Importing your bank statement makes for easy entry of cash transactions, but:
- Unless you have a mechanism for checking your transactions, you are relying on the bank having processed the transactions correctly...and we all know that banks never make mistakes.
- If you are entering all your transactions into MoneyWorks, your accounts will be largely up to date. Importing your bank statement means you may have to delete transactions that were previously entered, unless they can be successfully matched. There is considerable scope for having duplicate transactions if you are not careful.
- You still need to do your bank reconciliation!