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We have updated the FlashSpread integration with Ventures.
If you are interested in using FlashSpread 2.0, please contact us for more information!
This article will cover the new process for importing financial statements. There are mapping guides explaining how the import fills your financial statements attached to this KB article.
You can view a video version of the article here:
Looking for a specific section? Jump straight to it using the links here!
- Which Forms are Supported?
- Beginning the Import Process
- Statuses
- Reviewing and Updating Statements
- Completing the Import
- Deleting Documents from the Pop-up
- Some Notes
- Updating your Company Statement Template
Please ensure the form you are trying to import is supported. Please note whether the form you are importing needs to be imported as part of a larger PDF that contains other parts of the form, or if importing it individually is supported.
We currently support:
Personal Returns
- 1040
- Schedule C (including multiple). Schedule C may be uploaded separately. It must include a company EIN, which will be used to create a Company Spread.
- Schedule E (including multiple). Schedule E is used for period values and must be present for proper calculations if relevant.
- Schedule 1 (for 2018) onwards. Schedule 1 is used for period values and must be present for proper calculations if relevant.
Business Returns
- 1120
- Schedule L. Schedule L is used for period values and must be present for proper calculations if relevant.
- 1125-A. Uploading an 1125-A will breakout your Costs of Good Sold if your company template is up to date. Please click here to learn more.
- 1120S
- Schedule L. Schedule L is used for period values and must be present for proper calculations if relevant.
- 1125-A. Uploading an 1125-A will breakout your Costs of Good Sold if your company template is up to date. Please click here to learn more.
- 1065
- Schedule L. Schedule L is used for period values and must be present for proper calculations if relevant.
- 1125-A. Uploading an 1125-A will breakout your Costs of Good Sold if your company template is up to date. Please click here to learn more.
- 1040
- Schedule C (including multiple). Schedule C may be uploaded separately. It must include a company EIN, which will be used to create a Company Spread.
From the Overview page of the loan:
- Click on Analysis in the menu on the left.
- Click on Financial Statements from the menu that appears. You will see any statements already created listed in the table. Click Import.
The import Financial Statement pop-up will appear. This pop-up allows you to import documents that you have stored in your Ventures Document Store, and documents saved on your local system.
Importing from the Ventures Document Store
To import a document from your Ventures Document Store, you must have already uploaded the document to the document storage page of Ventures. Click here for instructions on how to upload a document to Ventures.
- Click the Select from Store Button.
- The pop-up will update. You will see a list of all documents in your documents store page of Ventures. You can use the fields to filter for document types, and document tags. You can use the search bar to search for a specific document. Use the search and filtering options to narrow the list of documents till you can see the documents you want to import. You can click on the thumbnail to see a larger preview of the document.
- When you find the documents you want, select them using the check box next to it. You can select as many documents as you need to.
- Review the documents you have selected, then click Upload.
- A confirmation pop-up will appear. Confirm that you want to upload the documents you have selected by click the Upload button. The upload and importing process will begin. This is covered a little later in this article.
Importing from your Local Machine
To import a document that you have saved on your local system you have two options:
- You can drag and drop files directly into the pop-up, or you can use the “Select or Drop files” button to select which files you would like to import from your system.
Please note: You can only import PDF files. If you try to import a different file type, you will receive an error. If you select multiple file types including PDFs, you will see an error message, the PDF files will still import, the other files will not.
Once you make your selection, whether from the store or from your computer, you may see a loading icon for a moment. You will see the documents you have selected appear in the pop-up. They will all show a status that says processing. The more documents you select, the longer the processing will take. You can navigate away from the pop-up, continue working in Ventures and return to the pop-up without interfering with the process.
As the documents finish processing, you will see the Tax ID column, the Taxpayer column and the File column fill in.
- You can click on the icon in the File column to see what document was uploaded.
If you do not see a Tax ID or Taxpayer name, you will need to review the document you imported. We will cover this a little later in the article.
The status will update with one of the following status:
- Processing: Documents are being processed using Optical Character Recognition (OCR).
