There are three different methods to enter your banking transactions in Pandle: Manual, File Import or Bank Feeds (if you are a Pandle Pro user). In this article we will explain how to enter your banking transaction using each of these methods.
To enter new manual transactions transactions click the ‘Enter Transactions’ button for bank account you wish to enter transactions for.
When entering your banking transactions, you are essentially copying out your bank statements into the software. There will be a live balance on the screen so if at any point the balance on screen does not match the running balance on the bank statement you know there is an error. As long as the balances agree, a bank reconciliation is not needed.
Each transaction will need the following details:
Date: This is the date of the transaction on the bank/credit card statement.
Bank Account: This is the account the transaction relates to eg Natwest account, Paypal etc.
Type: There are four types of transactions.
- Money In: This type of transaction is for amounts received into your bank account. This could be loans received, refunds, sales you have made (that are not from customers you offer credit terms to).
- Money Out: Any amounts going out of your bank account apart from payments made to suppliers that have offered you credit.
- Customer Receipt: This is for amounts received from customers that you have issued an invoice to.
- Supplier Payment: This is for amounts paid to suppliers that have issued an invoice to you.
Category: If the transaction is a customer receipt or supplier payment, this option allows you to select the customer/supplier it relates to. You will then be able to select the invoice the amount relates to. Once the invoice is selected you can move on to the next transaction. You do not need to separate the VAT amount for customer receipts and supplier payments as this has already been done at the invoice level.
Description: Entering a description helps you to understand what the transaction relates to if you refer back to it later. This can be copied from the bank statement or you can make up your own.
Tax code: If the transaction is money in or out and your business is VAT registered then the relevant tax code should be selected (see explanation above under ‘Entering Customer Invoices’).
Net amount: If the transaction is money in or money out you should enter the net amount here (the amount before VAT). Alternatively, if you do not know the net amount you can enter the gross (total amount) and the VAT will be calculated automatically.
To import your transactions rather than manually enter them, you will first need to download the transactions from your online bank account (usually CSV or OFX format) for the period you would like to upload. Once this is done, click on ‘Import Transactions’ in the Banking tab and follow the wizard. Your transactions will be imported ready for you to categorise and confirm them. Bank feeds will also be available very shortly.
To enter new transactions using our File Import method you will first need to download your banking transactions (your bank statements) from your bank account (usually in CSV or OFX format) and import this data into Pandle.
Pandle has default import formats for the main UK banks including Barclays, Natwest, HSBC, Royal Bank of Scotland, Lloyds and Santander. If you use a different bank or institution then you can create a custom file import format which you can use each time you import transactions.
To enter new transactions transactions using the File Import method click the ‘Enter Transactions’ button for bank account you wish to enter transactions for.
The click the green file import button (shown below)
You will then be asked to enter a few details and to upload your file (downloaded from your online banking). Please enter a description (it's a good idea to specify the period the file is for here), the default bank, the bank it relates to in Pandle and attach the file by searching or dragging and dropping it on screen
Once this is complete you will be able to check and confirm the transactions you have imported. Simply select the relevant categories, VAT treatment (if applicable) and then click the checkbox once you're happy with each transaction.
For more information on File Imports, including how to create custom import formats please click here.
To enter new transactions using our Bank Feed method you will first need to connect your bank account to your Pandle, you can find detailed information on how to do this here.
Alternatively you can also watch our Connecting Your Bank Account video below:
Once your bank account is connected to Pandle you will need to check and confirm the imported transactions. When new transactions have been imported into Pandle from your bank account you will need to click the check and confirm transactions button (as shown below).
Now you will see the list of transactions which have been imported.
Simply select the relevant categories, VAT treatment (if applicable) and then click the checkbox once you're happy with each transaction.
For more information on setting up your Bank Feed, including how to deal with banks that use multi-factor authentication please click here.