How do I import bank statements into MONA?

Quick answer: go to Finance, then Books, and click Import statements on the Bank inbox or Reconcile tab. Pick the account, drop up to 12 CSV, OFX, QFX or PDF statements, and click Import. MONA skips anything already in your books, checks each statement's balances, and puts the new transactions in the Bank inbox. From there, Reconcile this statement opens a reconciliation that is already filled in.

When to import statements

• An account your bank feed cannot connect. Some banks and cards do not work with the feed. Statements do the same job, one month at a time.
• History from before MONA. Moving over mid-year? Bring in January to now so the year's books are complete.
• Reconciling from the statement itself. Bookkeepers who work from the bank's own statement can import it and reconcile against it directly.

Which files work

Up to 12 files at a time, one statement period per file. OFX, QFX and PDF statements usually carry their own dates and balances. Most CSV exports do not.

How do I import statements?

1. Click Finance in the sidebar, then the Books tab.
2. On the Bank inbox or Reconcile tab, click Import statements.
3. Pick the Account the statements belong to. This is the list the Reconcile tab uses: your bank accounts, Undeposited Funds, Credit Card / Clearing, and any bank or card account you added in Chart of accounts.
4. Drop the files in, or click Choose files.
5. Uploading a single file? You can type its Statement start, Statement end, Opening balance and Ending balance. Worth doing for a CSV, so MONA can check nothing is missing.
6. Click Import.

Each file gets its own row. CSV, OFX and QFX files are done in seconds. A PDF shows Reading PDF… while MONA reads the transactions and balances off the page, which can take a minute. You can close the window: the import keeps going, and it shows under Recent imports on this account the next time you open it.

Reading the results

Each row tells you:

• Imported: how many new transactions went into the Bank inbox.
• Duplicates skipped: click Show the skipped rows to see each one and why.
• Balance check: passed, or off by an exact amount.
• Needs review: nothing was imported yet. See below.
• Failed: the file could not be read, with the reason, such as the wrong file type or a PDF over the page limit.

Imported transactions show up in the Bank inbox with a small Imported tag. Hover it to see which statement the row came from. Use the source filter next to Import statements to show only imported rows or only bank feed rows. Confirm and categorize them exactly like bank feed transactions.

How does MONA avoid duplicates?

Before importing a row, MONA looks for the same transaction on that account. A row is skipped when:

1. The bank gave it the same transaction ID as one already imported (OFX and QFX files carry these).
2. The same amount, within two days, under a similar name is already there, from your bank feed or an earlier statement.
3. A posted entry already moved the account by that amount within two days, such as a client payment an invoice already recorded.

Every skip is listed with its reason, so nothing disappears quietly. Two identical coffees on the same day in one statement are two transactions, and both are imported.

Connected cards: your bank feed posts card spend to Credit Card / Clearing. Import that card's statements into Credit Card / Clearing too, so MONA can compare them with the feed. Importing them into a separate card account would bring the same charges in twice.

The balance check

MONA adds the statement's activity to its opening balance and compares the result with the ending balance. If they agree, the check passes. If they do not, the import stops at Needs review with the exact difference and imports nothing, because a statement that does not add up usually means a transaction was missed or misread.

Enter balances as the statement prints them. On a credit card, that is the balance owed as a positive number.

Fixing a statement that needs review

Open the import in the results or under Recent imports. What you see depends on the file:

CSV files. MONA shows the column names and the first few rows. Set:

• Column names are on row: change it if the file starts with a bank name or account summary.
• Date column and Description column.
• Amounts are in: one amount column, or separate money out and money in columns.
• How signs read: negative amounts are money out (most banks), or positive amounts are money out (most card exports).
• Date format: month first, day first, or year first.

Any file. Correct the statement period and the opening and ending balances if MONA read them wrong or the file left them out.

Click Re-read with these settings and MONA reads the file again.

