After adding Excel as a Source to Reportance (see the Dataset - Manage Sources - Excel Connection knowledge article) the trial balance can be imported using the import facility in the Excel add-in. If you have not already done so you can download the Excel add-in directly from Microsoft AppSource by clicking here. Alternatively, follow the installation details that will appear after creating the data source as shown in the Installation knowledge article.
A Reportance toolbar will then be visible in the Excel ribbon under the Home tab as shown below:
Import from Excel
To start, export your financial data into an Excel spreadsheet, or construct a trial balance using excel cells. The Reportance Excel Import Utility will accept data in one of four formats based on the number of columns you select:
*More details on Classifications are provided at the bottom of this article.
- With the five or six column formats the account numbers can be left blank as Reportance does not require an account number.
- Reportance does not care if you have headers or not, as it will assume your columns are in the orders provided above.
- Reportance does not mind the use of blank lines or header accounts and the like, however it will assume that every line with a value in the debit or credit column is a valid account that needs to be imported.
With the data in the right format, click and drag your mouse to select the data that you wish to import so that they are highlighted. Then go to the Reportance toolbar in Excel (under the Home tab, see above) and click on Import Data. This will bring up a task pane to select the Entity and the Dataset where the data are to be imported. Click Prepare Journal.
If you used the three or four column format, you will need to select the Class (Classification) for each account to be imported. The Classification is used by Reportance to help automatically link accounts to the master chart of accounts. Once an account is linked to the master chart of accounts the classification loses its relevance.
In the Excel import process, it will automatically link the following text to classifications as shown below:
|Classification||Valid Text Strings|
|Asset||"Asset", "Assets" or "A"|
|Liability||"Liability", "Liabilities" or "L"|
|Equity||"Equity", "Capital" or "E"|
|Revenue||"Revenue", "Income", or "R"|
|Cost of Goods Sold||"COGS", "Cost", "Cost of Goods Sold", "Direct Cost/s" or "C"|
|Expense||"Expense", "Expenses" or "X"|
|Other||All other text strings, including "O"|
If you use an established account numbering system for the account number of each account, you can automate this process by selecting the numbering system in use at Classify Account Numbers.
Finally, add a journal number and date and click on Import Journal. The data have now been imported into Reportance. Return to Reportance to begin working on the file.
Next article: Datasets - Journals