Importing Bank Transactions
Bank Transactions is a Tier 2 (First Week) data type. This import allows you to bring bank statement data into AccuArk, creating proper double-entry accounting records for each transaction. Use this feature to load historical bank activity or to import transactions downloaded from your bank.
Before You Begin
- Import your Chart of Accounts first. The bank account you select and the offset accounts referenced in your file must already exist in AccuArk.
- Download a transaction history from your bank, typically in CSV format. Most banks offer this in their online banking portal.
- Identify which account in AccuArk represents the bank account you are importing for (e.g., "1010 - Checking Account").
- Identify the offset accounts for each transaction. For example, a rent payment might offset to "5020 - Rent Expense," while a customer deposit might offset to "4000 - Sales Revenue."
Step-by-Step Import
- Open the Data Exchange Center from the Business menu
- Click Import on the Bank Transactions card
- Select the Bank Account from the dropdown. This is the account in your Chart of Accounts that represents the bank account you are importing transactions for.
- Select the Location from the dropdown if your business operates multiple locations
- Click Browse and select your CSV file
- Click Next to map columns
- Ensure the following required fields are mapped:
- Transaction Date (required)
- Description (required)
- Offset Account (required)
- Map Debit, Credit, Reference, and Payee Name as available
- Click Next to validate
- Review validation results and click Import
Available Fields
| Field | Required | Type | Description |
|---|---|---|---|
| Transaction Date | Yes | Date | The date the transaction occurred. Accepted formats include MM/DD/YYYY, YYYY-MM-DD, and other common date formats. |
| Description | Yes | Text | A description of the transaction (e.g., "Office supply purchase", "Customer payment") |
| Reference | No | Text | A reference number such as a check number, confirmation code, or bank reference |
| Debit | No | Number | The amount debited (money going out of the bank account). Use either Debit or Credit for each row. |
| Credit | No | Number | The amount credited (money coming into the bank account). Use either Debit or Credit for each row. |
| Offset Account | Yes | Lookup | The account code of the offsetting account. Must match an existing account code in your Chart of Accounts (e.g., "5020" for Rent Expense). |
| Payee Name | No | Text | The name of the person or business involved in the transaction |
How Double-Entry Records Are Created
For each row in your CSV, AccuArk creates a proper double-entry accounting record:
- A debit row (e.g., a payment of $500) creates a credit to the selected bank account and a debit to the offset account
- A credit row (e.g., a deposit of $1,000) creates a debit to the selected bank account and a credit to the offset account
You do not need to worry about which side of the entry goes where — AccuArk handles that based on whether the amount is in the Debit or Credit column.
Important Warning: Duplicates
Bank transaction imports always create new records. There is no duplicate detection or upsert behavior. If you import the same file twice, every transaction will be recorded a second time.
To avoid duplicates:
- Keep track of which date ranges you have already imported
- If you accidentally import a file twice, delete the duplicate transactions manually or restore from a backup
- Consider importing in chronological batches (e.g., one month at a time) so it is clear which periods have been loaded
Tips
- Map offset accounts carefully — The offset account determines how each transaction is categorized in your financial reports. Taking the time to assign the correct expense or revenue account for each transaction ensures accurate reporting.
- Use your bank's CSV export — Most banks let you download transaction history as CSV. This file often needs minor reformatting to add the Offset Account column before importing.
- Reconcile after importing — After importing bank transactions, compare the running balance in AccuArk against your bank statement to verify accuracy.