Accept as parsed is there for the case where you have checked the statement and want the rows in anyway, such as a small difference you will write off. It asks you to confirm first. If the balances are off, reconciling that statement will be off by the same amount.

Reconcile from a statement

On an imported statement, click Reconcile this statement. MONA:

1. Starts a reconciliation on that account with the statement's ending date and ending balance filled in. If the file did not include them, type them in first.
2. Ticks every ledger line that matches a transaction on the statement, whether it was imported or was already in your books.
3. Opens the Reconcile tab on that statement, with a note of what it did.

Two things can keep the difference from reaching zero:

• Imported rows still in the Bank inbox. A transaction has to be categorized and posted before it can be ticked. MONA tells you how many are waiting, for example "12 imported rows still need categorizing in the Bank inbox before they can be ticked."
• The opening balance does not match. If the statement opens at a different balance from where MONA's last reconciliation left the account, you will see a warning. Reconcile the earlier statement first, or post an opening balance entry.

Everything else works like any reconciliation. See How do I reconcile a bank account in MONA?

Or just ask MONA

Drop the statement files into a MONA chat and say "import these statements and reconcile them". MONA asks which account they belong to if it is not clear, imports them, tells you what it skipped and whether the balances tie out, and starts the reconciliation for the earliest statement that is ready. PDFs take a minute to read, so if you sent PDFs, ask again once they are in. It will not finish a reconciliation with a difference unless you tell it to.

Related

• How do I reconcile a bank account in MONA?
• How do I switch from QuickBooks to MONA?

Want a hand?

If your bookkeeper wants to walk through the first import and reconciliation with us, book 30 minutes with the founder at calendly.com/mona-justin/30min and bring them along.

Frequently asked questions

Which statement files can I import?

CSV (a .txt export works too), OFX, QFX and PDF. CSV, OFX and QFX files can be up to 5 MB each. PDFs can be up to 20 MB and 60 pages. You can import up to 12 files at a time, one statement period per file.

Will importing a statement duplicate what my bank feed already brought in?

No. Before importing a row, MONA checks the account for the same transaction: the same bank transaction ID, or the same amount within two days under a similar name from your bank feed or an earlier statement, or a posted entry such as an invoice payment. Matches are skipped and listed with the reason. For a card that is connected through your bank feed, import its statements into Credit Card / Clearing, because that is where the feed posts and where MONA looks for its rows.

What is the balance check?

MONA adds the statement activity to the opening balance and compares it with the ending balance. If they agree, the check passes. If they do not, the import stops at Needs review with the exact difference, and nothing is imported until you correct the balances or accept it as parsed. A mismatch usually means a transaction was missed or misread.

Why does my CSV say Needs review?

MONA could not tell for sure which column is the date or the amount, whether a positive amount is money in or money out, or whether dates are month first or day first. Open the import, pick the columns from the preview, choose how signs read and the date format, and click Re-read with these settings.

What does Accept as parsed do?

It imports the rows exactly as MONA read them even though a review issue is still open, such as a balance difference you have decided to live with. It asks you to confirm first. If the balances are off, reconciling that statement will be off by the same amount until you find the missing transaction.

Can I import statements from before I connected my bank?

Yes. That is one of the main reasons to import. Studios moving to MONA mid-year can bring in earlier statements, and accounts your bank feed cannot connect to can run on statements alone.

Can I reconcile straight from a statement?

Yes. On an imported statement click Reconcile this statement. MONA fills in the ending date and ending balance and ticks every transaction that appears on it. Imported rows still waiting in the Bank inbox have to be categorized before they can be ticked, and MONA tells you how many there are.

Can I just give my statements to the MONA agent?

Yes. Drop the statement files into a MONA chat and ask it to import and reconcile them. It asks which account they belong to if it is not clear, imports them, tells you what it skipped and whether the balances tie out, and starts the reconciliation for the earliest statement that is ready. PDFs take a minute to read, so if you sent PDFs, ask again once they are in. It never finishes a reconciliation with a difference unless you tell it to.