Bank Entries can be entered via:
an automated bank feed (click for more details)
importing from a csv file
entered manually (click for more details)
What are File imports?
Automated bank feeds are available for most of the main UK banks and across the rest of the world. However, if your bank is not currently available or you would rather not use the bank feed option, you can use file imports option instead.
Importing your banking entries from a file saves considerable time typing out manual information such as the date, description and amount. File imports also greatly reduces the risk of human error compared with entering transactions manually.
You will be able to set up rules to identify commonly recurring types of entries so that they are recognised and coded automatically without any intervention from you. Of course you still have the ability to check them and edit as necessary.
Did you know?
You can now view up to 100 transactions in the 'Check' tab of the banking screen! This is only applicable if you are linked to a bank feed or importing a bank file, and can be determined by clicking on the blue circle in the top right of the page.
What banks/institutions does Farmplan Business Cloud support?
Business Cloud already has default formats for the main banks including: Barclays, Natwest, HSBC, Royal Bank of Scotland, Lloyds and Santander. However, if you use a different bank or institution, you can create a simple custom file import format which you can use each time you import transactions.
How do I use file imports if I use a default bank?
To enter new transactions using our File Import method you will first need to download your bank transactions (your statements) from your online bank account (usually in CSV or OFX format) and save the file on your computer. This data can then be imported into Farmplan Business Cloud.
In the ‘Banking’ option pick the entry button for bank account you wish to import transactions into. NB make sure that the bank account has the entry method set to ‘File Import’.
Alternatively you can also enter new bank transactions using the File Import method by clicking the Quick Links menu and then selecting the account you wish to enter transactions for.
Then click the 'File Import' button (shown below):
Enter a description (it's a good idea to specify the period the file is for here), pick the default bank from the list and attach the file by searching or dragging and dropping it on screen.
Don’t worry if your bank is not in the list – see Custom Import for details on how to configure the import process to recognise the columns in your file.
Once this is complete you will be able to check and confirm the transactions you have imported.
Type: There are four types of transactions:
Cash Analysis based entry
Money In: This type of transaction is for amounts received directly into your bank account. This could be receipts where you are paid directly rather than issuing an invoice, direct income e.g. wayleaves.
Money Out: Any payments going out of your bank account by direct debit or cheque where you have not already entered an invoice – for example insurance, utility bills, rent etc.
The VAT is not declared until the entry of the receipt or payment in the case of Money In/Out transactions and no invoices have already been entered
If this transaction is money in/out for a single item (line). However if there is more than one item on this transaction use the split button at the end of the line – see below.
If the transaction is for something that is a one off you can complete the details manually.
However if this is a regular payment you will save a lot of time by setting up a Bank Rule so that any similar transactions are coded automatically in the future. You will be given the chance to view and edit them once they have been implemented.
Manual Coding
Category: Pick the category that this transaction relates to. New categories can be added from the bottom of the list. NB you can add a column called Category to your csv and add these in manually to spreadsheet before you import them. Providing the name used in the csv exactly matches the category name in Farmplan Business Cloud then it will be automatically populated as part of the import. See Custom Imports.
Enterprise: If applicable, enterprises are distinct areas of your business that you wish to be able to cost separately. NB you can add a column call Enterprise to your csv and add these in manually to the spreadsheet before you import them.
Description: The description will be displayed as it is shown in your bank records but can be overwritten.
Currency: It is only necessary to use this if you have opted to use multi-currencies.
Quantity/Price: If applicable, enter the quantity and price to calculate the net figure, otherwise leave these blank.
*Net: The figure before VAT
Tax Code: This will default to the code that you have opted to use with the selected category when you created it, providing this business is VAT registered see Company Settings > Financial Info. If no default code has been selected then it will use the Standard rate. This can be changed if applicable.
*VAT: The VAT amount will be calculated but can be overwritten if necessary.
*Total: This will be the gross amount that has gone through your bank account.
* The net and VAT figures will be calculated automatically from the total based on the rate set against the tax code.
Multiple Lines – If this entry has more than one item on it, then use the Split button at the end of the line, rather than filling in the detail on this screen.
When splitting transactions that have been imported via the bank feed or an import of a bank statement, these transactions have the total amount that went through the bank. When splitting these entries, the system will give you an 'Amount Left' figure, totaling the value of the splits and showing you how much is still to be allocated before the transaction can be saved.
Paying Invoices
You will need to change the type of transaction from Money In to Customer Receipt or Money Out to Supplier Payment if you are clearing previously entered invoices.
*Customer Receipt: This is for amounts received from customers that you have issued an invoice to. You will be asked to match the receipt to an outstanding invoice.
*Supplier Payment: This is for amounts paid to suppliers that have issued an invoice to you, which has already been entered. You will be asked to match the payment to the invoice.
*The VAT has normally already been taken care of when the invoice was entered unless you are on a Cash Accounting scheme.
Category – This will now show a drop down list of all your traders. Pick the one that you are allocating this payment to.
Invoices – This green box will now be lit up. Clicking on it will give you a list of all unpaid invoices for this trader.
If the invoice has been paid in full just tick on the check box under ‘Pay in Full’.
You do not need to separate the VAT amount for customer receipts and supplier payments as this has already been done at the invoice level.
Underpayments - Please note if this is an underpayment, allocate it against the items that it relates to.
Overpayments – if a customer has over paid you, i.e. paid more than the amount you invoiced them, you can allocate this to their account using the Overpayments feature.
Using the example invoice below:
If the customer had accidentally paid you £60 you would enter 50.00 in the Payment Total field and 10.00 in the Overpayment field, like so:
This over payment would then be saved on their account for the next time an invoice is sent out where it will be automatically deducted from their next invoice.
The Overpayments feature works in exactly the same way if you have overpaid one of your suppliers. First select Supplier Payment as your transaction type, choose your supplier and select the invoice you have overpaid. Then enter the Payment Total followed by the Overpayment total.
The amount you have overpaid will then stay on the account and automatically offset against the next invoice you are issued from your supplier.
Confirming Entries
Once you are happy with each transaction, click the tick on the end of the line to confirm it.
Check, Confirmed, Pending and Ignored tabs
After your transactions have been imported you will notice three different tabs on the imported transactions screen: Check, Confirmed, Pending and Ignored, here is a short explanation of what each tab is used for:
Check: This is your main tab which will house the transactions you need to check and confirm.
Confirmed: This tab will house a historical list of all the transactions you have checked and confirmed in Farmplan Business Cloud for this bank account. From here you can attach receipts, edit the transaction (if you have entered the wrong category for example), or delete it.
Ignored: The Ignored tab houses any transactions which you have deleted from your bank feed; from here you are able to restore the transactions if necessary. This will move the transaction into the Check tab where you are able to check and confirm it (if applicable).
Ignored transactions may include interbank transfers – for example if you have done a bank feed from bank account 1 and it included a transfer to bank account 2, then both halves will have already been taken account of. If there is also a bank feed from bank account 2 you will not want to repeat the interbank transfer or it will be duplicated. Farmplan Business Cloud will normally recognise that this has happened and warn you.