What are Botkeeper's Legacy Services?

Contents

Botkeeper's legacy services were divided into Basic and Advanced service packages on daily or weekly bookkeeping cadences.

Basic Services

Supports QBO or Xero, and the following payroll apps: ADP, Deluxe, Gusto, Heartland, HRPro, Insperity, Justworks, Paychex, Paycor, QBOl, Square, Trinet, Zenefits

Cash Basis Transaction Categorization

• Client’s transactions are categorized utilizing artificial intelligence in combination with available bank information, check images and historical/global data
• Any transactions requiring more information to confidently categorize ( i.e., manual checks with no backup, unusual transactions, etc.) will be posted to the Uncategorized account in QBO & Xero
  
  • Partner will be notified via a portal task if there are uncategorized transactions for their review
  • Firm will categorize or provide information for Botkeeper to categorize
  • Botkeeper will reference history for future categorization
• Botkeeper will perform month end Bank & Credit Card reconciliations
  
  

Basic Payroll Journal Entries

Basic payroll journal entries will be recorded from referencing payroll reports uploaded by the partner or client via the portal or by granting read-only access to pull payroll reports.

• If Payroll Sync is established:
  • Match synced journal entry to Bank Feed
  • Sync issues will be reported to the firm’s attention
  • Notify Partner firm via portal if sync becomes disconnected
  • Partner firm to update task in Portal if/when sync is established
• If Payroll Sync is not established:

• • Book journal entry based on reports provided via portal task and historical transactions; or
  • Partner provides payroll credentials for Botkeeper to manually pull payroll reports to book journal entry

Basic Schedule Maintenance with Monthly Journal Entry

• Maintain and record simple schedules such as:

• • Prepaid expenses
  • Loans
  • Depreciation
  • Deferred liability
  • Inter-company schedules
  • Other schedules leading to journal entries

• Schedule format provided by the Partner

• In order for Botkeeper to manage the schedule, the balance must align with the previous month's close

• Accounting Partners have the option to turn this service offering on via the Partner Scoping Tool to have it included as part of your client’s scope of service.

• To ensure that Botkeeper can properly handle and maintain basic schedules, such as prepaid expenses, loans, depreciation, deferred liability, and inter-company schedules, Accounting Partners must use the Partner Scoping Tool to include them in their clients' scope of service. 

Simple Month End Journal Entries

At the end of each month, Botkeeper will carefully record all simple journal entries using a journal entry structure provided by our Accounting Partner. This process will ensure that all data is accurately captured and categorized, allowing us to generate timely and reliable financial reports. By maintaining a meticulous record of all financial activities, we can make informed decisions about our business operations and overall financial health.

• This includes:
  
  • Month end journal entries that do not require calculations
  • The specific instructions regarding the month-end journal entries will be communicated by our Accounting Partner through task assignments in the portal.
  • Please note that the service offering for month-end journal entries does not include purchase order entries. 

Monthly Close

Botkeeper's Basic month-end close is a comprehensive process that offers an extensive range of reports for your clients. These include:

• Unlimited bank and credit card reconciliations, ensuring that all transactions are accurately recorded and accounted for.
• In addition, the package includes an upload of your client's month-end management report, which contains several essential financial statements, including:
  • YTD Balance Sheet
  • YTD Income Statement
  • MDY Statement of Cash Flow
  • MDY Accounts Receivable Aging (if applicable)
  • MDY Accounts Payable Aging (if applicable)
  • YTD Profit and Loss by Class/Department/Project 
  • Custom QBO or Xero reports added into the Management Report directly in the GL by the Firm
  • Hard Close - books locked with password
  • Soft Close - books locked without  password

• The package includes an overall book review for any unusual balances or discrepancies, ensuring that any errors are identified and resolved promptly.

A Standard Monthly Report Package PDF will be provided on or before the closing due date, as follows: 

Additional Information

• Amounts will be rounded to the nearest dollar. 

• Reports will be run based on the Accounting method set in the GL. 

• If the partner provides all required information on or before the close cutoff date, or if the Partner has not communicated any required information as of the close due date:

  • A portal task will be assigned to the main Point of Contact (POC) on or before the close due date to notify the partner that the books have been closed as per the scope of services 

  • Partner is responsible for regeneration of reports for the same period thereafter; where required

  • If the partner opts out of reporting for a client, the month end close task will be created with no reports

• If the partner provides required information after the close cutoff date, but before the close due date:

  • Up to 1 business day will be added to the close due date for each business day overdue to close the books and post the portal task with linked reports, if applicable.

