Transaction Manager Overview

To Add to GL, update the Payee and Category”fields as needed, click on the Action button to the right of the transaction, and then click the Add to GL button.

When a transaction is in a bank feed state and not has not yet been added to the GL, a user is able to categorize it and then add it to the GL. You would use this button after a transaction has been reset or if AutoPush detected a potential match and you don't need to match.

To Add to GL, update the Payee and Category fields as needed, click on the Action buttonto the right of the transaction, and then click the Add to GL button .

Once you’ve clicked the Add to GL button, the transaction will be added to the client’s GL and moved to the Processed tab.

Add or update Payee or Category

To update a transaction’s payee or category on the “Needs Review” tab, simply open the dropdown under “Payee” or “Category” for the transaction and select the new Payee and/or Category that you wish to update the transaction to. As soon as you make your selection for the transaction, the changes will automatically be synced and updated in the client’s QuickBooks Online (QBO) or Xero account.

Add a new payee

If you need to add a new payee, simply open the “Payee” dropdown and start typing the name. You will see an “Add” option appear that you can click.

If you need to add a new payee, simply open the “Payee” dropdown and start typing the name. You will see an “Add” option appear that you can click. 

After you click “Add,” a pop-up named “Add Vendor/Payee” will appear, where you can finish adding the name and select the type of payee (vendor/customer). When finished, click the “Save Changes” button. 

After the changes have been saved, the new payee will be added to the “Payee” field.

Edit a Payee on a Deposit Line Item

For QBO clients ONLY: in the Edit modal of Transaction Manager, deposit transactions display a Payee column defaulting to the same payee set in the main table. When splitting a deposit, users can add a different payee to each line item, allowing them to categorize their deposits directly within Transaction Manager.

Above: The Payee column location.

Above: A row has been added to split the transaction, and the user is selecting the Payees.

Above: The deposit has been split and all payees and categories identified.

Excluding a single transaction

Choose a Bank Feed transaction listed in the Needs Review tab, and click the Action button (three dots). Choose Exclude from the drop-down list. This action is usually only necessary if the transaction has already been recorded in the GL via a different method, such as .csv uploads.

Once you’ve clicked the “Exclude” button, the transaction will be moved to the “Processed” tab and you will see “Excluded” text in the “Payee” and “Category” drop down menu. 

Resetting a transaction, removing it from the GL

If AutoPush or a user have either added a bank feed transaction to the GL or matched a transaction, you’re able to reset these transactions. Resetting a transaction will delete it from the GL or un-match the transaction which will allow a user to take additional actions on the transaction, such as: Find a Match, Exclude, or Add to GL.

• To reset a transaction, click on the “Action” button: to the right of the transaction: 
• Then click the ‘“Reset” button  
• Once you’ve clicked the “Reset” button, you will see the transaction on the Needs Review tab.
• When you click on the “Action” button again, you will see additional actions such as "edit", "match" or "exclude.

Approving a transaction

To approve a transaction on the Needs Review tab, check the box on the far left hand side of the transaction and then click the Mark Reviewed button on the top of the table. Once you have selected Mark Reviewed, a green “Transaction Updated Successfully” banner will appear, confirming that the transaction has been approved by you. 

Note: You can approve multiple transactions at once by checking the boxes for each transaction and then clicking the “Mark Reviewed” button on top.

Once you have selected Mark Reviewed, a green “Transaction Updated Successfully” banner will appear, confirming that the transactions have been approved by you.

Matching transactions

Matching is the process of linking bank feed transactions to their corresponding GL transactions. The three types of matches are duplicate matches, invoice/bill matching, and undeposited funds matching.

Our AutoPush functionality must be enabled and is required to match bank feed transactions with QuickBooks Online GL transactions. AutoPush technology is what makes this possible!

What matching solves for

It is very common for our clients to require matching for their transaction categorization. Matching is used for preventing duplicates and tracking AR/AP.  The five types of matches are: duplicate matches, bill matches, invoice matches, undeposited funds matches and transfer matches.

• Duplicate matches (think of it as duplicate detection): A Smart Connect transaction looks very similar to an existing transaction in the GL. Matching depends on the transaction's confidence level:
  
  • Low/medium confidence: We don’t automatically match these, but indicate them as potential matches using the M icon in the Needs Review tab.
  • High confidence: We’ll automatically match the transaction to the one in the GL, which you can find under the Processed tab, with a BF (Bank Feed) indicator. If you click on the M icon next to the transaction, you'll see to which GL transaction it was matched.
• Bill matches (If you are tracking Accounts Payable): A purchase transaction comes through Smart Connect, and we find an existing bill transaction in the GL that has not been paid yet.
  
  • If you choose a match, we create a bill payment transaction and mark the bill paid.
  • We don’t automatically match these, but indicate them as potential matches using the M icon in the Needs Review tab.

• Invoice matches (If you are tracking Accounts Receivable): A deposit transaction comes through Smart Connect, and we find an existing invoice transaction in the GL that has not been paid yet.
  
  • If you choose a match, we create an (invoice) payment transaction and mark the invoice paid.
  • We do not automatically match these due to the risk of incorrectly marking an invoice paid.

• Undeposited funds matches: A deposit transaction comes through Smart Connect, and we find an existing payment or receipt transaction in the GL posted to the undeposited funds GL account.
  
  • If you choose a match, we create a deposit transaction which reduces the balance in undeposited funds and hits the bank account.
  • We do not automatically match these, allowing you to review the transaction for confirmation.

• Transfer matches: Two separate transactions come through Smart Connect on two different accounts that are both using AutoPush.
  
  • We will match and create one transfer transaction.
  • When this happens, we automatically match and move the transfer transaction to the processed tab.
  • These transfers won’t have the M icon, because it was two AutoPush transactions that we consolidated into one transaction.
  • These will sync over to the GL as one transfer transaction.

• Option to configure whether low/medium-confidence transactions should be synced to GL in real-time or held for human review: This will be based on how quickly you want to see transactions in the GL.

• Option to create bill payments and invoice payments when a bill/invoice match is completed: easily handle your AR/AP directly out of Transaction Manager by keeping track of applying payments to open bills and invoices!
• Ability to search the GL & manually match a transaction: AutoPush is really great at finding matches BUT- in some scenarios we find that the amounts between the bank feed and GL transactions may not line up perfectly (for example, due to bulk deposits/one deposit is for multiple invoices). At this point, we’ll prompt you for feedback or assistance to ensure accuracy. If needed, our user friendly interface makes it easy to search the GL and manually match transactions as needed.
• Manually log/record a transfer: AutoPush automatically matches transfers but if you ever need to record one manually, you just choose any bank, credit card or loan account as both the 'to' and 'from' accounts on the transaction.
• Ability to add transaction to GL: If you are leveraging the option to hold transactions for human review, these transactions will need to be added to GL.  AutoPush will still auto-categorize the transaction but a human will need to review and add to GL.
• Ability to reset a transaction: If you ever need to make a change to a transaction you can reset it. Once the reset is complete, you can then take additional actions, such as: edit, match or exclude. 

• Ability to exclude a transaction: If there is a scenario in which you do not need a transaction synced, you can exclude it! This will mark it reviewed but will not sync to the GL.