloaded .CSV file, please make sure the file format matches the required template.

Below are some points to be noted when entering the data into the template.

• 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 the MM-DD-YYYY format.

• 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.

If you’re importing more than 5,000 records, we recommend you split up the file.

Upload Bank Statement Template Fields

Column Name	Data Type	Description
**Date	Text	Enter the date of the transaction in MM-DD-YYYY format.
**Amount	Numeric	Enter the numerical amount (without commas) of the transaction in decimal format.
Payee	Text	Enter the Payee for the transaction.
Description	Text	Enter the description of the transaction.
Reference	Text	Enter a unique reference of the transaction for tracking purposes.
ChequeNumber	Text	Enter 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.

Uploading the template

Once you have filled out 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 has been selected, click on Verify & Upload.

  
• In the 'Bank Statement File Preview' window, review the data and click on "Upload Statement" to start importing.

  
• After the import has been completed, the result will be displayed with the message for success or error (if any).

  
• The bank statement will only get uploaded into the system if there are no errors in the file.

• If there are errors in the file, you can fix the errors in the original file, and upload it back into Xoro.