Banking and Reconciliation

Banking is the core of accurate accounting. MyBooks allows you to track your real-world bank balances and ensure they match your digital records.

Adding a Bank Account

1. Go to Banking.
2. Click Add Bank/Cash Account.
3. Enter the bank name, account number, and Opening Balance as of a specific date.

Importing Statements

Instead of manual entry, you can import your bank's CSV or Excel statement:

1. In the Banking module, select your account.
2. Click Import Statement.
3. Upload your file and map the columns (Date, Description, Amount) to MyBooks fields.

Categorizing Transactions (Reconciliation)

Once transactions are imported, you need to "tell" MyBooks what they are:

1. Go to the Categorize tab in your bank account.
2. For each line:
   • Match: If you already recorded a bill payment or invoice payment, MyBooks will suggest a match. Click Match to link them.
   • Categorize: If it's a new expense or income, select the appropriate account (e.g., Traveling Expenses or Sales).
   • Transfer: If money moved between two of your own accounts.

Reconciling regularly ensures your financial reports are accurate and up-to-date.