Statement Entry

From WikiProperty

You can Download Your Bank Statements

By using 'Statement Entry' (on drop down menu under Your Property) you can select each statement line as a rent payment, mortgage payment or an expense.

First of all you must download your statement from your bank's internet site (e.g. Fastnet for ASB users). Each bank has its own criteria of what you can download but the norm appears to be that you can select up to three or more months worth of transactions. Normally there is a choice of a file format for MS Money (.ofx), Quicken (.qif) and CSV Generic (.csv). Any of these formats are suitable. It is best to use one format consistently for reasons given later. You may wish to have a special folder on your computer to keep your downloaded statements in.

You will also need your 'Fast Entry' list set up. Select the 'Fast Entry' option to see how to do this. This establishes the list of normal rents, mortgages and expenses you have.

Once downloaded, select 'Statement Entry' and use 'Browse…' to select your statement. The option 'Combine Mortgage Statement Lines' will combine statement lines for the same mortgage. If your mortgage principal and interest are shown on two different lines this option will combine them and calculate the total payment. It will only combine these lines if both have the same date for the same mortgage. If your statement only shows the total mortgage payment, interest and principal can still be entered (if known). Normally the 'Combine Mortgage Statement Lines' option will be left ticked.

After hitting the 'Submit' button your statement lines will be displayed on the left. On the right will be a pick list of what this statement line could be for. This will include the 'Fast Entry' list and expenses that have been entered but not yet paid. The first time you do this, by default, this pick list will default to 'None'. 'Statement Entry' remembers what you select from the pick list and will use it as the default when you next download a statement. It will normally only do this if you use the same file format each time. Leave any statement lines not relevant with 'None' selected.

After pressing the 'Submit' button all the possible Property Return entries are displayed with a tick under 'Accept' if that entry is complete. You can choose to alter or not accept any transaction. Check entries and then press the 'Submit' button. The rents, mortgages and expenses will now be saved in Property Returns. You may now select another statement, run the report 'Check Data Entered' or whatever.

Please respond if you have any problems. Please tell me if your bank supports different file types to what 'Statement Entry' can read. I should be able to make that file type available.