Retrieving Bank Statements

This guide covers the management and processing of bank statements received from the bank into the system, including retrieving bank statements, approving them, and checking and correcting discrepancies. 

Bank statements

Open bank statements by selecting Financial management > Bookkeeping > Bank statements. Here you will find the bank statements received from the bank into the system.

Follow the Bank statement as a voucher (TITO) principle:

• Use the bank statement as a verifier of payment transactions in bookkeeping.
• Ensure a comprehensive posting chain by linking all bank statement transactions to bookkeeping voucher transactions either:
  • automatically by the system, or
  • as your own work when recording transactions.
• Compare the bank statement balance with the balance of the corresponding account in bookkeeping for the period:
  • in the bank statement view, or
  • in the bookkeeping reconciliation view.
• Make sure that the bank statement balance is reconciled with bookkeeping whenever the bank statement has been processed.
• Handle the bank statement received in Netvisor so that:
  • you link the reference payments received on the bank statement and their bookkeeping vouchers,
  • you handle paid purchase invoices,
  • you create a voucher in bookkeeping for the paid purchase invoices,
  • you change the ledger invoice status to paid, and
  • you link the generated vouchers to the transactions on the bank statement.

Retrieving

Proceed as follows when retrieving an electronic bank statement:

1. Activate the payments traffic service. Using an electronic bank statement requires the payments traffic service to be implemented.
2. Make sure that bank statements are in KTO format.
3. Agree with the bank how the bank statement is retrieved from the bank in accordance with the agreement made by the company.
4. Set the retrieval interval:
   • Prefer retrieval at least once a week.
   • If there are many transactions per day, choose a daily bank statement so that the bank statement is received every banking day.
5. If the company has accounts receivable in use, add machine-readable references to the payments traffic agreement:
   • Note that machine-readable references may arrive in a different order than bank statements.
   • You can agree that reference payments arrive, for example, daily, even if the bank statement arrives weekly.
   • Note that the reference payments will only appear on the actual bank statement once the bank statement has arrived.
6. Retrieve currency bank statements if necessary:
   • Currency bank statements can also be retrieved into Netvisor.
   • Note that currency bank statements are not converted into euros.
   • Accept that a discrepancy will remain in currency account bank statements, because bookkeeping is always done in euros and the currency account payment is in another currency.
   • Take into account that no conversion is made in Netvisor between the currency account balance and the euro-denominated bookkeeping balance.
7. Proceed if the bank statement is not in the program and the bank sets the bank statements to be retrieved again:
   • Let the program automatically retrieve bank statements less than 90 days in the past in the next retrieval.
   • If there is already a partial bank statement for that time or you need older bank statements, make a request to support.
8. Note that bank statements are retrieved and allocated to the company based on the bank account number.

Machine-readable references

Proceed as follows with machine-readable reference payments:

1. Agree in the payments traffic agreement with the bank that machine-readable reference payments are sent from the bank to Netvisor.
2. Note that reference payments may arrive at a different time than the bank statement:
   • Payments may appear in the list even if the bank statement has not yet arrived.
3. Use Netvisor automatic retrieval:
   • Netvisor retrieves material from the bank every half hour.
   • Material is retrieved as it becomes available at the bank.
   • Usually, the previous day's material has arrived by six o'clock the next morning at the latest, depending on the bank.

Bank statements do not arrive from the bank

If bank statements do not arrive from the bank, first check two things that are under the user's own control. Everything else depends on the agreements made with the bank:

1. Make sure that the bank account has been entered into the system. If the bank account has not been entered, the bank statement cannot be imported.
2. Check that the payments traffic related to the bank account has not been closed by the user.

Received bank statements

Display unapproved bank statements on the main page as follows:

1. Make sure that you have browsing or approval rights to bank statements in the notification view rights.
2. Check the "Exceptions and notices" widget on the main page:
   • The widget shows unapproved bank statements.
   • The widget link leads to the bank statement approval view, where you can approve the desired bank statements.

Approving bank statements

Approve bank statements via the main page as follows:

1. Select the bank statements link in the "Exceptions and notices" section on the main page.
2. Approve bank statements in the approval view:
   • Approve an individual bank statement using the Approve button below it.
   • Approve several bank statements at once by selecting the bank statements (check the box) and pressing the Approve selected button at the top or bottom of the page.
3. Note the effects of approval:
   • Approved bank statements are removed from the view.
   • The counter in the bank statements section decreases.
   • The view is primarily a tool for the accountant, where only unprocessed bank statements are kept visible.
   • Approve the bank statement when it has been fully processed so that it is acknowledged off the list of unfinished tasks.
   • Note that approval of bank statements is only for personal tracking and does not make changes to the bank statement.

