Why can't I see all synced bank entries?

Click “Retry matching”. Your missing bank entries should appear. If you still have an issue, please contact OneUp support.

Also, please keep in mind only the entries from the last 90 days can be sync'd. If you have any prior to this, then it is recommended to import the statements for that period manually.

 

How do I register Owner’s draws?

We recommend using an offset bank account to register and control owner draws. In the Accounting - Bank Activity - Add Bank Account , check the “upload statement manually” option to create the offset bank. Select the account you would need to see the balance of in your chart of accounts. This bank does not need to stay in the balance sheet assets, you are free to also select a liability account.

If the owner draws from ATM, you can register this simply using a bank transfer. “From bank” will be your paying bank and “To bank” will then be your Owner Offset account.

If the owner pays expenses from private funds, you could register the expenses and use the Owner Offset account as the paying bank.

The balance in the Owner Offset account will always show the owed or loaned amount outstanding. Should you need to pay off or pay in the open balance, use a bank transfer to register the transaction.

 

How do I register Contributed Capital?

You can either use a sales receipt or an accounting receipt (if you are already matching in the bank through the create option in transaction line, type "Contributed Capital").
To create a sales receipt (when you want to link it to the customer for example) please go Sales - More - Sales Receipt - New Sales Receipt - fill out the information accordingly - save by clicking DONE
To create an accounting receipt please go to Accounting - More - View Accounting Receipts - New Accounting Receipt - accounting receipt template "capital stock investment received" or "incoming payment from loan". Either of these templates allow you to select the capital account from your COA (and link the bank) you need to register the increase.

 

How can I tell if all my entries have been reconciled?

In bank entries:

Bank entries that have been matched with accounting show in the tab “Accepted Transactions” and are considered “reconciled”.

In accounting entries:

Unfortunately it is not yet possible to see the reconciliation from the chart of account entries, but you can see reconciled amount in the accounting transactions.

 

How do I create a payment for several invoices from one bank entry?

To pay off several invoices from one bank deposit your options are:

To use a sales receipt:

• Create a sales receipt using category "unallocated incoming payment" or "customer payment for invoice" (make sure to link correct customer)
• Go to Sales - Customer Payments - Receive Customer payment:
  • Apply filters
  • Select first invoice you need to pay with this receipt, click "allocate payment deposit" and select receipt.
  • Select second invoice, again click "allocate payment deposit" and receipt.
  • Repeat until all invoices have been applied
  • Save by clicking "Done"
• Open the bank under Accounting - Bank Activity, go to your transaction, categorize via Manual Match - Sales Receipt. Check the according sales receipt and "Save". Make sure to review to finalize reconciliation for this transaction.

To match directly in bank activity:

• On the transaction line within the bank activity, next to the amount, hover mouse to see arrow for option "To Categorize"
• Click Manual Match - Invoice
• Check off invoices (these will show if were settled with no bank selected, instead "Deposit Later") or  bank deposits for the invoices accordingly and Save.
• Make sure to review the transaction to finalize reconciliation for it accordingly.

   

How do I edit or delete bank entries?

To delete your bank entries, select the settings icon ⚙️ on the top right-hand side and Delete Transactions. The Trash bin will appear next to each transaction. Click it for each transaction to delete. To exit, select "Done Deleting Transactions".

Sadly entries cannot be edited, you would have to adjust the bank statement and reimport (after deleting wrong entry).

 

I've categorized a bank entry. How can I get the other similar ones to match?

Once you have matched a bank entry, OneUp will then check if there are any similar entries and transactions accordingly for you to Review.

 

I want to manually match my bank entry, but can' find the corresponding match in the selection list

If you do not find any matching entries after clicking "manual match", make sure that the currency of your accounting entry corresponds to the currency of your bank account that you work with.

Please note: accounting transactions are always in home currency. To match an accounting transaction with your bank account, the two must have same currency. The transaction will not otherwise appear in the selection list.

 

Can I mass update bank entries?

If you have a lot of bank entries for the month under the "To Review" tab, you can click on the check box in upper right hand corner to confirm all of them at once.

 

Use the X button on top right side to clear suggested matches for all marked entries.

 

How can I delete unused accounts from the chart of accounts?

First please note you can only delete accounts that you created yourself. Default accounts cannot be deleted. You can nonetheless edit those accounts any use them instead of creating new accounts.

You also cannot delete accounts that have transactions linked to them. You would have to recategorize or move these beforehand.

