Bank Statement Import - DBS Bank Statement
Bank Statement Import can now be done on Moneyworks! All you need is the ability to download your bank statement from the bank as csv or Excel.
Why import bank statement?
Importing bank statement will allow user to map income and expenses to relevant accounts without keying the transactions individually, saving on time and effort. With Moneyworks, you can even add simple rules to allocate to relevant accounts code without manually allocating them.
This function is especially relevant and effective for cash businesses including sole proprietors or bookkeepers who help small businesses in keeping their accounting records.
Watch the youtube video below for the DBS bank statement file import:
Before you start importing, you should prepare the setup by selecting your default income and expense accounts so that most receipts and withdrawal by default will be allocated to.
Bank statement only need 4 column namely date, description, deposit and withdrawal. Once imported, you can start to allocate those that are not your default income or expenses like rental, bank interest, bank fees and even government grants if you want to track separately. If you keep setting rules, you probably may not need to do much manual intervention or allocation after a few rounds.
One more function included in bank import is bank reconciliation. You can just tick to reconcile your bank account directly if there is no other transactions.
Once you accept the allocation, all the transactions will be recorded individually as receipts and payments transaction in Moneyworks. You can save at least 1 hour of time for every 10 bank transactions with this method.
Small business owners including freelance bookkeepers and sole proprietors benefit most in this accounting automation function. As small business, you might be also eligible to apply for PSG grant to purchase Moneyworks to automate your business functions claiming up to 80% for going digital. Read more about Moneyworks and PSG on our website.