With OneUp, you can make time for more important things with automated accounting. One aspect of automated accounting in OneUp is learning from your history of how you match transactions of cash flowing in and out of your bank account for the products or services you buy or sell.
There are a few main parts to automated accounting and this is one of them. It’s well worth the effort to understand how it works, because you’ll see how OneUp helps you to get annoying accounting tasks that take too much time out of your busy day done in seconds!
1. Get your bank account information into OneUp
There are two ways to get transactions from your bank into OneUp: Connecting your bank or manually importing statements through a CSV file for example.
Connecting your bank
Simply get the latest transactions imported by connecting online to your bank.
Manually import statements
If you can’t connect your bank or would prefer not too, you can manually import a corresponding file. Most banks will let you download a statement, so simply do that and upload this into OneUp.
When uploading you can view a list of bank account movements. See, outflows like cash withdrawals at ATMs and bill payments like electricity and phones and see cash inflows of sales invoice payments.
In this view, it’s clear to see what’s going on at the bank!
Then you can select which ones to import into OneUp, or change them. It’s dead easy to control what transactions you bring into OneUp!
2. Matching and categorizing transactions
Once you have the bank account transactions in OneUp, OneUp attempts to match them with sales invoices and purchases it knows about. It does this by looking at matches you have made in the past.
As a bonus OneUp can suggest a match in many cases even when there hasn’t been a previous transaction. For example it may recognize Google if you have a transaction from them.
It does this according to how you have categorized transactions before. ‘Categorize’ means you classify or grade each one according to the type of accounting movement it is. This could be ‘Invoice payment’ for invoices you have billed, ‘Expense’ for products or services you have purchased or ‘Cash on Hand’ for ATM withdrawals.
How this works and looks in OneUp
At first you get a list of bank account movements. For example cash withdrawals at ATMs and bill payments for electricity and phones. See cash inflows of sales invoice payments, like those from Cool, in the example below.
The green ‘Validate’ buttons below are transactions OneUp has matched to existing accounting entries. Simply click the button to accept each one when it is correct.
The blue ‘Create’ buttons are unmatched transactions. OneUp wants you to categorize these transactions, for example by selecting a corresponding vendor and the account from your chart of accounts.
You can then simply categorize new bank transactions so they are already suggested matches when they repeat.
If an unmatched transaction is not a one-off and will repeat in the future, OneUp recognizes it and matches it every time it repeats. OneUp takes the matched transaction information and creates the accounting entries in your accounts system.
OneUp learns and suggests more matches the more you use it. The more you import online bank transactions and categorize them, the faster you get your accounting updated in only one click.
Following a simple process of import, matching and categorization means OneUp customers get automated matching of up to 95% of their transactions and automated creation of accounting entries. When time is money that makes OneUp a really valuable tool.
This post is also available in: French