- Missing Important Information: Information such as the EIN or SSN could not be read. You will need to open the document and enter values before continuing.
- Validation error(s): There is an issue with one of the fields on the form or schedule. Typically, this occurs when a field that is the sum of two other fields does not match, either due to an input error or an issue from the OCR process. You will need to open the document and correct any errors before continuing.
- Entity with tax ID missing from Loan: A tax ID was found (Typically SSN for 1040, EIN for all others), however it does not match the tax IDs of any entity on the loan. This can occur when the field is misread during the OCR process, or if the entity has not been added to the loan yet. Please check the document and ensure all tax IDs were processed correctly. If the error still reports, check the Entities tab and ensure the person or business with the tax ID has been added correctly.
- Ready for Import: The form has passed all checks and is able to be imported into Ventures.
- Importing: The form is in the process of being imported.
- Imported: The form has been successfully imported.
- Processor Failure: The document was unable to be processed, please re-upload the document and try again.
- Document not Supported: The contents of the file could not be read. Verify the file is one of the supported documents and is in PDF format.
- Password Protected: The file could not be processed as it is password protected. Please remove password restrictions from the file, then upload the file again.
- Replaced by more recent version of document: A more recent version of the document was uploaded on this loan or another loan. This document is no longer available to import to Ventures.
Reviewing and Updating Statements
Whether you see a status indicating you need to review data in the import, or a status saying it is ready to be imported, we recommend checking the data to ensure there are no errors in it. Optical Character Recognition can occasionally transpose or misread data. It is important to double check that everything was processed correctly. If the file has a ready for import status, you can review the data after the import if you wish, or you can follow the method we will demonstrate here. For files that are not ready to be imported:
- Click the name of the file. A window will appear. You will see the imported document in the window.
- If the status states there is important information missing, the pop-up will display which field is missing and allow you to fill it in. Click Save & Exit after filling in the information. The pop-up will disappear and will be replaced with the imported form allowing you to review the rest of the imported information.
- If you are just reviewing the document, you can scroll through the document and review the data the import processed. You can click in any field with data in it and edit the data contained within.
- If you click the “View Original Document” the document you imported will appear in a separate tab allowing you to compare it with what was processed.
- If the document has sections, you can use the “Jump to Section” widget to jump to a specific section.
- When you have finished reviewing the data, and making any changes or updates you need to, click Save. It is vital that you click Save before exiting the pop-up, any unsaved changes will be lost.
- Once you have clicked Save, click Ok.
If you were entering missing information or correcting information, the pop-up will refresh and the status should update. If you have fixed everything, the status should change to “Ready for Import”.
Once the documents you want to import have a “Ready for Import” status:
- Select the checkbox in the column next to the name field. You can select multiple files to import, as long as they are ready to be imported. Click Import.
- A confirmation pop-up will appear, in it, the pop-up explains that any existing spread periods that were created by an import will be updated if the identifying information matches. For example, if you are importing an updated return for a return you have already imported, the existing spread will simply be updated with the new data from the updated statement, if the identifying information matches. Any existing periods that were user created will not be modified, a new period with data from the import will be created instead. When you have read the confirmation message, click Import in the pop-up.
- The import process will take place, you may see a loading screen.
- The pop-up will disappear and you will see a summary of the import process. Click Close.
- The pop-up will disappear and you should see relevant statements created in the table of available Financial Statements.
- Click the statement that you have just imported and review the data in the statement. Click Save.
Deleting Documents from the Pop-up
- Once you are done with a document, you can delete it from the list by selecting the ‘x’ button in the corresponding row.
- A confirmation will appear asking if you are sure you want to delete the document. Click delete in the pop-up to confirm you want to delete the import.
- The pop-up will disappear and the imported form will be deleted.
- If you import an updated version of a form that you have already imported, any existing periods that were created will be updated with data from the new version.
- If you have modified any values in the statement that was created from the first import into Ventures, all values on that period will be updated except for those that were manually changed.
- If there are existing user-created periods that match the import, they will not be overwritten. The import will create a separate financial statement period.
Updating your Company Statement Template:
