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0 sats \ 4 replies \ @PictureRoom OP 20 Feb \ parent \ on: Accounting Software Rec? tech

This was really helpful - thank you! I had to read through it a few times to fully grasp everything.

Just to clarify, would you recommend importing my bank statements at the end of each month and then reconciling them? I want to make sure I’m not overcomplicating things while keeping everything accurate.

I also have credit cards that my main bank pays off, so the statement balance is reflected in my bank account rather than the itemized transactions from the credit card itself. In that case, should I import my credit card statements at the end of the month as well?

I came across a YouTube video discussing control accounts—I’ll link it here: https://www.youtube.com/watch?v=YXemZmcN9dM&t=116s

Thanks again for your help.

31 sats \ 3 replies \ @freetx 20 Feb

would you recommend importing my bank statements at the end of each month and then reconciling them?

Really just depends on how many transactions you are dealing with. I normally never import my statements since they are only 20 or so per month....I keep up with my Payments and Receipts weekly via manually entering by checking my online banking register. So its only like 3 or 4 manual entries per week.....point is by time bank statement arrives I usually just need to check what was final bank balance matches state balance.

If you use Bank Recon module I think it makes all this easier since you will now get a "Cleared" field in Payments and Receipts (one thing Manager does it hide or show fields depending on what modules are activated, so if you activate Bank Recon you now get a "Cleared" field in Payments and Receipts)

I came across a YouTube video discussing control account

Control Accounts are very cool....I've never used them but was good to see a video on them. So yeah, you can setup your CC via a control account and then use Inter-Account transfer to "pay off the CC" from bank account.

As to import CC statements, if its lots of transactions then yes would make sense.

10 sats \ 0 replies \ @PictureRoom OP 20 Feb

Thank you so much. I will attempt to start this tonight and reach out again if I encounter any other issues / questions!

0 sats \ 1 reply \ @PictureRoom OP 21 Feb

Does the program automatically overwrite previous bank statements that I import or does or does it recognize it?

10 sats \ 0 replies \ @freetx 21 Feb

I think it detects duplicates as long as the fields are the same.

You may want to check out Bank Rules as a way to automatically categorize imports so that the proper income / expense accounts are applied.