The bank import facility is an extremely useful facility that allows transactions to be loaded directly from data exported from banking software. Most common formats are supported. This option is used to import Bank Statement information.
Transactions are not updated immediately, rather they are imported into a saved Bank Entry Batch. From there they can be validated and updated.
To edit the saved imported batch use the Bank Entry Transaction facility and select the batch with the batch ID allocated to the batch as it was imported.
The import depends on the details of which Account the payment is to be allocated to, being held in the Code, Particulars and Reference of the Bank Statement item. However it is recognised that often this default is not perfect so often a match is not found, in these cases you simply manually allocate the payment the first time and that allocation will be retained and used for subsequent imports or allocate to a Suspense Account.
The Suspense Items facility is used to store imported bank transactions that cannot be allocated to an Account because the Account they are meant for is unable to be identified, or is closed. The Bank Transactions are posted to the Suspense Account and may then be exported to the General Ledger in the normal way whilst awaiting for allocation to an Account.