Statements

A bank statement is a detailed record of all transactions and activities in a bank account over a specific period of time. It serves as an essential tool for monitoring and managing financial activities in the account, and it helps to ensure that the balance and transactions are aligned with financial goals and expectations.

Typically, the bank statement contains the following elements:

• Opening balance: The initial balance in the bank account at the beginning of the selected period.
• Closing balance: The final balance of the bank account after all transactions in the period have been posted.
• Start and end date: The dates that define the specific period during which the statement applies.
• Transactions: A list of all financial operations and activities in the account during the selected period.

The bank statement is essential for getting a clear view of how cash flows have evolved and is an important element of financial management and reporting.

In 2Click Accounting, the bank statement is automatically imported daily or by agreement with your bank, after which the system automatically posts all bank entries that it can identify. For the remaining entries that the system cannot post automatically, the user can quickly perform a bank reconciliation. This ensures that all transactions in your bank account match the transactions in 2Click Accounting. When you upload your first electronic bank statement (CAMT53 file) from the bank, your opening balance is updated in 2Click Accounting.

NOTE: Confidential information have been hidden from the picture above. 

How to upload and match a bank statement:

1. Click Upload statement.
2. Select Bank Integration and locate the appropriate file.
3. Click Upload to upload the file to the system.
4. Click Match Account Statement to start the matching process.
5. Click Processes Account Statement. The system will automatically attempt to match the bank statement with the correct bank accounts within the specified time interval.

In cases where the transactions do not match the transactions in 2Click Accounting, you can use the following functions:

• Upload statement: This feature allows you to manually upload a bank statement. If you receive an electronic bank statement (CAMT53) from your bank, you can upload it to 2Click Accounting to complete the bank reconciliation.
• Match statements: This feature automates the process of reviewing all transactions and matching them to the open entries, resulting in an automatic bank reconciliation. If a bank account was not set up in 2Click Accounting at the time of the bank statement processing, it will not be possible to match the bank statement. In this case, the bank account must first be created and then the function can be used.
• Processes bank statements: This button initiates the process of matching the uploaded transactions with the existing transactions in 2Click Accounting. The process may take about 2-3 minutes to complete.

Handling imbalances in Bank reconciliation

When the button "Sum difference" appears, it indicates an imbalance in the sum of the opening balance and the closing balance recorded in 2Click Accounting. This imbalance typically occurs when certain bank statements have not been received from the bank. To fix this, review your bank statements and ensure that all relevant bank statements have been properly imported and registered in the system.

If you identify that some bank statements are missing, you can log into your bank and retrieve the specific CAMT53 files or the missing bank statements. You can then upload these files in Statements as previously described. By ensuring that all bank statements have been correctly uploaded, you can eliminate imbalances and achieve an accurate and aligned financial overview.

Transactions

To gain insight into the specific transactions associated with a selected bank statement, click on the "View Transactions" button. This gives you access to a summary of the relevant transactions that have been processed during the specified period.

Each transaction contains a series of details, which you can view by clicking on the "View Details" button. These details include:

• Value date: The date when the transaction was processed by the bank.
• Statement currency: The currency in which the transaction is recorded on the bank statement.
• Statement amount: The total amount of the transaction as stated on the bank statement.
• Transaction text: A description of the transaction provided by the bank to explain the purpose or type of the transaction.
• Text to amount receiver: An additional text that can help describe the transaction and the person or entity receiving the payment.
• Comment: Any notes added to the transaction to explain or document specific matters regarding payment or receipt of amounts.
• Transaction currency: The currency in which the transaction was actually completed, which may be different from the currency shown on the bank statement.
• Transaction amount: The exact amount that has been transferred or received in the transaction.
• Transaction fee: Any fees imposed by the bank for processing the transaction.
• Status: The current status of the transaction (e.g. "Completed", "In Progress" or "Error"). 

Please note that confidential information has been hidden from the image above

Journal for each transaction

Within transactions, there are journals associated with them that give you detailed insight into how each transaction has been posted. To access these journals, find the desired transaction and then click on the "View journal" button. These journals are a useful feature that provides a clear picture of transaction history, which can be crucial for understanding and verifying the accounting processes.

Overview of buttons and functions

• Upload statement: If you receive an electronic bank statement (CAMT53) from your bank, this feature allows you to upload it to 2Click Accounting and complete a bank reconciliation process.
• Match statements: If a bank account was not set up in 2Click Accounting at the time of processing the bank statement, it will not be possible to match the bank statement. In such cases, you must first create the bank account and then use the function to match the bank statement.
• Process statements: This feature initiates a process where the uploaded transactions are matched with the existing transactions in 2Click Accounting. The process typically takes about 2-3 minutes to complete.

View bank statements: This button allows you to view the statement for that account.

Sum difference: Balance sheet does not match the sum of open transactions.

Reconcile transactions: Used to manually settle between the open entries and transactions.

View transactions: Click here to view the transactions associated with a specific statement.

Download: Allows you to download the XML file sent by the bank. 

View details: Allows you to view additional information about each transaction.

See more: Allows you to access more details and add a comment to the transaction.

X (Delete): Used to delete a bank statement.

View journal: This button appears on each transaction and gives you insight into how the transaction has been posted.

+ (Add): Used in bank reconciliation to add a manual transaction.

Rerun: This feature reruns the automatic bank reconciliation process.

Confirm: Click here to exit and confirm the bank reconciliation.