 

How can I close my fiscal year?

You can select the option in Accounting - Settings - Fiscal Years - Close Fiscal Year .

 

IMPORTANT: Closed fiscal years cannot be re-opened. Before closing a fiscal year, please ensure that your accounting is verified:

• Your bank entries reconciled (if you use the banking feature, all entries in the fiscal year should show under “Reviewed”)
• Your VAT or sales tax periods are closed
• All necessary accounting transactions are posted
• All accounts are checked and ready for closing

 

Where can I find the VAT or sales tax report?

You can review your VAT or sales tax report in Accounting - Settings - Close VAT or File Sales Tax Return .

Here you can preview the report before closing, just select the Current Period or Customer Period accordingly.

If you click DONE and confirm the closing, OneUp will calculate your VAT or sales tax for that period and lock its entries for modification.

IMPORTANT: closed VAT or Sales Tax periods cannot be re-opened. 

Note: If you make new tax entries for a closed period, you can still close these by closing the day after your last closing and selecting option to Include Historic.

 

Why do I have a “inventory in transit” balance in my account?

Inventory in transit is used in the purchase process. If you convert your purchase order into a receiving note, OneUp will post: inventory in debit / inventory in transit in credit. As soon as you bill this receiving note, your inventory in transit account is being balanced out.

Should you have a balance in this account, you might have receiving notes that are not yet billed.

 

Why do I have a “undeposited funds” balance in my account?

If you receive an invoice payment and do not select a bank right away, but leave the payment on “deposit later” (bank will show as “none” on page 2 of your invoice), those payments are posted into undeposited funds.

Balances in there will need to be deposited at some point. This way of settlement is normally used, when you receive your payment by check or credit card. If the check or credit card is then deposited into your bank account, you would then also deposit your invoice payment accordingly. As soon as you link a bank account to an invoice payment, the balance will be transferred from undeposited funds into your bank account.

The same is also valid for sales receipts that are not yet linked to a bank. As soon as you link your sales receipt to a bank, the open balance in the undeposited funds account will be closed.

At some point you should deposit all your undeposited funds to the correct bank account, if you are sure, you received the payment into your real bank account or petty cash.

 

How do I create a bank deposit?

Apply an undeposited fund entry to a bank in Accounting - More - Bank Deposits - Make a bank deposit . Set up the correct deposit date and select your bank. Click “add payment” for a settled, but not deposited invoice or an opening balance for an account receivable. Click “add sales receipt” to deposit an “open” sales receipt.

Select the payment you need to deposit, add eventual that were deducted and click DONE to validate.

 

There is something wrong in my financial report, how can I fix this?

If there is an issue in your account X, it is recommended to check the transaction details for this account:

• Select your account from Accounting - chart of accounts
  Or
• Generate a general ledger for this account to see the details
  
  

Should you need to correct entries, please note that you will always have to modify the source entry or correct the balances using an accounting transaction.

Source entries could be: entries that were created from a transaction such as an invoice, a payment, receiving note, exchange rate updates, bank transfers and such.

 

Why is my balance sheet not showing correct balances when I set a date range?

In most cases, this is a question of how you run your fiscal years.

As long as you keep your past fiscal years open, you will need to set your start date to the first day of your first entry that was made into your accounting to see the correct balances. As you did not yet create any opening balances in any new fiscal year, the balances are still summed up from the beginning.

If you started in April 2014 for example, never closed a fiscal year and need to see your balances as at 04/30/2016, you would want to set the date filter to:

start date =  01/04/2014 and end date = 04/30/2016 to see the correct end balance.

Should you have closed your fiscal years and get balances that show wrong, we recommend to check the accounting transactions for this account by clicking into the amount in your balance sheet. Checking the entries will help you understand which transactions ended up in the wrong balance.

 

Where can I see the margin of a product?

In accounting - reports - profit & loss you will see the overall gross profit of your business. Unfortunately OneUp does not yet offer a report that shows the gross profit or margin of a single product or product group.

Should you wish to see the gross profit of a product group, we recommend to set up new income and CoGs accounts and link those into the products of the according product group (family). You would then be able to see the income as well as the cost of goods sold per family, when checking the financial results.

 

How do I register a bank deposit that is not a sales related income?

Income that is not related to sales can either be registered using a sales receipt or an accounting transaction.

