You can import financial statements in bulk when the Flashspread integration is enabled. When the import is complete, the system will use the Tax ID in the statements, match them with any entities in your records, and create a spread period for each loan the entity is a part of.

 

Starting the Upload:

 

• Click on Data in the Ventures menu > Imports > Financial Statements
• Click the Select From Drive button. Use the pop up to select which files you would like to upload and import. You can select as many as you need to. Once you have made your selection click Open. Alternatively, you can drag and drop the files to the marked area. Either way the upload process will begin.

 

 

• You will see the documents you selected appear in the grid. Their status will say processing. This may take some time depending on how many documents you have uploaded. You can navigate to other pages in Ventures while the documents process.
• Once the documents are processed, the entry in the table will update. 

 

If there are Errors:

• The status will update to say Missing Important Information or Validation Error(s). The Tax ID, Taxpayer and Entity Name fields will be blank. Click the hyperlinked Description to start correcting Validation Errors. A pop up will appear.

 

 

• If you have a Missing Important Information status, the pop up will first display the blank fields in your form that need to be filled in. Enter the information then click Save & Exit. The button will activate when you fill the missing information. The pop up will load a screen where you can review your data, we cover this below.

 

 

• If you have a Validation Error(s) message, click the hyperlinked description to begin the correction process.
• A pop up will appear that shows how many errors that need validation were found in the form. Click the View Error button to jump to the field that contains the error. 

 

 

• Correct the error highlighted by the system. Occasionally their may be instances where the numbers on forms may be read incorrectly leading to the math on the form being incorrect. You can click on the field to type in it. Go through and do this for every error in the form. 

 

 

• After correcting any highlighted Validation Errors. Scroll through the form and review the information for accuracy.
• When you finish, scroll to the top of the pop up and click Save. If you do not click the Save button in the pop up, the corrections you have made will not be saved and the validation errors will persist. Remember to click save. 

 

 

• Click Ok. The pop up will disappear. You will return to the table containing the statements that have been uploaded to the system. The table will refresh and the status of your upload should update to Ready for Import.

 

 

If there are no Validation Errors:

 

• The status in the table will update to Ready for Import. You should see the Tax ID, Taxpayer and Entity Name appear in the table in their respective columns.

 

 

• Click on the hyperlinked description. A pop up will appear in which you can review the data before it is imported. This is the same pop up pictured in the correction validation errors steps above. If you make any changes to the data, click save at the top of the pop up. If you do not click the Save button in the pop up, the changes you have made will not be saved. Remember to click save. If you make any changes to the data. 
• Once you have reviewed the data and ensured its accuracy click Ok.

 

Importing the Statements:

• Your upload should have a status that says Ready for Import. If it does not you will not be able to continue. Please follow the instructions above to resolve any Validation Errors.
• Fill in the check box next to the statement(s) you want to import. The check box will only appear for statement that have a Ready for Import status. You can select as many as you would like.
• Once you make your selection, click the Import button.

 

 

• A pop up will appear asking you to confirm that you wish to import the number of statements selected. It also contains an explanation covering how statements will be created. We will cover this information a little later in this article in the Notes section. Click Import.

 

 

• The system will import the statements. You will see a progress bar appear on the screen. Do not close the tab or web browser till the bar completes its progress. If you need to continue working, please use another tab or browser window.
• When the import is complete, a pop up will appear letting you know that the import was completed along with information on how many statements were created or updated 

 

 

• If there were any errors during the import, the system will inform you of them in the pop up. Correct the errors in your system and repeat the process.

 

 

• After the statement is imported, you can use the arrow next to its row to see what loans it was imported to. Click on the arrow, the import record will expand and display a list of loans the statement was added to. Clicking on a loan log number will take you to the loan. Click the arrow again to collapse the view.

 

Notes:

 

• Existing financial statement periods that were imported using FlashSpread will be updated.
• Any financial statements periods that were not created using FlashSpread will not be modified. A new financial statement period will be created instead.
• The system matches statements to Entities based on their Tax ID. To avoid mismatches, it is important that Entities have their correct Tax ID entered in Ventures and on any tax documents. 
• You can tell if a period was created manually, or via import by looking at the title of the Period. In a statement, click Manage Periods. A pop up will appear. Any periods that were created due to an import will say imported in their title.