Overview of Bank Statement Module

Acxite’s bank statement processing module provides a streamlined approach to managing your business’s financial transactions. This core feature within the Acxite accounting platform automates the extraction, review, and categorisation of data from your bank and credit card statements, ensuring accurate and effortless bookkeeping. By leveraging advanced data extraction and validation, Acxite eliminates manual data entry, allowing you to maintain real-time financial records, populate your ledgers, and generate accurate financial reports directly within the platform. This saves you significant time and improves the accuracy of your financial data, making your accounting process truly effortless.

Prerequisites

Before you begin, please ensure you have:

• An active Acxite account.
• Uploaded your bank and/or credit card statements to Acxite.

Overview of the Bank and Card Statement Module

The bank and card statement module is designed to give you a clear overview of all your uploaded financial statements. It organises your documents and provides tools for review and analysis.

Documents Tab

The Documents tab displays all your uploaded statements, categorised by their current status. This allows you to quickly see which statements are new, being processed, or ready for review.

Step 1 – Navigate to the Bank Statements page from the business menu.

Step 2 – Click on the Documents tab.

Step 3 – Use the available filters (e.g., status, date range) to refine your view and locate specific statements.

Analysis Tab

The Analysis tab provides a summary of each statement’s header data in a line-by-line format. Here, you can manage, edit, or delete statement summaries.

Step 1 – Navigate to the Bank Statements page from the business menu.

Step 2 – Click on the Analysis tab.

Step 3 – To view the extracted details for a specific statement, click the document icon

next to its row. This will open a detailed view, and you will see real-time updates on the extraction progress.

Supported Statement Types and Data Extraction

Acxite’s powerful document automation engine can extract data from statements issued by any financial institution, regardless of their structure or format. As long as the statement contains standard transaction data such as transaction date, description, reference, money in/out, and balance, Acxite can process it.

Major Statement Types Supported

Acxite supports a wide range of financial statement types, including:

• Bank statement
• Credit card statement
• Loan/Mortgage statement
• PayPal statement
• Merchant account statement

Data Extracted

Acxite automatically extracts comprehensive data from your statements:

Header (Summary) Fields:

• Document type
• Alert type (e.g., duplicate, processing error)
• Bank name
• Account number (last four digits)
• Display name
• Account info
• Start & end dates
• Opening & closing balances

Transaction-Related Fields:

• Sequence ID
• Date
• Description
• Reference/cheque number
• Money in and money out amounts
• Running balance
• Memo amounts
• Sub account

Review and Edit Extracted Data

While Acxite boasts an accuracy rate of 99% in data extraction, you have full control to review and modify any extracted data as needed.

Edit Header Data (Summary Grid)

You can quickly edit summary information directly from the analysis grid.

Step 1 – Navigate to the Bank Statements page and click the Analysis tab.

Step 2 – Double-click on the specific field you wish to edit in the summary grid.

Step 3 – Make your changes and press Enter or click outside the field to save.

Bulk Edit Multiple Statement Headers

For efficiency, you can modify header data for several statements at once.

Step 1 – Navigate to the Bank Statements page and click the Analysis tab.

Step 2 – Select the checkboxes next to the statements you wish to edit.

Step 3 – Click the Edit button (usually located at the top of the grid) to make bulk modifications.

Edit Header and Transaction Data

For a more detailed view and to edit individual transactions, use the statement details pop-up.

Step 1 – Navigate to the Bank Statements page.

Step 2 – Click the document icon

next to the desired statement in either the Documents or Analysis tab to open the statement details.

Step 3 – Click the Edit button within the pop-up to enable editing.

Step 4 – Update any header or transaction data as required.

Step 5 – Click Save to apply your changes.

Additional Actions

• Report a mistake: If you find inaccuracies that you believe should be reviewed by Acxite professionals, you can use the ‘Report a mistake ‘ option.
• Delete statements: You can delete statements at any time, except when they are actively being processed.
• Add payment methods: If a payment method is not automatically identified, you can add it manually.

Intelligent Data Validations

Acxite employs a combination of optical character recognition (OCR) and machine vision for initial data extraction, followed by sophisticated cleansing, standardisation, and validation algorithms. Our trained operators also monitor the process to ensure the highest level of accuracy for your financial records.

Standardisation of Extracted Data

To ensure consistency and adherence to accounting principles, Acxite automatically standardises certain extracted data:

• Credit card and loan balances are recorded as negative amounts, correctly classifying them as liabilities in your accounts.
• PayPal transaction fees are automatically added to new transactions to ensure precise reconciliation of fund movements.
• PDFs containing multiple statements are intelligently split into individual documents for proper validation and processing.
• Out-of-sequence document pages are processed separately, and their data can be consolidated for download.

Data Processing Notes

Acxite automatically appends processing notes to documents if key validations fail. These notes, visible by hovering over a comment icon, indicate specific issues such as:

• Scan issues: For example, poor image quality prevents clear data extraction.
• Document type issues: such as duplicate documents being uploaded or overlapping date ranges with existing statements.
• Missing data issues: Including incomplete statements, missing header information, or absent transaction details.
• Other issues: Such as no transactions found, partial data extraction due to credit limits, or validation errors where the transaction summary does not match line items.

Create Invoices from Bank Statement Transactions

Acxite eliminates the need for manual data entry by allowing you to directly create purchase bills or sales invoices from your bank statement transactions within the platform.

Option 1 – Create Invoices from Individual Bank Transactions

Step 1 – Navigate to the Bank Statements page from the business menu.

Step 2 – Open the details page for a processed statement by clicking the document icon

Step 3 – Locate the specific transaction you wish to convert and click the Create Document icon next to it.

Step 4 – In the pop-up, provide the necessary transactional information, including:

• Contact name: The supplier or customer.
• Category: The accounting category for the transaction (e.g., ‘Office Supplies,’ ‘Sales Income’).
• VAT rate: The applicable VAT rate.
• Module: Select ‘Purchase’ for money out (to create a purchase bill) or ‘Sales’ for money in (to create a sales invoice). Changing the module (e.g., from Sales to Purchase for a Money In transaction) will classify it as a credit note in the respective module.
• Notes: Any internal notes you wish to add.

Step 5 – Acxite will automatically populate the Invoice number, Document date, description, and Total gross amount from the bank transaction.

Step 6 – Click Create to generate the invoice or bill.

• The Create Document icon will change to a View Document icon, allowing you to access the newly created document easily.

Option 2 – Create Invoices in Bulk from Multiple Bank Transactions

Step 1 – Navigate to the Bank Statements page from the business menu.

Step 2 – Open the details page for a processed statement by clicking the document icon

Step 3 – Select the checkboxes next to the transactions you wish to convert.

Step 4 – Click the Bulk Creation icon (usually located at the top of the transaction list).

Step 5 – In the pop-up, provide the common transactional information for all selected items, including:

• Contact name: The supplier or customer.
• Category: The accounting category for the transaction.
• VAT rate: The applicable VAT rate.
• Module: Select ‘Purchase’ for money out or ‘Sales’ for money in.
• Notes: Any internal notes.

Step 6 – Acxite will automatically generate individual purchase bills or sales invoices for each selected bank statement transaction, populating the Invoice number, Document date, description, and Total gross amount for each.

Frequently asked questions (FAQs)

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