  • Reprinting of the management report due to post period adjusting entries is out of scope and will be a responsibility of the firm.

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Advanced Services

Supports QBO or Xero, and the following payroll apps: ADP, Deluxe, Gusto, Heartland, HRPro, Insperity, Justworks, Paychex, Paycor, QBOl, Square, Trinet, Zenefits. Includes everything in Basic in addition to the following. 

Advanced Payroll Categorization

• When you use Botkeeper, we handle your client payroll transactions according to the payroll schedule either through provider integration or journal entry. 
  
  • When a Payroll integration is established:
    • We'll ensure that the synced journal entry matches the Bank Feed.
    • In case of any sync issues, Botkeeper will notify the firm and request them to update the task in the portal once the sync is established again. 
  • In the absence of a Payroll integration:
    • We will book the journal entry based on reports from the portal task and historical transactions.
    • Alternatively, if the partner provides the necessary payroll credentials, we will manually pull payroll reports to book the journal entry.
    • Our team will also categorize payroll check splits and ensure that the accrual-based date alignment is correct for after-the-fact transaction recording.
    • If you want to include this service offering as part of your client's scope of service, you can turn it on using our Partner Scoping Tool.

Tracking 

Class, Department and Job/Project

• Assignment of a class, department or job/project during transaction categorization
• Based on a predefined mapping table provided by Partner
• All allocations are made on either a 
  • 1:1 basis; or
  • 1:many basis 
  • Logical application required to benefit from this service offering
• Partner will be tasked in the portal to review unassigned transactions
• If a transaction cannot be allocated to a class, department and/or job/project based on any of the above criteria, the class, department or job/project will be set to unassigned and the transaction will be assigned to the entity point of contact in Transaction Manager to review and complete
• Does not include reclassing of transactions being synced into GL from a third party system

QBO W-9 Form Request

• Request W-9 from all new vendors requiring payment using the QBO workflow

Does NOT include:

• Pursuing/Chasing down/Following up with non-confirming vendors to complete & return their W-9 form
• Managing and tracking down Purchase Orders
• 1099s

Applying Payments to AR Invoices

• Record payments and deposits against the appropriate invoice(s) and/or customer(s) in the GL based on:
  • Details uploaded to portal including deposit date and amount in file name
  • QBO merchant center for QBO payments received via Intuit
  • Information synced into Xero from Stripe, GoCardless or Paypal 
  • Any 1:1 matches between a deposit and an invoice

• Partner will be tasked in the portal to review unknown payments / deposits
• If inadequate details are available at the time of booking the deposit, the deposit will either be left on the “Needs Review” tab of Transaction Manager (if connected to Smart Connect), or the “review” tab of the bank feed (if smart connect is not used for this client). A portal task will be posted to notify the partner more information is required to record the deposit. 
  • Prior to the close cutoff date, unmatched feeds will be placed in uncategorized transactions in order to reconcile the corresponding bank account(s) and assigned to the partner in  Transaction Manager
  • Any details provided within the period between the close cutoff date and the close date may cause a delay in closing the books 
  • Details provided after the closing date will be posted in accordance with the closing cutoff guidelines at the client level regarding the posting period (hard close vs. soft close)

Weekly AP Processing

• As part of the Botkeeper Advanced services, your client’s vendor invoices will be reviewed, monitored for duplicates and processed for Partner or Client approval. Payment will remain the responsibility of the partner or client.

  • The first weekly processing cycle for each Client will begin 5 business days after the Client is accepted into ongoing service, then proceed on the selected processing deadline day thereafter.
  • Weekly processing will include all bills submitted, to the single location agreed upon for each Client, at least two business days prior to the deadline day.
    • Bills submitted after the two-business-day cutoff will be processed the following week.
  • Any bills that carry a bill date of the prior month and are provided after the monthly close cutoff date of the following month, will be posted in accordance with the closing cutoff guidelines at the Client level regarding the posting period (hard close vs. soft close).
  • At month-end, the AP clearing account will be reconciled, if applicable.

