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How to use Bank Statement Extraction

Education team
  • Updated

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Bank Statement Extraction is a great tool to save you time. Simply upload your pdf Bank Statement to Dext Prepare and we will extract the information from every transaction and return the data to you.  

This article explains the whole process, which you can scroll down to read or click on the links to jump to a section:

  1. Adding a Bank Account
  2. Submitting your Bank Statements
  3. Exporting your Bank data
  4. Errors and Rejection Reasons

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Please note, that this process can take up to 2 working days to complete but overall 75% of our statements are processed in under 12 hours. 

This service is only available to users on a Business Plus or Premium plan and Streamline and Optimize partner accounts.

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Before you can submit any Statement a Bank Account must be created. To do this:

1. Navigate to the Lists menu and click on the Bank Accounts tab 

2. Search for the name of your Bank, add the Account Name, enter the last 4 digits of the Account Number, and select the Currency, and then click Add. A list of supported banks can be found here.

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* If your Bank is not listed then click on the link titled Request to add your bank. A screen will appear where you will need to enter the full name of the Bank you are requesting and to upload a sample Bank Statement. We will then contact you via email to confirm or deny the request. 
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Once your Bank Account is added, then you can submit your statements. To do this:

1. Click on the green Add Documents button from anywhere within the app
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2. Click on to the Bank tab and then select the Bank Account that matches the Bank Statement. Please ensure that each file only contain one Bank Statement for that account.  
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3. Click to select your files from your computer or drag and drop the files on to the green area. Please note the file size limit is 50MB and a minimum 200dpi resolution for an original scanned statement.

4. You will receive a notification to confirm that your upload was successful

 

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5. Once you’ve uploaded a Bank Statement, it will be available to view in the Collected Statements tab. The submission will have a status of In Processing while we are working on your statement. Or Rejected if we are unable to process your statement. To learn more about errors and rejection reasons click here. 

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6. If you have made a mistake or no longer need the statement extracted, then you can click on the red Cancel Extraction button and you will be asked to confirm the cancellation. The item will be removed from processing and you will not be charged.

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Please note you are unable to cancel the extraction after an item has been processed. 

 

How to Download Bank Statement Data:

1. When uploaded Bank Statements have finished the extraction process, they will be moved to the Processed tab of the Bank page.
2. Select the Bank Account from the list in the top right hand corner to display all the Bank Statements for that account. 
3. Click on the Source ID to download a copy of the statement in PDF form. Or click on the Download button to download the data from that statement in a CSV format.  

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4. To change the format of your CSV file to match your accounting software, then navigate to the My Profile menu, select the System Settings tab and then scroll down to the Downloading items section and select your preferred format from the list.  
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5. You can download all the data from a Bank Account by clicking on the Transactions tab and then selecting the bank account. This will display all the transactional data from that account. 
6. Click on the Filter button to refine the range the transactions or click on the Download button and select the date range and format and then click download.  
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Errors and Rejection Reasons

  • If you notice an error in the data extraction of a bank statement. Select the statement using the checkboxes on the left and then click the Report Mistake button.

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  • This will resubmit the bank statement for extraction at no extra charge.  

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Not all Bank Statements are able to be successfully extracted, your statement may be rejected for one of the following reasons.

  • Bank Statements from multiple accounts are not able to be processed in the same file. 
  • Bank Statements containing images captured with a camera are unable to be accurately read by our extraction software. Scans or digital copies in PDF or TIFF are acceptable.
  • Bank Statements with a low scan quality are unable to be accurately read by our extraction software. We recommend at least 200dpi from an original source. 
  • Bank Statements from multiple sources are unable to be processed.  For example, the file is a combination of scans of postal copies and online downloads. Or the pattern of data is not consistent, for example the order or the columns changes over subsequent pages. 
  • Bank Statements with an excessive amount of handwriting in the numerical columns are unable to be accurately read by our extraction software. Ticks and infrequent annotations are generally accepted if they don't overlap with the data. 
  • Bank Statements with no transactions present. 

Your rejected Bank Statements can be found in the Collected Statements tab and if you hover over the Rejected status the rejection reason will be displayed.

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