Frequently Asked Questions

Do the imported bank transactions affect the balance sheet and profit and loss statement?
Last Updated a year ago

The bank transactions that are imported into the program are used for the bank reconciliation process. They do not (and never should) directly affect the balance sheet.
You perform a bank reconciliation between the transactions entered into your accounts and the transactions according to your bank.
Where there are variances you need to determine whether you have made a mistake, your bank has made a mistake, or you are missing a transaction that needs to be entered. If you need to enter a missing transaction then there are various mechanisms to use the information in the bank transaction as part of entering the transaction.
A bank transaction file does not contain enough information on its own to create a bookkeeping entry. You need to select the additional information like the appropriate account to apply the entry to.
In the Pro edition you can set up rules that can be executed to automatically create entries based upon the bank transaction file entries.
In both Pro and Standard edition you can perform bulk reconciliations where you select similar bank transactions (e.g. fuel purchases) and reconcile them all using the same account settings.
There is a section in the user guide that explains the bank reconciliation process. You can find it on the website at: http://bookkeeping.warby.com/Docs/User_Guide/Banking_Module/

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