Getting the file
In your online banking, open the account and choose Export or Download transactions as a CSV file. The file is read in your browser, and LetCompliance keeps the date, amount and description of each transaction so you can match them.
If your bank writes dates month first, the import notices and reads every date in the file that way, and says so. Check the first rows against your statement.
Matching each line
- Rent with a charge on the Rent page: mark that charge paid from the line, so the arrears stay right
- Rent the tenant paid only part of: use Record as part payment on the line when it is offered, or Part payment on the Rent page and then link the line to the Finance entry it adds. Either way the money is counted once
- Costs and other income: add them to Finance, where they count towards your Making Tax Digital figures
- Rent your letting agent paid after taking a fee: the full rent is recorded as income and the fee as a separate cost
Rules for the payees that come round every month
When you record a line, or set it to Nothing to record, you can save the answer as a rule: lines whose description contains the same text go to the same Finance category and property next time, or are set aside. You can edit the text before saving, and manage your rules from the Rules button. A rule only suggests; nothing is filed until you confirm it.
Confirming many lines at once
Lines a rule matches, and lines that match a rent charge with confidence, arrive with a suggestion. Confirm them one by one, or all together, and you are told what was filed and what was skipped and why. Lines that may be a copy from an earlier import are never suggested.
Rent collected by Direct Debit
Rent collected through LetCompliance arrives in your bank as one Stripe payout, after fees. A payout line is matched to the rent charges it paid when the amounts add up exactly, and it adds no income: that rent was already recorded when each charge was paid.
Nothing counted twice
Importing the same statement again adds nothing. A rent charge and its payment count as one payment, however it reached the account. Two lines with the same date and amount from different imports are flagged for you to check, because joint tenants paying the same rent on the same day is two real payments, not a duplicate.
Which plans include it
Bank statement import is on every paid plan, from £7.99 a month, and in the trial.
