Bank Accounts

Add bank accounts and credit cards to be used as payment accounts in DEAR. This article is for those using DEAR as a standalone accounting system. 


NOTE: If you are using Xero or QBO as your accounting system, bank accounts should be created in Xero/QBO then synced over to DEAR. See Xero - Adding bank accounts or credit card accounts or QuickBooks - Online Banking Overview for more information about adding bank accounts to your accounting systems. 


Prerequisites:


Table of Contents


Manage Bank Accounts

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To add a bank account:

  1. Navigate to Settings -> Reference Books -> Financial -> Chart of Accounts. Here we have all the different types of accounts grouped under various class headings. You can sort the screen to only show a particular class. 
  2. Click + Bank Account to add new bank accounts.



  1. Enter all the relevant details like Account Name, Account Code, Account Currency, Bank name and Account number.
  2. You can enter the Initial Account Balance here if you wish.
  3. Once you are happy with all the info, click Save, and this new bank account will be added to DEAR.


NOTE: Bank Accounts can be viewed in Settings -> Reference Books -> Financials -> Bank Accounts or Financials -> Bank Accounts. 





Import Bank Statements

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Bank Statements in CSV format can be imported to DEAR. Bank Statements in this format can be downloaded from your bank online.


To import bank statements:

  1. Navigate to Financials -> Bank Accounts.
  2. Select the bank account you wish to import a statement to.
  3. When prompted, click Import a Statement.


  1. Select and upload your CSV file. Once the statement has been uploaded, you will be asked to reconcile bank statement lines with DEAR transactions. 




Bank Reconciliation

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After account transactions from your bank have been imported into DEAR, you need to reconcile them. The first step is to review what's imported and work out which way to reconcile it.


Your aim is to match transactions from your bank with transactions in DEAR.


To reconcile bank transactions:

  1. Navigate to Financials -> Bank Accounts.
  2. Find the bank account you want to reconcile. Click Reconcile [number] items or Reconcile Account when prompted.



  1. Review each account transaction imported from your bank. We refer to these as bank statement lines, and they're on the left of the Reconcile screen.

 


  1. For each line, check that the statement line is matched with the correct transaction. If DEAR has matched the statement line with the correct transaction in DEAR, click OK to accept the match and reconcile.

  1. Sometimes DEAR finds more than one transaction (of the same amount and a similar date) to match with the imported statement line. When this happens, DEAR matches the most likely transaction and provides a link to other transactions that are good alternatives.

  1. If you don't want to accept the match DEAR has made, you can use the Other Possible Match Found link to select another possible match.
  2. Select the required match and click Reconcile.



See Bank Reconciliation for more reconciliation actions such as reconciling a transfer between two bank accounts, creating transactions for reconciliation, and setting bank rules. 






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