When a statement is extracted, the following information is obtained from the statement file:
- Account Period header information (These are the same as Statement Periods)
- Transactional data for each account period
For instance, a bank statement that has been uploaded ( BOAStatementsJan-June.PDF), covers 6 months of statement data from January through June, for two different bank accounts – a savings account and a credit card account. The extraction process will create 12 separate Account Periods, 6 for each account.
Account Periods
An account period – is the period that is extracted from a bank statement, that starts from a beginning statement date and ends at the ending statement date. A statement that covers multiple periods, will create multiple account periods.
Transaction Data for Account Periods
This is the data that is extracted out for each account period.
- Beginning Date - The first date of the statement. Used to define the Account Period for this statement.
- Ending Date - The last date of the statement. Used to define the Account Period for this statement.
- Transactions - The set of transactions that make up this statement. Transactional data includes Date, Description, Check Number, Memo, Amount, Type and Page (the transaction is found in the statement).
- Total Increases - Total amounts of inflows or increases into the account.
- Total Decreases - Total amounts of outflows or decreases into the account.
Rejected Statements
Some statements may be rejected as part of the extraction process. These are the reasons why statements will be put into a Rejected status:
- Document type not supported - The file loaded was not a valid bank statement format.
- Document Duplicate - Statement is a duplicate of another that has already been processed. The file name after the error message is the name of the original file that this file is a duplicate of.
- Document is unreadable - The system is unable to open the document, due to the document being either password protected, or the file is corrupted.
Deleting Rejected Statements
Rejected statements can be deleted from the system. Select the Select box on the far left for the statements(s) you want to delete, then click the Delete icon to the right of the Statement status bar.
Rejected statements do not appear as part of the statement status count. They have completed the Extraction process so are not marked as Extracting, and are not available to be assigned to an account, so not marked as Unassigned.
Statement Validation
As part of the extraction process, the following checks are made against the data that is extracted:
- Statement Balances - The beginning balance of the statement, plus the inflows/debits and outflows/credits equals the ending balance of the statement.
- Statement Overlap - Checking to make sure that the dates of the statement (beginning and ending) do not overlap with another statement for the same account.