  Processable Documents

  • The table below details the processable and non-processable documents for the Weekly AP processing service offering.
  • Other and Archived folders will be created in the single location bills are being uploaded to.
  • Processable documents will be filed in the Other folder for Partner or Client to action.
  • Any bills that are processable, but are not entered as a bill, will be filed in the Archived folder.

   

  TYPE	TREATMENT	PROCESSABLE?
  Unpaid Bills	Will be processed and categorized as per history.	✅
  Paid or Auto-Paid Bills	Will be processed and categorized as per history and manually marked as paid, provided invoice states "autopay" or is stamped "paid."	✅
  Bills from New Vendors	Vendor will be created with “check” set as default payment method and Partner will be notified the new vendor was added via a weekly Portal Task AP update. Partner will be responsible for adding ACH info and collecting W9, if applicable. “Vendor Management and W-9 Collection” add-on service is available after 2 monthly closes (QBO only).	✅
  Foreign Currency Bills	Will be treated the same as an Unpaid/Paid Bill and the conversion will be made to USD using the AP processing system’s native rate service. Any adjustments, gains or losses will be the Partner’s responsibility to reconcile. Partner should ensure multi-currency is enabled within the accounting system to avoid sync issues.	✅
  Payment confirmations	Will be processed if an open bill exists or entered as expense in QBO, then filed in an archived folder.	✅
  Reimbursable expense reports	Will be processed under employee name and split per expense report categorization provided in the AP system itself (via Partner or Client upload or sync).	✅
  Vendor statements	Will be filed in the other folder for Partner to action.	❌
  Multiple bills within a single PDF file	Preference is one bill per single PDF file (soon, we will only be able to accept separate files).	❌
  Expense receipts*	Will be filed in the other folder and transactions will be coded through the bank feed in line with historical data. *Contact GP for more information about receipt matching.	❌
  Tax alerts	Will be filed in the other folder for Partner to action.	❌
  W-9 Forms	Will be filed in the other folder for Partner to action. “Vendor Management and W-9 Collection” add-on service is available after 2 monthly closes (QBO only).	❌
  Employee, contractor or internal emails	Emails submitted at the same time as/and relating to a Bill or other processable document will be referenced for coding purpose only, then merged with the bill upon creation or treated the same as the related document. Stand-alone emails submitted asking questions (or not relating to a bill or other processable document that was submitted at the same time as the email), will be filed in the other folder for Partner to action.	❌

 

Monthly Standard Invoicing 

As part of the Botkeeper Advanced services, standard invoices will be created and delivered on a monthly basis via QBO/Xero/Bill.com, based on a template provided by the client. 

• Supported applications include:
  • QBO
  • Xero 
  • Bill.com 

• The client will provide a template for the standard invoices that will be created and delivered on a monthly basis as part of the Botkeeper Advanced services.
• To ensure that we can provide standard monthly invoicing, please make sure to use the scoping tool in the portal to include this service in your plan. This will allow us to efficiently manage and deliver your standard invoices each month.

This service does not include 

• Accessing and sending invoices from 3rd party applications
• Custom invoicing of any kind

Credit Card Merchant / Point of Sale Reconciliation

• Journal entry to record the summarized sales report to capture gross income, refunds, fees, departmental sales, etc. 
• Reconcile summarized deposits via clearing account and general ledger  
• Any discrepancies identified will be escalated to the Partner for further investigation

Inventory Reconciliation

• On a monthly basis Botkeeper will record a month end inventory value adjustment journal to your client’s general ledger: 

  • Report provided by the client; or via direct access to inventory management system via Password Manager

  This service does not include 

  • Updating 3rd party inventory management systems

  • Management of syncing issues between the client’s general ledger and 3rd party inventory management system

Enhanced Ongoing Report Support

• Manual additions of external reports in the month end management report package that do not come from QBO/Xero
• Other specialized additions/modifications to month end management report packages

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Who is the AX (Accounting Expert)?

Botkeeper provides you with a dedicated Accounting Expert, who is supported by a team of knowledgeable professionals and powerful technology to service your firm.. This person is the main point person for any of your bookkeeping or client service needs, and with direct access to them via calls, email or tickets, support is just a few swipes, taps, or clicks away! 

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Botkeeper's Clean-Up/Catch-Up