📌 Bank Statement v2 is currently waitlisted. Contact support team to get it enabled for your organization.
Bank Statement v2 makes reviewing statements faster and more accurate. One upload can contain multiple accounts and currencies, Tofu validates the balances for you, and you can work in single or double entry mode. Here's how it works from setup to verify.
1. Configure Bank Statement Settings for Your Entity
Go to Entity Settings → Features → Extraction Types and open the Bank Statement tab.
Enable Bank Statement: Toggle ON to allow bank statement extraction.
CSV export target: Choose which accounting software your CSV exports should target.
Priority fields: Select up to 3 fields that AI should prioritize during extraction.
Entry mode: Choose Single Entry or Double Entry, depending on your bookkeeping workflow.
Extraction settings control how bank statements are extracted:
Multiple accounts: Extract multiple bank accounts (with different currencies) from a single statement.
Child transactions: Extract deductions withheld from a parent transaction, such as withholding tax, as child rows.
Validation settings control how extracted bank statements are checked:
Opening & closing balance: Validates opening and closing balances against calculated values.
Credit & debit totals: Validates total credits and debits against extracted values.
Subtotal: Validates the net change (credits minus debits) calculation.
Per-line balance: Validates the running balance for each transaction row.
💡Tips:
If your statement doesn't print an Opening Balance, check the first transaction's ending balance instead: if it's a debit transaction, add the transaction amount back to that ending balance; if it's a credit transaction, deduct the transaction amount from that ending balance. The result is your Opening Balance.
Enable the validation checks that appear on your bank's statements. If a statement doesn't show a value for a check, Tofu simply skips it.
2. Upload a Bank Statement
Go to your Source Documents column.
Click Upload document and select your bank statement file.
No need to split statements with multiple accounts. Tofu detects each account and currency and creates a section for each one.
💡 For the easiest workflow, connect Google Drive, SharePoint or Email so statements sync into Tofu automatically.
3. Get to Know the Extraction Review
Open the extraction to review. At the top you will see three tabs:
Bank Statement: Review the extracted details, balances, and transactions.
Bank Accounts: View or add the bank accounts on this statement.
Activities: See the history of actions taken on this extraction.
When Tofu detects a new bank account in your statement, it displays the bank details in the Bank Accounts tab with Accept and Edit buttons.
Click Accept to add the account as-is, or click Edit if you need to modify the account number or currency before adding it. This gives you full control over which accounts Tofu creates, matching the workflow for new contacts.
Working with Detected Accounts
Each account and currency detected in the file gets its own collapsible section, so there's no need to split multi-account statements. In each section:
Click the Bank Name to match it to a bank account set up in Tofu.
Confirm the Account Number and Currency from the dropdowns.
Check that all transaction dates fall within the Statement Period.
Use the All accounts and All currencies dropdowns at the top to filter your view. Once every enabled check passes, the account shows as Balanced.
4. Check the Summary and Validation Results
The Summary section validates your statement by comparing two columns:
Extracted: pulled automatically when the value is printed on the statement. If it isn't printed, this field is left blank and you'll need to enter it manually.
Calculated: what Tofu computes from the extracted transactions in the table below.
A check mark means they match. An X means they don't. Here's how to fix it.
Fixing an Unbalanced Summary
If Opening & Closing Balance, Credit & Debit Totals, or Subtotal are enabled as validation checks in Entity Settings, an X on any of them means one of two things:
The Extracted value is missing or incorrect. Enter or correct it based on what's printed on the statement.
A line item in the Transactions table below is off. See "Fixing an Unbalanced Transaction Table" below.
Total Debit, Total Credit, and Subtotal don't need an Extracted value if your statement doesn't print them. As long as your Opening Balance, Closing Balance, and Transactions table are correct, your Summary will balance.
💡 Enable only the validation checks that appear on your bank's statements. If a statement doesn't show a value for a check, Tofu simply skips it.
With Per-line balance enabled, each transaction row also gets its own check (Ext. Balance vs Calc. Balance), so you can spot exactly where a discrepancy starts.
Fixing an Unbalanced Transaction Table
Each transaction row shows:
Ext. Balance: the running balance from the statement. You can edit this directly.
Calc. Balance: starts from the Opening Balance entered on the Summary and updates line by line as each transaction is applied.
A check mark means the two match for that row. An X marks the row where the discrepancy starts, and highlights the Debit or Credit amount responsible. Check that highlighted amount against the statement and correct it. Once every row shows a check, your transaction table is balanced.
💡 An unbalanced Summary or transaction table won't stop you from reviewing, saving, or clicking Verify. If the entity is connected to Xero, however, Tofu blocks Publish until the mismatch is resolved and shows an error message. An error is a prompt to double check. It often means one value needs a small correction rather than a full re-extraction.
5. Review and Edit Transactions
The Transactions table shows each line's Date, Description, Debit, Credit, Amount, Reference, and Contact, plus the categorization fields Tofie suggests for you:
Account
Tax Rate
Tracking Categories
A few tools make editing faster:
Bulk edit: Select multiple lines to change their Account, Tax Rate, or Tracking Categories in one go, or remove several lines at once.
Line item menu: Click the three dots on any row to move it to another account, change its currency, insert a line below, add a child transaction, duplicate, or delete.
Add a line: Click the + icon at the top right of the table.
Toggle Columns: Click Columns to choose which columns to display.
💡 Use Toggle Columns to show only the columns you need, keeping your review focused and uncluttered.
Working with multiple accounts:
Click Add Account at the bottom of the table, select the bank account and currency, then click Add Account to confirm. You can also add accounts from the Bank Accounts tab.
Child transactions:
Child transactions appear as indented rows under their parent and are editable like any other line. Since breakdowns are rarely printed on the statement, add a Knowledge card with Bank Transaction as the target field describing how to split a transaction, and Tofie creates the child rows automatically during extraction. You can also add them manually through the line item menu.
⚠️ Deleting a parent transaction also deletes its child rows. Tofu asks you to confirm before removing them.
6. Contra Defaults for Double Entry
If your entity uses Double Entry mode, a Contra Defaults section appears after the Summary. Set the default Account, Tax Rate, and Tracking Categories here, and they apply as the contra side for the account's transactions.
7. Verify and Send to Your Accounting Software
Click Save while you work, then Verify once everything is accurate. From there:
Xero: Publish directly with Bank Feeds or export a Xero CSV. See How to Send Bank Statements from Tofu to Xero.
QuickBooks Online: See How to Use Tofu to Convert Bank Statements for Easy Import into QBO.
Non-integrated entities: See How to Export Bank Statements in Tofu for Non-Integrated Entities.
For multi-account statements, each account exports as its own file.
✅ Pro Tips
Enable only the validation checks your bank prints on statements for a cleaner Summary.
Check that every transaction date falls within the Statement Period before verifying.
Set Contra Defaults first in double entry mode so new lines inherit them automatically.
Use bulk edit on selected lines to categorize a full month in minutes.