Zoho Books Import Bank Statement - Multi-Currency & GST Complete Guide 2025

GST Code Mismatch (India)

Symptom: GSTR-1 report shows incorrect output tax

Cause: Imported transactions without GST codes or wrong rates (18% instead of 12%)

Solution: Re-categorize transactions with correct GST codes, file revised GSTR-1

Prevention: Always include GST column in CSV, verify rates against HSN/SAC codes

Multi-Currency Exchange Rate Error

Symptom: P&L shows unrealized FX losses, but bank statement matches

Cause: Zoho used market rate instead of bank's actual exchange rate

Solution: Manually adjust exchange rates to match bank statement

Prevention: Include exchange rate column in CSV for FX transactions

Date Format Ambiguity (DD/MM vs MM/DD)

Symptom: Transactions imported to wrong month (e.g., 05/03 as May 3 instead of March 5)

Cause: Zoho guessed wrong date format based on ambiguous dates

Solution: Delete imports, re-upload with unambiguous dates (e.g., 05-Mar-2025)

Prevention: Use DD-MMM-YYYY format or ISO format (YYYY-MM-DD)

Duplicate Bank Feed + CSV Import

Symptom: Same transaction appears twice (one from feed, one from CSV)

Cause: Bank feed was active during manual CSV import

Solution: Disable bank feed before CSV import, or bulk-delete CSV imports

Prevention: Choose ONE method: bank feed OR CSV import, never both

How do I handle multi-currency transactions in Zoho Books?

Include currency code (ISO 4217) in CSV for foreign currency transactions. Zoho Books automatically tracks unrealized FX gains/losses on foreign accounts. For payments in foreign currency, include the bank's actual exchange rate to match statement amounts exactly. Our converter preserves all currency codes from bank statements.

What GST codes do I need for India transactions?

Most transactions use GST@18% (split as CGST 9% + SGST 9% for intra-state, or IGST 18% for inter-state). Check HSN/SAC codes for exact rates - some items are 12%, 5%, or 0%. Our converter can auto-assign standard 18% GST, or you can specify rates per transaction. Critical for GSTR-1/GSTR-3B reconciliation.

Can I use automation rules to categorize imported transactions?

Yes. After first import, create rules: "Description contains X → Categorize as Y, Apply GST code Z". Zoho applies rules automatically on future imports. Set up 10-15 rules for common vendors (AWS, Google Ads, rent, utilities) and save 80% of manual categorization time. Rules work across all bank accounts.

Should I use Zoho Bank Feeds or CSV import?

Zoho Bank Feeds only support ~2,000 banks (mostly US/UK/India major banks). For international banks, regional banks, or historical data imports, CSV is the only option. CSV also gives you complete control over GST codes, exchange rates, and categorization before import. For bulk operations (accountants with multiple clients), CSV is 10x faster.

What about date format differences between countries?

Zoho auto-detects date format based on organization settings (India: DD/MM/YYYY, US: MM/DD/YYYY). Ambiguous dates (e.g., 05/03) can be misinterpreted. Best practice: use unambiguous format like 05-Mar-2025 or ISO format (2025-03-05). Our converter handles this automatically based on your country selection.