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Banking and Reconciliation

Accurate banking records are the foundation of reliable financial reports. MyBooks lets you track your bank and cash accounts, import bank statements, and match imported transactions to your recorded invoices and bills.

Adding a Bank or Cash Account​

  1. Go to Banking in the sidebar.
  2. Click Add Bank / Cash Account.
  3. Select the Account Type (Bank or Cash).
  4. Enter the account name and (for bank accounts) the last few digits of the account number.
  5. Enter the Opening Balance and the Opening Balance Date (the date your tracking starts).
  6. Click Save.

Connecting Your Bank Account​

Instead of manually importing statement files, you can connect your bank account directly to MyBooks so transactions sync in automatically. This is a Premium feature.

  1. Go to Banking in the sidebar and click Connect Bank.

  2. You'll be securely taken through your bank's own login screen to authorize the connection. MyBooks never sees or stores your online banking password.

  3. Once connected, map each account returned by your bank to an account in your books:

    • Create new account — MyBooks creates a new Chart of Accounts entry for it (pre-filled with the bank account's name), or
    • Map to existing account — link it to a bank/cash account you already track in MyBooks.

    Choose one option per account, then click Save & Continue.

  4. Next, choose how far back to pull your transaction history: Last 30 days, 60 days, 90 days, or a Custom start date. Click Import Transactions to pull them in, or Skip for now if you'd rather start fresh from today.

Once connected, your linked accounts appear under Connected Banks at the top of the Banking page, showing the institution name, a status badge (Connected, Needs attention, Reconnection needed soon, or Disconnected), and when it was last synced. From here you can:

  • Click Sync now to manually pull in the latest transactions for that account.
  • Click + Add another bank to connect additional accounts.
  • Click Disconnect to remove a bank connection. You'll be asked to confirm, and you can always reconnect later.

Newly synced transactions land in the account's transaction list awaiting categorization, just like an imported statement — continue with the reconciliation steps below.

Importing Bank Statements​

Instead of manual entry, import your bank's statement file to automatically populate transactions:

  1. In the Banking module, select the relevant account.
  2. Click Import Statement.
  3. Upload your bank statement file (CSV or Excel format).
  4. Map the columns: Tell MyBooks which columns represent Date, Description, and Amount (or separate Debit/Credit columns).
  5. Preview the transactions and confirm the import.

Imported transactions will appear in the account's transaction list awaiting categorization.

Categorizing Transactions (Reconciliation)​

Once transactions are imported, you need to match or categorize each one to keep your books accurate:

  1. Open the bank account and go to the Categorize tab.

  2. For each imported transaction, choose one of the following actions:

    ActionWhen to use
    MatchAn invoice payment or bill payment is already recorded in MyBooks — link the bank entry to it
    CategorizeIt's a new transaction — select the income/expense account (e.g., Rent, Sales)
    TransferMoney moved between two of your own accounts (e.g., bank to petty cash)

  3. Once all transactions are matched or categorized, the account is fully reconciled.

Reconciling regularly ensures your financial reports are accurate and up-to-date.

Auto-Matching Rules​

MyBooks can automatically match bank transactions to your records based on rules you define:

  1. Go to Settings > Auto-Matching Rules.
  2. Create a rule with conditions (e.g., "if description contains 'NEFT' and amount matches an open invoice").
  3. MyBooks will automatically apply matching when new statements are imported, saving manual effort.

Bank Statement Report​

You can view a formatted bank statement report for any account:

  1. Go to Reports > Bank Statement.
  2. Select the account and date range.
  3. Export to PDF or Excel if needed.