Processing bank statements

As part of bookkeeping reconciliation, organizations use statements from their banks to identify and match payments on their bank accounts with their own internal payment records.

This is an important step because these two sources of information can get out of sync. Errors in either system can lead to mismatches, but more commonly, gaps are found at the organization. Wire transfers and checks, for instance, may be used to make donations and directly deposited to the bank, bypassing the organization’s payment management.

Reconciliation done manually is a slow, painstaking process. That is why FinDock goes a long way to eliminate the need for manual intervention in the reconciliation process. FinDock can read and interpret standard bank statement files, automatically matching them to installments in FinDock. If a match cannot be found, FinDock puts the item into Guided Review to further facilitate matching with minimum user input. FinDock currently supports the following bank statement formats:

  • CAMT.053.001.02
  • CAMT.053.001.03
  • CAMT.053.001.04
  • CAMT.054.001.02
  • CAMT.054.001.04
  • MT 940
  • Norma 43 (N43)
  • CODA

In this article, we explain how to process reconciliation statement files in these formats.

Import a bank statement file

The first step in the reconciliation process is to upload the bank statement file to Salesforce. This triggers the automated processing in FinDock.

Before you start

Uploading is done through Chatter, so your ProcessingHub configuration must include a file exchange setup. For further information, see 'Configure file exchanges’ in Configuring ProcessingHub. The filename of the bank statement must not contain whitespaces. Replace whitespaces with underscores ‘_’ before uploading.

caution

Only one file per post is allowed. Adding multiple files to a single post may cause errors.

Upload a bank statement file

To upload a bank statement file:

  1. Open the Chatter Group set for payment processing. Chatter Group for payment files
  2. Click on ’Share an update…’ to create a new Chatter post.
  3. Click on the paperclip icon in the lower left to attach a file to your post.
  4. Click Upload Files , select the bank statement file you want to upload, and the click Add.
  5. Click Share to post the file to the Chatter Group. Adding text to the post is allowed, but not required.

Once the file is uploaded, ProcessingHub fetches the file and starts processing it automatically. As it parses the file, ProcessingHub tries to match the transactions contained in the file to installments in FinDock.

When the processing is completed, the results are pushed to Salesforce. All transactions that could be matched by ProcessingHub are marked as ‘Matched.’ Transactions marked with ‘No Match’ require additional input, which can be handled via Guided Matching or Manual Review.

A transaction in the digital bank statement file will be reflected in a Transaction Record in Salesforce. Every transaction will be linked to a Transaction Set which reflects the uploaded file. However, when handling CAMT files, there are additional options. For more information on how a CAMT is saved in Salesforce, see How FinDock extracts a CAMT.

The status of the uploaded file can be tracked by taking a look at the auto-generated comments on the post from ProcessingHub or by using ProcessingHub Manager.

Upload a CAMT file with images

In the Swiss market, CAMT files (053 and 054) from PostFinance, the financial services unit of Swiss Post, may include images of ESR ( E inzahlungs s chein mit R eferenznummer) payment slips. The CAMT and images come from the bank as a zip file. When FinDock CAMT files with images, the images are attached to the corresponding transactions records in Salesforce.

The original images are in TIFF format, so you cannot preview them in Salesforce. However, on the target level you can change the file format to PNG to preview the file in Salesforce. A very common use case for this is previewing the file during the Guided Review process to find the matching donation for the transaction.

To change the CAMT image file format for previewing:

  1. Launch the FinDock app and click Setup.
  2. Click on the ProcessingHub tile to open the ProcessingHub settings.
  3. Click the Target tab and change the image format setting to PNG.
  4. In the list of targets, click the arrow icon and the click Settings.