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.

 

How do I register Owner’s draws?

We recommend using an offset bank account to register and control owner draws. In the Accounting main menu - Add Bank Account, use “upload statement manually” 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 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 accounting transactions or the chart of account entries.

 

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

To pay off several invoices from one bank deposit:

  • Next to your bank deposit, click “create” and select “manual match”
  • Search for the invoices that need to be paid off using this bank deposit
  • In the matching wizard on top right side, you will see the remaining balance to match
  • Once you are done marking the correct amounts to be paid off, click “accept and validate”
  • The bank deposit is the matched and visible in the accepted transactions
     

How do I edit or delete bank entries?

To edit your bank entries, use the “edit transactions” function in the [︙] button on the top right-hand side. The “edit” button will appear next to each transaction. Click it and modify the entry. Once done, use “stop editing transactions” to save all changes.

To delete an entry, click into the three dot menu on the right side of the “edit” button to remove the bank entry from your bank statement.

Please note, you can only edit or delete unmatched bank entries.

 

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

Create a match for your bank entries of them and select "Retry matching" using the [︙] button. OneUp will then check if there is already a similar entry matched and suggest remaining ones by creating the accounting transaction and setting the green "validate" button.

 

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, your bank account must also be in home 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 showing the "validate" suggested match and you wish to confirm all of them at once, click into the check box at the left side on top to mark all of them and use the green button "validate" at the right side on top to mass confirm the matches.

Use the red button on top right side to cancel suggested matches for all marked entries.

To unmatch all entries in the accepted transactions, click into the check box at the left side on top to mark all of them and use the blue button "unmatch" at the right side on top to mass confirm the action.

 

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

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.

 

How can I close my fiscal year?

You can select the option in Accounting - More - Accounting Transactions - [︙] button - Close Fiscal Year.

In the home menu, start to type the first letters (“Fis”...) and you will see the option “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 “Accepted Transactions”)
  • 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 - Bank Feeds - Closed Sales Tax Periods.

Please note: you can preview the report before closing. Page 1 will show you all entries for the period selected and on page 2 you will find the summary.

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

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

 

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 before you can delete the bank itself.

Also, in Accounting - bank list, you should make sure, that there are no bank entries showing in “new transactions” or “accepted transactions”. If you already matched entries, you will need to “unmatch” them from the accepted transactions. Then please use the “edit transactions” and the delete function in the three dot menu to delete all bank entries in the new transactions.

If all entries and accounting transactions are deleted, please click into the pencil next to the bank name and use the trash bin at the bottom left 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 main menu 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.

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