Processing the bank statement

Open the bank statement you want to process as follows:

1. Select the date that serves as a link for the bank statement period in the bank statement view.

View the bank statement in two ways:

• As an unmodified bank statement, where you see the bank statement as it was received from the bank.
• As a bank statement created in Netvisor, where voucher links are visible.

Use the links at the end of the bank statement created in Netvisor:

• Go to the bank statement editing view, where the bank statement is handled.
• Go to the voucher browsing view, where all vouchers already linked to the bank statement are listed.

Check the discrepancy of the bank statement as follows:

• Make sure that the bank statement discrepancy field is zero.
• Recognise that:
  • the bank statement balance is the closing balance of the bank statement, and
  • the bookkeeping account balance is the balance of the bookkeeping account set behind the bank account.
• Understand that the discrepancy is the difference between these two balances.
• When the discrepancy field is zero, the balances match.

What the discrepancy can be caused by

Investigate the discrepancy between the bank statement and bookkeeping balance as follows:

• Note the effect of a zero-sum bank statement from Nordea:
  • Nordea may send a zero-sum bank statement, in which case the bank statement for that day will not reconcile.
  • This is because the reconciliation column compares the closing balance of the bank statement and the bookkeeping account balance.
  • A zero-sum bank statement does not have a reported closing balance, which appears as a discrepancy.
  • The situation is corrected when a bank statement with transactions arrives from the bank.
• If the bank statement balance shows more than the bookkeeping account balance:
  • Suspect that some transaction has been left unaccounted for.
• If the bookkeeping account balance shows more than the bank statement balance:
  • Suspect that entries have been made excessively.
• Compare transactions:
  • Take the vouchers for the day in question, for example via the voucher listing.
  • Compare the recorded transactions with the bank statement transactions.
• Check the dates:
  • If the voucher and bank statement dates do not match, this also causes a discrepancy.
• Make reconciliation easier if there are many transactions:
  • We recommend a daily bank statement, in which case there are fewer transactions on the bank statement and the discrepancy is easier to detect.

Browsing bank statements

Open bank statement browsing by selecting Financial management > Bookkeeping > Bank statements.

Use bank statement browsing as follows:

• Retrieve archived bank statements via this page.
• Note that unacknowledged bank statements retrieved from the bank can be found in the "Exceptions and notices" section on the main page.
• Start processing unacknowledged bank statements, if necessary, also from the bank statement browsing page.

Selecting time and bank account

Select the bank statements to be retrieved as follows:

1. Select the year for which you want bank statements.
2. Select the month for which you want bank statements.
3. Select the bank account whose bank statements you want to retrieve.
4. Also display bank statements of old accounts whose payments traffic has already been closed in Netvisor:
   • Select "Deleted" in the Account field.

Unmodified bank statement: Displays the bank statement as it was received from the bank. The view does not allow editing of the bank statement.

Bank statement balance: The closing balance of the bank account for the day in question.

Bookkeeping account balance: The account balance of the bookkeeping account set behind the bank account.

Discrepancy: The difference between the bank account and bookkeeping account balances.

Editable bank statement: Opens bank statement editing when you select this link. Through this link you can edit the bank statement.

 

Can bank statements be obtained from Netvisor in xml or csv (excel) format?

No, bank statements can only be printed from Netvisor in pdf or html format.

Frequently asked questions

Q where can I find bank statements received from the bank in Netvisor?
A Open bank statements by selecting Financial management > Bookkeeping > Bank statements. Here you will find the bank statements received from the bank into the system and archived bank statements.

Q why do bank statements not arrive from the bank to Netvisor?
A First check that the bank account has been entered into the system and that the payments traffic related to the bank account has not been closed by the user. Other reasons are related to the agreements made with the bank.

Q how do I approve received bank statements?
A Open the bank statements link in the "Exceptions and notices" section on the main page. Approve bank statements either individually with the Approve button or several at once by selecting the bank statements and pressing Approve selected. Approval removes the bank statements from the view but does not change the content of the bank statement.

Q what should I do if the bank statement and bookkeeping balances do not match?
A Check the bank statement discrepancy field. If the discrepancy is not zero, compare the vouchers for the day in question with the bank statement transactions, check any missing or excessive entries, and the dates of the vouchers and the bank statement. Also note possible zero-sum bank statements (for example from Nordea), which may cause a temporary discrepancy.

Q can I retrieve currency bank statements into Netvisor?
A Yes, currency bank statements can be retrieved into Netvisor. However, they are not converted into euros, so a discrepancy will remain in the currency account bank statements, because bookkeeping is done in euros and no conversion is made between the currency account balance and the euro-denominated bookkeeping balance.

Q can bank statements be obtained from Netvisor in xml or csv (excel) format?
A No, bank statements can only be printed from Netvisor in pdf or html format.

Keywords

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