Smart Bank Statement Sync

How it Works

1. Suppose you paid a vendor and it shows in your bank statement as a debit and a double-entry transaction only.
2. When you sync the transaction using the RazorpayX-Tally Integration, you can use the Payout notes, Payout Purpose and other details from RazorpayX as a reference and update your journal entry narrations in TallyPrime.
3. Create a journal entry and reconcile payments easily.

Watch the video below to understand the Smart Bank Statement process or read along.

Advantages

Following are the advantages of the bank statement sync flow:

• It automates a lot of your bookkeeping and data entry processes.
• Reduce errors and inconsistency and save up on time.
• You do not need to maintain and cross-verify data between many Excel sheets.

Setup Workflow

Enable the Smart Bank Statement setting to sync all the transactions made in RazorpayX to Tally.

1. Navigate to R:RazorpayX Settings from your Gateway of Tally page.
   
2. Select Yes against Sync Entries from RazorpayX. This is a one-time process.
   

You have successfully enabled the setting to sync all transactions made in RazorpayX to Tally, regardless of the type of transaction.

Whether you

Sync Transactions

After you enable the

• Start sync

  .

• Create journal entries

  .

• Reconcile entries

  .

Start Sync

To sync these transactions in Tally:

1. Open Tally to show the Gateway of Tally page.
2. Go to UTILITIES → RazorpayX.
   
3. In the RazorpayX menu, click RazorpayX Bank Statement.
   
4. Select RazorpayX Account when prompted to Select Ledger. The RX_Statement page appears.

You have successfully moved all your transactions from RazorpayX to Tally. On this page, you find the list of transactions taken from all of RazorpayX. They appear marked as NA___ under the Particulars column.

Create Journal Entry

The Status of transaction synced reads Not Booked. This means that the journal entry is made but is incomplete in Tally. As such, it is also not posted to Tally. RazorpayX never posts journal entries directly to Tally.

To create the journal entry:

1. Click on the relevant transaction synced to Tally. The Accounting Voucher Alteration page appears.
2. On this page, check the Narration to the bottom-left corner. The narration contains the transaction details you can use as a reference when creating a journal entry.
   
3. Create the journal entries by clicking on the By and To fields. Map the fields to the entities as present in your ledgers.
4. Review your journal entry. Once statisfactory, enter Yes against Convert Voucher & Approval. You have successfully created and updated the particulars and narration of your journal. You have also booked the entry in Tally.
   
5. Go to the RX_Statement page.
6. Click on F10:Booked. It shows all the booked entries in journal. The latest entry you have booked will appear in the booked page.

You have successfully created a journal entry for your transaction.

Reconcile Entries

To reconcile the entries:

1. Go to Gateway of Tally.
2. Navigate to UTILITIES → Banking → Bank Reconciliation.
3. Here, select the Name of the Bank Ledger as RazorpayX A/c.
   
4. Select the duration for which you want to view the entries by clicking F2:Period.
5. Select B:Basis of Values and click Include Reconciled transactions from the drop-down list.
   

Tally registers the journal entry you have created with all the narration details and context. You do not have to worry about the origin and settlement of the transaction, or contact your Vendors and other entities to help in reconciliation process.

Related Information

• Keyboard shortcuts in

  Tally Prime

  /

  Tally ERP9

• Bring bills from RazorpayX to Tally

• Sync Vouchers in RazorpayX

  • Purchase Vouchers

  • Payment Vouchers