Utilize the Bank Statement Template to record all bank transactions during the migration period. Ensure comprehensive details like date, description, debit amount, credit amount, and ending balance for each month are accurately documented.
Follow the step-by-step instructions to complete the Migration Bank Register Template from your bank statement for precise sales records.
Here is the Sample Bank Statement (extracted from the Bank portal)
| S.No | Date | Description | Withdrawals | Deposits | Balance |
| 1 | 07-01-2023 | ABC | $ 8000 | $ 16000 | |
| 2 | 07-03-2023 | $ 8100 | $ 7900 | ||
| 3 | 07-04-2023 | Bank Charges | $ 50 | $ 7850 |
Kindly see below the transaction details of the above bank statement
1) Received payment from the customer "Abc" against the invoice - Customer Receipt (Product1)
2) Made a payment to the vendor "Google" against the bill - Vendor Payment (Category Marketing)
3) Bank debited fees for charges incurred - Bank Charges.
Here is the Sample Migration Bank Register updated based on the above Bank Statement.
| Fields | Description |
| Bank Name | Name of the Bank |
| Bank Account | Your Bank Account Number |
| Type of Account | Which Type of Account ( Saving / Checking ) |
| Opening Balance | Balance at the beginning of the month |
| Closing Balance | Balance at the End |
| Date | Transaction Date |
| Withdrawal | The amount which you made the payment |
| Deposit | The amount that you have received |
| Name | Name of the person ( Customer / Vendor ) |
| Invoice / Bill | Reference Number |
| Type | Nature of the transaction |
| Invoice / Bill Date | The date when the invoice / Bill was Created |
| Customer / Vendor Address | Customer / Vendor Address |
| Terms | Customer / Vendor Due |
| Invoice / Bill Amount | Total of invoice / Bill and Tax |
| Category of product / Expense | Item of the category of customer / Vendor |
Important Instructions for Completing Bank Register Template
Note: Please be aware that the fields marked in red with an asterisk are obligatory. You are required to furnish details for the Bank name, bank account number, type of account (Savings or Checking), opening balance, and closing balance.
Suppose you are migrating data from January '23 to July '23. In this scenario, the opening balance for January 1st and the closing balance for July 31st must be provided.
Let's review each column and update the data in the bank register template:
The initial column denotes the date, and it is imperative to input the date in the MM/DD/YYYY USD format. Please ensure that the date is formatted accordingly.
Withdrawal: Any payment to a vendor or an amount leaving your bank account to a third party is considered a withdrawal (Debit).
Deposit: Receiving a payment from a customer that is reflected in your bank account is considered a deposit (Credit).
Name: For transactions related to a deposit or withdrawal, the customer's or vendor's name must be provided.
Invoice/Bill Ref: If there is an associated invoice or bill reference number for the transaction.
Type of Account: The nature of the transaction (Customer/Vendor).
Related to the previous year: If the transaction pertains to the previous year, include invoice or bill references.
Withholding Tax for Customer: The amount deducted by the customer from the invoice value.
Withholding Tax for Vendor: The amount deducted by you from the bill amount.
Memo: A description of the transaction.
Invoice/Bill Date: Corresponding to the invoice or bill number.
Customer/Vendor's address/Email address: If you wish to record the customer's or vendor's address or email address, detailed information can be provided.
Invoice/Bill Amount: Corresponding to the invoice/bill number.
Tax Amount: If there is tax associated with the invoice/bill, it should be shown separately.
Total Invoice/Bill Amount: The overall amount of the transaction.
Category of the product/Expenses: Provide the respective income account or expense account based on the invoice or bill transaction.
Once these details are filled in, the bank register template will be ready for upload.
Example Transaction 1:
Received payment from the customer "Abc" against the invoice - Customer Receipt (Product1)
| S.No | Date | Description | Withdrawals | Deposits | Balance |
| 1 | 07-01-2023 | ABC | $ 8000 | $ 16000 |
Here is the Sample Migration Bank Register updated based on the above Bank Statement.
Example Transaction 2:
Made a payment to the vendor "Google" against the bill - Vendor Payment (Category Marketing)
| S.No | Date | Description | Withdrawals | Deposits | Balance |
| 2 | 07-03-2023 | $ 8100 | $ 7900 |
Here is the Sample Migration Bank Register updated based on the above Bank Statement.
Example Transaction 3:
Bank debited fees for charges incurred - Bank Charges.
| S.No | Date | Description | Withdrawals | Deposits | Balance |
| 3 | 07-04-2023 | Bank Charges | $ 50 | $ 7850 |
Here is the Sample Migration Bank Register updated based on the above Bank Statement.
Note: Mandatory fields, denoted by an asterisk (*) in the Bank Statement, are crucial for the migration process. Map these highlighted fields into the Bank Register Template for a smooth migration.
Frequently Asked Question
1) Is it possible to upload the bank statement extracted from the bank portal?
Uploading the bank statement directly is not an option; however, you can enter the details of the bank transactions into the 'bank register' template.
2) How do we convert negative numbers from the bank statement to the bank register template?
Negative numbers can be categorized under "Withdrawals/Debit" in the bank register template.
3) Do I need to bring the balance in the bank statement to the bank register template?
It is not required to fill in the bank register template.
4) Which date format should be used in the bank register template?
You can use the date format as MM/DD/YYYY in the bank register template.
5) Do we need to provide the customer/vendor, name in the bank register template?
Yes, it is necessary to provide the customer/vendor name in the bank register template if the transaction is associated with a vendor or customer name.
If you encounter any challenges, feel free to reach out to us at [email protected].