Bank Import

Import your Bank CSV file to allocate transactions

Overview

Beeswax lets you import a CSV file downloaded from your online banking system.

It is important to know that the CSV format provided by each Bank can vary and that you may need to adjust the format in a spreadsheet prior to importing. This is usually a simple process and we provide a template that you can follow in order to match the required import format.

If you haven’t already downloaded a CSV from Bank yet then go ahead and do that. This will be different for all online Banking systems so we can’t help you with how to do it.

It is usually a pretty simple thing to do once you’ve logged into you online Banking system. The main thing to be mindful of is the date range and therefore the number of line items included in your CSV file. The maximum limit that we impose is 1000 line items. That should be more than enough given generally you shouldn’t be importing more than a few months at a time.

STEP 1

Open the Money section in the Main Navigation and click on the Bank Import.

STEP 2

This will take you to the Bank Import page where you will see any previously imported files if any.

To import a new CSV file, click on the New Import button.

STEP 3

You'll be presented with a form where you will have to specify the following:

  1. Bank Account
    This is the Bank Account into which the transactions will be imported
  2. Date Range
    Note: The Date range is purely for identification / naming purposes. It just allows you to know which statement you have imported looking at all your imported CSV files in the list view. It doesn’t actually do anything beyond this so don’t worry if you don’t get this exactly right.
  3. Import Template
    If you are importing a CSV file for the first time then leave the selection as New. This will allow you to configure the mapping of the CSV file and it will be saved as a mapping template. Once you have done this it will save this field mapping template for next time so that you don’t have to do this each time.
  4. Select the CSV
    This is where you select the CSV from your computer. This will usually be in your Downloads folder but could be anywhere you specified when you downloaded it from you online Banking system.

STEP 4

If you selected “New” for the Import Format you will be presented with the following Assign Field Mapping configuration screen where you will assign each column of your CSV file to a field in Beeswax.


A few things to Remember:
  1. If you get this wrong you can just delete the Imported line items and do it again.
  2. Note that you will have saved this mapping configuration as a template so you will also need to delete the mapping template if you do get this wrong. Afterall, you won't want to use this mapping again.
  3. It's good to know that the imported items here do not impact your accounts what so ever. It is just a temporary holding area where you actually allocate the line items. It's the allocation process that will impact your accounts.

Once you’re happy with the Mapping and you click on the Save Mapping & Import button, the CSV file will be imported into Beeswax and you will be presented with all the imported Line Items as shown.

Remember, for those of you who are importing a CSV file from a Bank that gives you Debit and Credit columns rather than just a single Amount column, it is import to note that Beeswax assumes the Debit and Credit columns are those that the Bank presents in their statement. In other words, the Debit and Credit columns that appear on your Bank Statement will in fact be opposite to the Debit and Credit columns shown in the Beeswax General Ledger. It’s a matter of perspective. If you’re new to Accounting then this may seem confusing but it’s just the way it is.
Just remember this:
Debit  —> Spend
Credit —> Receive

So
… make sure that the Spend and the Receive columns have the correct values in them. Beeswax uses Spend and Receive columns instead of Debit and Credit so as to avoid this confusion.

STEP 5

Select the Check Box for the Line Item(s) that you wish to Import. You can Bulk Import by selecting multiple Line Items.Select what you would like to import the line item as:

  1. Create a New Invoice + Payment
  2. Create New Expense + Payment
  3. Apply a Payment to an existing Invocie
  4. Apply a Payment to an existing Expense
  5. Create a Bank Transfer
  6. Click Save to save the Line Item allocation.

Once you click on the New Import you will be presented with a screen that prompts you to select the Bank Account into which you wish to import the line items. Select the Bank account from the dropdown menu, then select the date range for the statement.

If you don't have the Company that you would like to put the User or Contact under then create a new one by clicking on the New Company button.

"Companies" are a way to group Users, Projects and all money related things are grouped. They are usually businesses that you work with. They can be either Suppliers or Clients, it doesn't really matter.

Let's look at each Role

Owner

AKA: The Boss

This is the Owner of the Account and more often than not they are also the Owner of the business. The business Owner should obviously see everything so of course they have Full Access to all parts of the application but importantly they are unique in that they are the ones who are responsible for managing the Beeswax Subscription and associated Plan.
It's likely they have a business partner or a dedicated senior staff member who needs to be able to see and do all the same things that the Owner can. That's what the Super
Admin Role which we get to next.

