Accounting

Import bank statements, match each transaction and reconcile.

Accounting reads the CSV statement from your bank or card. Each transaction is added to an account, matched to an entry already in the books, or recorded as the payment of an open invoice or bill. Then you tick off the statement until the books agree with it.

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Import a statement

Download the statement from your bank or card's website as a CSV file and choose Import statement. Accounting shows the first rows and guesses which column is the date, the description and the amount, and the date format; change a guess that is wrong.

Statements are files you import: Accounting does not connect to your bank.

Overlapping statements
A transaction already imported into the account is skipped, so each one is added once.
Two amount columns
Choose Separate money in and money out columns for a statement that has them.
Card statements
Choose Purchases are positive amounts for a card statement that lists purchases without a minus sign.
Bank and card accounts
The books start with a Bank and a Credit card account. The free plan includes 2 bank and card accounts, and paid plans have no limit.

Review each transaction

Imported transactions wait under For review. Choose what each one was, then Add.

  1. An account

    Such as Sales or Software, to add it to the books.

  2. A transfer

    To or from another bank or card account, such as paying off the card.

  3. Already in the books

    An entry in this account with the same amount, dated within 10 days, such as an invoice payment or an expense paid by card. The transaction is matched to it and not counted twice.

  4. An open invoice or bill

    Money in can pay an open invoice, and money out an open bill. The payment will be recorded on the invoice or bill and matched to the transaction.

Suggestions, Undo and splits

Add all suggested
A matching entry or open invoice is chosen for you and labelled as a suggestion, and so is the account a rule picks. Add all suggested adds every transaction that has one.
Undo and Exclude
Each row shows what happened, with Undo. Exclude leaves out a duplicate or anything that is not the business's.
Split across accounts
One transaction, such as a receipt that is partly office supplies and partly the owner's, is spread over several accounts as one entry.

Stripe payouts and card deposits, counted once

Online invoice payments and Store sales reach the books through Stripe balance, and each paid payout moves money from Stripe balance to Bank. When the payout appears on the statement, match it to that entry instead of adding it again.

Card, cheque and other invoice payments wait in Undeposited funds until they reach the bank. Record as a deposit ticks the waiting payments from the 10 days before that add up to the transaction, and fees the card company kept go to Payment processing fees.

Rules

A rule chooses an account for transactions whose description contains some text, such as GITHUB for Software, for money in, money out or either. Rules are checked from the top, and the first that matches is used.

Add automatically
With it on, matching transactions are added as soon as they are imported. With it off, the rule's account is suggested for review.
A contact on the rule
A rule can name the supplier or customer from Contacts, so its entries count in Income by customer and Spending by supplier.

Reconcile

Reconciling checks that the books agree with a statement.

  1. Enter the statement

    Choose Reconcile on the account and enter the statement's last date and its ending balance. For a card, the balance is the amount owed.

  2. Tick what the statement shows

    The cleared balance and the difference change with each tick. If the statement shows something the books do not have, add it and come back; the ticks are kept.

  3. Finish at zero

    Finish can be chosen when the difference is zero. The next reconciliation will start from this statement's balance.

  4. Reopen the latest

    Reconciled statements lists the earlier ones, and the latest can be reopened to change its ticks.

Import your first statement.

Create a Magpie account, open Accounting, choose the date your books start, then import a statement under Banking.

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