How to Import Bank Statements to Tally in 3 minutes?

Bank statements are a fundamental part of accounting. Accountants typically collect the statements from clients on a monthly basis, however, the frequency can vary with some businesses providing statements quarterly or even more frequently, depending on their size, transaction volume, and specific needs. Traditionally, accountants manually input data from these statements into accounting software, a process that, while crucial, is both time-consuming and prone to errors.

Challenges of Traditional Entry of Bank Statements

The traditional method of manual data entry from bank statements into accounting systems poses significant challenges.

Firstly, It is a labor-intensive process requiring meticulous attention to detail. The risk of human error is very high, leading to potential inaccuracies in financial records. Additionally, this manual process is slow, potentially delaying critical financial analysis and decision-making. It also struggles to keep up with the large volume of transactions in today's dynamic business processes.

Thankfully, the market now provides automation solutions that act like loyal assistants, helping accountants to streamline the process of document entry while ensuring high accuracy and proper matching of items and ledgers.

New technology might seem a bit scary, but once you learn how it works, it has the potential to greatly simplify and improve both your everyday life and work tasks.

Let's explore it step-by-step.

Mass import of Bank Statements to Tally with Entera

Entera is an AI-based accounting software that makes data entry 10 times faster and more accurate. Entera automates the whole data entry process from document collection, recognition, and items matching to publishing into Tally, Zoho Books, QuickBooks, and digital storage.

In our previous articles, we covered how to upload 100 invoices into Tally at once using Entera. Now, following feedback from accountants, Entera has introduced a new feature for automated processing of bank statements to Tally.

So, let's go!

Step 1. Upload your bank statement to Entera

Simply upload your bank statement in PDF format to your personal space in Entera. The recognition of a bank statement takes less than a minute.

Step 2. Confirm Data Matching

After recognition is completed, you'll be directed to the matching menu, where you can assign the transaction type and the corresponding Tally ledger for each transaction.

To make this process easier and faster there is a filter for the bank statements.

This tool helps you to quickly sort transactions of the same type and ledger. Simply enter a few words from the transaction description in the filter field, and it will display a list of transactions that share these common features.

Another great feature of Entera that makes the process even faster is mass actions. Select all required transactions and specify the transaction type and its ledger for all of them simultaneously.

Step 3: Import Bank Statements to Tally

Once the matching is complete, you will see the bank statement into your Tally. Entera accomplishes this through the seamless integration.

Voila! Your bank statement successfully exported to Tally.

So you see that the process is easy enough to try and use in  your daily practice.

Book a personal free demo and consultation with an expert to see how Entera works on your documents. Or try it by yourself.

Key Benefits of Bank Statements Automation for accountants

• Complete Accuracy, No Human Errors: With bank statement automation, you can achieve 100% accuracy in the entries.
• User-Friendly Entry Classification with Smart Suggestions: The system intuitively categorizes entries, offering suggestions to streamline the process and reduce the workload.
• Effortless Ledger Creation: You can create ledgers instantly as needed, enhancing efficiency and adaptability in their workflow.
• One-Click Integration with Tally: Seamless pushing of data into Tally with just a single click, saving your time and simplifying the process.
• Support for Major Indian Banks: The system is designed to work with all the main banks in India.

Try it yourself for free and see the difference!