Super Admin

Business Partner or a Senior Employee

The Super Admin User also has Full Access to everything however they don’t have access to the Subscription but that’s all. These are usually Partners in the business or Senior Employees who need to see and control everything in the Business. Warts and all!

Manager

Production Manager or Account Manager

The Manager Role is generally the person who takes care of the day to day running of Projects, and oversees Tasks.
This Role would be for a Production Manager,  Studio Manager or Account Manager for instance.
They generally don’t get involved in Payroll financial reports and as such are not expected to know anything about Accounting or Tax related matters.

Of course these things aren’t necessarily that difficult to understand, however,  so as to avoid the potential pitfalls associated with incorrectly allocated transaction Accounts and / or Taxes we have chosen to limit this Users access and control over such things.
So, while Manager can create Quotes, Expenses and  Invoices, they can’t change the Transaction Account and Tax when working on any of these documents. While Managers can create Quotes, Expenses and  Invoices, they can’t change the Transaction Account allocation nor the Tax Allocation when the are preparing any

These are defined by the Items that make up these documents and are therefore meant to be set up specifically by someone with this knowledge such as your Bookkeeper or Accountant.

Accountant

Your Accountant (obviously) or your Bookkeeper

This Accountant Role is obviously for the Accountant or Bookkeeper who need access to all things Money. They essentially have full access to the entire system with the exception of being able to manage the subscription.

Basic

A User who primarily works on Tasks

This Accountant Role is obviously for the Accountant or Bookkeeper who need access to all things Money. They essentially have full access to the entire system with the exception of being able to manage the subscription.

Contractor

External Resource

This is someone who usually is a freelancer that needs access to Tasks but not much more. They have a similar level of access as the Basic User but we've included this for future use.

Client

The Client

Someone who probably would like to get access to all your stuff but really you only want them to see things you want them to see. Like outstanding invoices and access to Files you share with them but apart from this you don't really need much more.

Roles
Owner
Super Admin
Accountant
Manager
Basic
Contractor
Client

Dashboard

Projects

Companies & People

Companies

The businesses you work with every day

Contacts

Just like the ones in your phone only it's for everyone in your business

Users

Users are those people you wish to invite into your account to do something

Money

Items

The Services you Sell or the things you Buy

Templates

Templates will save you heaps of time

Bank Reconciliation

Bank reconciliation or statement check

Bank Import

Import your Bank CSV file to allocate transactions

Scheduled

Used to automate the generation and sending of regular invoices

Bank Transfers

Move money from one bank account to another

Manual Journal

Need to fudge something. That's the only reason you should be here

Chart of Accounts

The heart of any accounting system

Reports

Reports

Reports...the ones you need and non you don't

Who Owes Me

See at a glance your Accounts Receivables

What I Owe

Your Accounts Payable Report

General Ledger

The report you accountant needs

Profit & Loss

Perhaps the most important report for any business

Tax Report

Yeah...no getting out of it

Time

Logging time is easy in Beeswax

Statement

A list of all outstanding Invoices

Subscription

Subscription

Manage your Plan under the Subscription page

Overview

Companies exist for two main reasons:

  • Assigning Projects & other related things
  • Grouping Contacts and Users

1. Assigning – Projects and other related things

Projects

Quotes

Expenses

Most things in Beeswax, like Projects, Quotes or Invoices, need to be assigned to a Company. These things can’t be assigned to a specific User or Contact.

Why? Because small businesses, those businesses that Beeswax is specifically built for, generally work with and provide services to other businesses rather than individuals or customers. In other words, we think of Beeswax as being a B2B application rather than a B2C. It’s one of the key assumptions we’ve made when building Beeswax.

Remember a Quote or Invoice is technically a legal document that relates to the obligations that your business has to another party. And therefore the name of the other party, which is usually a business, should be stated specifically. Of course you will have a contact who will receive documents from you but they are still technically representing the third party and are usually not themselves obligated to fulfil their financial obligations to pay you.
It’s the company or business they represent. When they leave the company still owes you money.However, while we think of these entities as Companies, it’s not to say that a Company can’t be something else. That’s for you to decide.In any case just remember that Projects, Invoices, Quotes and Expenses are all allocated to this idea, this entity, this concept, that we call a Company.

2. Grouping Contacts & Users

SM

JC

DJ

JC

It’s the way Beeswax groups or organises Users and Contacts. We think it makes sense to keep all Users and Contacts under the specific Company that they are associated with.

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