As a convenient alternative to entering Income, Expenses, Payments and Bank Transfers through the relevant Tabs, users may choose to use Bank Data Feed Allocation to simply allocate transactions shown on their bank statement to the appropriate account.
Bank Data Feeds automate data entry in Mclowd™by facilitating direct import of data from online bank statements. This saves you the tedium of manual entry and avoids risks of creating reconciliation challenges by missing entries or potential typing mistakes when entering amounts.
A major advantage of using Bank Data Feeds is that unidentified transactions, or transactions for which you have inadequate information to facilitate correct posting, can be allocated temporarily to Suspense Accounts, ensuing bank accounts can be reconciled. When further data is available, Mclowds SUSPENSE ACCOUNT ALLOCATION function allows quick and easy re-assignment of amounts from the suspense accounts to the correct account.
Data can be imported by either of two methods:
•Importing a CSV file exported from your bank (Refer to Connections for instructions on exporting and formatting the CSV file for import),
Users of Mclowd's Mclowd Free Forever Version can export bank statements from their bank's website manually, reconfigure them to match the Mclowd™ import format, and import the data file to Mclowd.
•via a live SISS data feed (available only in Mclowd Premium Version.)
To facilitate automated import of bank data, upgrade to the Mclowd Premium Version.
You can access the Bank Data Feed page in Mclowd™either via the DATA FEEDS tab,
Mclowd will display the Bank Data Feed menu:
You can use the manual import function with any bank that provides a usable export file.
The menu also provides an option to view and allocate items previously assigned to any of the three Suspense accounts provided in the Chart of Accounts.
