Create Invoices from Bank Statement Transactions
For many businesses, bank statements are the most reliable source of financial data. Traditionally, accountants had to extract transactions from PDFs, categorise them, and manually re-enter them as sales or purchase invoices—an error-prone and time-consuming process. Receipt Bot eliminates this manual work by allowing you to create invoices directly from extracted bank statement transactions.
This guide walks you through the steps to generate a document using Receipt Bot.
- Create Invoices from Individual Bank Transactions
- Create Invoices in Bulk from Multiple Bank Transactions
Option 1 – Create Invoices from Individual Bank Transactions
Step 1 – Navigate to the Bank Statement page using the business menu.
Step 2 – Click the document icon to open the details page for a processed statement.
Step 3 – Click the “Create Document” icon for a transaction. (The icon should appear along with each transaction.)
Step 4 – Provide transactional information such as the following:
– Contact Name (Name of the counterparty in the transaction)
– Category (Chart of accounts for reporting purposes)
– VAT Rate (VAT rate applied on the transaction, if any)
– Module (Defaults to Purchase for Money Out or Sales for Money In.) If you change it, the system will consider the transaction as a credit note in the respective module.
– Notes (Transactional notes or memo)
The system will automatically populate the following fields:
– Invoice Number (based on the reference column)
– Document Date (based on the transaction date column)
– Description (based on the description column)
– Total Gross Amount (based on the money out or money in column)
The system generates a new purchase or sale invoice, which can be exported to relevant accounting software and used for preparing financial reports, such as VAT returns.
The Create Document icon in the transaction row will now change to View Document. Clicking on View Document will allow you to open the created transaction.
Option 2 – Create Invoices in Bulk from Multiple Bank Transactions
Step 1 – Navigate to the Bank Statement page using the business menu.
Step 2 – Click the document icon to open the details page for a processed statement.
Step 3 – Click the “Bulk Creation”
icon at the top
Step 4 – Provide transactional information such as the following:
– Contact Name (Name of the counterparty in the transaction)
– Category (Chart of accounts for reporting purposes)
– VAT Rate (VAT rate applied on the transaction, if any)
– Module (Defaults to Purchase for Money Out or Sales for Money In.) If you change it, the system will consider the transaction as a credit note in the respective module.
– Notes (Transactional notes or memo)
The system will automatically populate the following fields:
– Invoice Number (based on the reference column)
– Document Date (based on the transaction date column)
– Description (based on the description column)
– Total Gross Amount (based on the money out or money in column)
The system generates new purchase or sale invoices for each bank statement, which can be exported to relevant accounting software or used to prepare financial reports, such as VAT returns.
The Create Document icon in the transaction row will now change to View Document for each transaction, and clicking it will open the created transaction.
Limitations in the Receipt Bot mobile app
The Receipt Bot mobile app does not have a feature for creating invoices from bank statements.
Frequently Asked Questions
Q: Can I create invoices directly from PDF bank statements?
A: Once you upload and process a PDF bank statement in Receipt Bot, you can create sales or purchase invoices directly from the extracted transactions.
Q: How does Receipt Bot decide whether a transaction is a sales or purchase invoice?
A: By default, Money In transactions are treated as Sales, and Money Out transactions as Purchases. You can change the module manually. If the transaction direction doesn’t match, Receipt Bot will classify the invoice as a Credit Note.
Q: Will document credits be used for invoices created from bank statements?
A: Documents created manually from bank transactions do not deduct any credits from your account.