If you use a sales receipt (in Sales - More - Sales Receipts - New Sales Receipt), use the template "record of sales (no customer tracking)”, set up the amount as well as the bank and in the account field, select from your chart of accounts (scroll to the bottom of the selection list to see all accounts).

In GB accounts:

If you use an accounting receipt in Accounting - More - Chart of Accounts - New Accounting Receipt, use the template "incoming payment from loan" to be able to select an account from your chart of accounts, if you don't need a vendor or customer linked.

In US accounts:

If you use an accounting receipt in Accounting - More - Chart of Accounts - New Accounting Receipt, please use the template "capital stock investment received" to be able to select an account, if you don't need a vendor or customer linked.

 

How do I register cash transactions?

Cash or any other monetary transaction need a bank account. So, also for your petty cash you will need to set up a bank in the Accounting main menu - Bank Feeds - Add Bank Account. To create your petty cash account, please use “upload statement manually” and set up the bank information.

Your bank “petty cash” needs then to be linked in documents in which you show the payment made as “cash”.

 

How do I delete a bank account?

You can delete a bank only if there are no transactions linked to this bank. In accounting - chart of accounts, please select the account used for your bank and check, that there are no accounting entries existing.

If there show entries in your bank, please open one by one to find out, where your bank is linked. You will need to delete those bank links or reassign to other bank before you can delete the bank itself.

Also, in Accounting - bank activity, you should make sure, that there are no bank entries showing.  Use the Settings - Delete Transactions function to delete all bank entries.

If all entries and accounting transactions are deleted, please click Settings - Edit Bank Account and use the trash bin on tope right side to delete the bank.

 

Why is my bank balance not correct when I check my bank?

The bank balances in your banks in the Accounting - Bank Activity are updated exclusively from your bank statements that you either import manually or receive through bank connection.

Should you not work with bank feeds, you will need to check your bank balance in your chart of accounts or your balance sheet.

The bank balance in your chart of accounts reflects those transactions made within OneUp. Ideally will match the Bank Activity if said bank is sync'd and there are no surplus or missing transactions within the app. 

 

Why do I see duplicate transactions in my COA?

One possibility is if you use bank transfers and attempt to reconcile both 'sides' of the same transfer. 

Transactions in OneUp can only be reconciled once. When you make a bank transfer, you should only reconcile one of the banks involved (preferably your home/main bank). Any attempt to reconcile the other bank will lead to duplicates in the accounting, since these transactions cannot be "re-matched". If you must reconcile this second bank however, just delete such transactions in the reconciliation or avoid importing them at all. And always keep clear which bank is considered the "offset" vs the "real" one.

To fix any duplicates due to this, you should un-match the transactions from whichever of these banks is considered your "offset" bank. Then you can delete these duplicate transactions from your Bank Transfers as well as from within your Banks Activity.
 

Another reason for duplicates in your accounting is if you categorize a bank transaction that already has a supporting OneUp document for the same amount.

The reconciliation process works where you import or sync over transactions from your bank statement, and the app automatically scans available data in your account to attempt to make a match. First it will try to find an Automatic Match. Then it will attempt to create a Suggested Match. Should no matches be found, the transaction is left as unmatched for you to manually match or categorize. See related guide about the Automatic Accounting. 

You should manually match these transactions if there are already supported documents within the OneUp, but the app was unable to automatically match them. Otherwise you may categorize this transaction, which will create an according OneUp supporting document. For more information see About Categories.

 

What is an Offset Bank?

Normally it is a bank account that is not reconciled, you merely try to balance them to zero or leave them be, depending on what they are being used for. The most common use for one is when working with Multiple Currencies - as it allows you to receive the customer payment in the currency needed. However you can use one for other purposes like when making a Vendor Prepayment, registering an owners draw or settling a bad debt.

 

How to settle a bad debt?

First create an offset bank account (Accounting - Bank Activity - Add Bank Account , check the “upload statement manually” option) in the currency you need to apply the payment to the invoice. Then create a new account "Write off bad debts" in your Chart of Accounts. (Since this account should be a sales allowance, the account "type" should be income, and below that, a "sub account" of sales.) Next "pay" the invoice into the offset bank account. Finally create an accounting transaction with your sales allowance account in debit and the offset bank account in credit.

This will then balance out the bank account and post your invoice as "lost" into the sales allowances: so although the invoice shows as "paid", in the accounting it won't be paid through a bank, but via "write off" and decrease your sales.