What do I do if I've uploaded my bank statement incorrectly?
When uploading bank transactions, we strongly suggest that you check the transactions uploaded as soon as you've imported them. The easiest way to check that you've imported transactions correctly is to check the closing bank balance in ExpensePlus. This is calculated within ExpensePlus (not imported from your statement) so if it matches the closing balance on your actual bank statement (which it should), then that usually indicates that the import has been done correctly.
Good to know: Transactions that have been imported via the automated feed will always match the transactions that appear within your bank account (because the feed is provided by your bank).
Furthermore, within ExpensePlus it's not possible to delete bank transactions imported via the bank feed (because these transactions actually appear within your bank statement, whether you want them to or not!)
If you've ended up with duplicate transactions since the date you connected the bank feed, the most likely issue is that bank transactions have also been manually imported as well, and if so, it's the manually imported duplicates that need to be unmatched and deleted.
How does ExpensePlus calculate the statement closing balance?
This is calculated from your bank account's opening balance, plus all paid in transactions, less all paid out transactions to date.
To aid you with this check, at the end of the import process, the system will ask you to confirm whether the newly calculated balance is correct as of the latest date imported. If this is not correct, click No, and the import will be deleted.
If the confirmation above has been overlooked, you may find that you've accidentally imported your bank statement transactions incorrectly.
Common reasons for this include::
- The opening bank account balance for the bank account has been incorrectly set in ExpensePlus (you need to enter the statement balance as the end of the day before your system start date. This is generally the end of a financial year).
- The number of header rows on the bank statement upload screen has been set incorrectly (and therefore some transactions in the spreadsheet didn't get uploaded).
- Transactions are missing from the spreadsheet files you have uploaded (the most common reason for this is either when bank statements start partway through a month, OR when you download transactions you are including that day in the download....which risks missing transactions because more transactions for the current day may appear after you do the download and then get missed from future downloads).
Less common reasons include:
- Some transactions have been uploaded more than once (either because you've uploaded a file twice, or there is a date overlap in the way you have downloaded transactions, and some are in more than one file)
- A statement has been uploaded to the wrong bank account within ExpensePlus
- You are keying in transactions manually, and make a mistake
- The date format has been incorrectly set on the bank statement upload screen, so trnasactions have been added to the wrong month, or not imported.
- The 'paid in' and 'paid out' columns have been incorrectly set on the bank statement upload screen
When spotted straight away, mistakes can easily be rectified.
You can delete the last bank statement upload for a bank account by clicking the Delete Last Upload button on the bank statement screen - just be sure to have selected the bank account you want to do this for first, before clicking the button.
This will only work if you haven't matched any of the transactions that you uploaded. If you have already matched some of the transactions uploaded, you will first need to unmatch these by selecting the month in the dropdown and then clicking the 'unmatch' button (below in black) to the right of the transactions that have been matched. Once this is done, you will be able to click the Delete Last Upload button and remove the bank statement you imported.
IMPORTANT: Transactions that have been imported via the automated bank feed can't be deleted (but they can still be split). If you have connected the bank account in question to Open Banking, then within the view statement screen you will be able to view which transactions have been imported via the automated feed within the 'Import Type' column.
If instead of wanting to delete a whole bank statement upload, you just want to delete out a few transactions (for example, if you've just double imported a small number of transactions), then instead of clicking the Delete Last Upload button, you can click the 'delete' button (dust-bin icon) to the right of each transaction in the bank statement screen. Again, any matched transactions will need to be unmatched first before you can then delete them.
Once you have deleted the last import or any incorrectly uploaded transactions, you will be able to re-import the bank statement correctly as needed. If for some reason you only want to re-import some of the bank transactions again then you will need to either first, open the CSV file and delete out the transactions not required before importing, or manually key in the transactions you do want through the Upload Transactions Manually option that is displayed when you click the Upload Transactions button on the bank statement screen.
To better understand the Bank Reconciliation module, please view the module overview video here.