OneUp Automatic Accounting is powerful technology that eliminates most of the tedious work normally required in completing your company’s accounting. By retrieving financial transaction information from your company’s bank accounts and comparing it with data already existing in your system, you can expect up to 90% of your normal accounting work to be handled automatically.
- Go to Accounting in the OneUp main menu and click or add a bank.
- Find and login to your bank within OneUp.
- Choose the date range and run your first sync.
- Use the Green “Validate” button, the Red “X” button, and the Blue “Create +” button to validate matches, decline suggested matches, or create data to match your bank entries.
- Run reports like Profit & Loss and Trial Balance to see the resulting numbers from your report.
- Return to the bank at a later date and “Sync” it again to get more transactions.
- Have your accountant close your reconciliations every quarter
For a more in-depth look at the feature, see below!
How to Access
OneUp Accounting is accessible via the “Accounting” button in the main menu. If you haven’t added a bank account to OneUp yet, we will guide you through this process first.
If you already have bank accounts in OneUp, simply clicking the name of the bank account will take you into the OneUp Accounting feature.
“Accounting and Banking” feature must be enabled in the “Choose Features” panel in order to access OneUp Accounting.
Automatic transaction retrieval
OneUp has partnered with a trusted financial information provider that allows us to connect to over 7000 different financial institiutions in over 40 countries. By entering in OneUp the information you normally use to access your bank account online, we are able to securely retrieve your withdrawals and deposits.
Your bank login information is stored with our partner, not within OneUp. It is stored securely and encrypted, so neither our staff nor our partner have any way of seeing the login information for your bank.
Setting up automatic transaction retrieval
The first time you access your bank from within OneUp (by clicking it within the OneUp Accounting panel, or by adding it with New Account) You will be asked if you want to “Connect your bank now” or “Upload statements manually”. Choose “Connect your bank now”.
Find your Bank
You will be presented with a search box for looking up your bank name. If you can’t find it right away, try to shorten or modify your search and try again.
For example, it might not find: “San Francisco Credit Union”
but it may find: “SF Credit Union” or: “San Francisco CU”
If you still can’t find your bank even after trying different variations, please contact OneUp Support at email@example.com for assistance.
If your bank is not supported
If your bank is not supported, you’ll need to click the “Start Over” button and instead choose “Upload manually”. You can request that your bank be added to the list of supported banks by emailing us at firstname.lastname@example.org.
Logging into your bank
After selecting the correct bank, you will be provided with a form for logging into your account. (usually a user name or password). If your bank requires additional information for login (such as a portable PIN code or security question) this will also be asked at this point.
If you can’t seem to login, check by logging in to your bank at the URL provided in the form to be sure that you have selected the correct bank, and that you are entering the correct login information.
OneUp support agents have no way of aiding you with incorrect or forgotten login information.
If you have more than one account at the selected bank, they will all be shown on the next step. For each new bank account detected, you have the option of linking it to an existing bank account in OneUp (if any exist) or “+ Create a new account”.
Choose date range
You have the option of downloading the last 90 days of transactions from your bank, or specifying a shorter period. If you need to work with data more than 90 days old, you’ll need to upload transactions manually.
After you have linked up your accounts and chosen your date range, click “Sync my account.” We will then begin getting transactions from your bank. Afterwards you will be brought to the “bank feeds” screen for the account you added.
What happens when you Sync and Match
OneUp connects to the financial information provider and downloads the transactions available. For each transaction OneUp receives, it will scan 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. If no matches are found, it will leave the transaction as an unmatched transaction.
OneUp looks at all of the unmatched data in your account that matches the same amount and tries to match them based on the details of these data (such as vendor name, customer name, bank account number, or information entered in the “notes” field of these transactions.
For withdrawals this includes:
- bill payments
- unpaid bill installments
- bank transfers
- fixed assets
- accounting transactions
For deposits this includes:
- bank deposits
- invoice payments
- unpaid invoice installments
- bank transfers
- accounting transactions
If it finds a good match, it will present it to you as a suggestion for you to validate. For detail of what happens when you validate, see the section “To Review” below.
If there is not a good match found during Automatic match, OneUp will try to create the correct data based on the information already existing in your account.
- OneUp checks the description of the withdrawal to see if it looks like a bank transfer. If the description contains clues such as a bank name, bank account #, or the words “Transfer To” or “Transfer From”, it will try to create a suggested bank transfer.
- Then it checks existing expenses to see if there is a similar one based on the description of the withdrawal, and duplicating it, but using this withdrawal’s amount and date.
- OneUp checks the description of the deposit to see if it looks like a bank transfer. If the description contains clues such as a bank name, bank account #, or the words “Transfer To” or “Transfer From”, it will try to create a suggested bank transfer.
- Then it checks existing receipts to see if there is a similar one based on the description of the withdrawal, and duplicating it, but using this withdrawal’s amount and date.
If no Automatic or Suggested matches are made, the transaction will remain unmatched in the "To Categorize" transaction list until you to take action on it. Click on arrow to far right of line for the "Categorize or Match" side bar to appear (see below for more information).
The Bank Feed view for your account
The bank feed screen consists of 6 main features:
- The header, which displays the name of the bank account, it’s latest balance according to your bank, help, notifications and the "Review Mode" which enabled shows additional upload receipt, settings, and "Import Bank Statement" or "Sync with Bank" buttons.
- The Date Range and Sort-Filter
- The tab "To Categorize" shows unmatched bank transactions.
- The "To Review" tab lists transactions that you may validate (click check to mark as Reviewed) or reject (click the X to clear the category in order to retry matching it).
- "Reviewed" shows Accepted (validated) transactions
- All transactions include date of transaction, description, amount debited or credited
The action buttons
The action button can be in 4 basic states:
The validate "Check” button + the clear “X” button
These buttons appear together only in the “To Review” screen, when the transaction has been automatically matched to some data in OneUp, or a suggested data was created to match the transaction.
--> If the suggestion is correct, Click the Check button.
When you click the check button, five important things happen:
- The transaction is marked as “Reviewed” since you confirm the automatic or suggested match was correct.
- The transaction is moved into the “Reviewed" transactions list.
- If the automatic match was an invoice installment or a bill installment, the installment will be marked as ‘paid’ and deposited.
- The OneUp data linked to the transaction is no longer available to be linked to other transactions.
--> If the suggestion is not correct, Click the X button.
The X button will cancel the suggested link between the OneUp data and the bank transaction. If the match was a Suggested match (see Automatic match vs Suggested match below) the suggested data will be deleted from your account when you click this button.
Note: When using a desktop or laptop computer, the X button is only visible when you hover over the desired transaction
The "Search in Account and Category” bar and "Manual Match" button
These options appear only in the “Categorize or Match” side screen, after clicking on the Details button.
--> "Search in Account and Category" essentially allows you to create OneUp data to match the transaction.
For more information see About Categories.
Currently you can create:
- bill payments
- fixed assets
- bank deposits
- customer payments
--> "Manual Match" allows you to manually choose existing OneUp data that matches this transaction.
Currently you can:
- choose a single data with a different amount (such as an underpaid or overhead transaction)
- choose multiple data to correspond to a single transaction
The UnReview button
This button appears only in the “Reviewed" transactions screen when you hover the mouse over the check option to far right on the transaction line. So although this transaction has been matched, the match can be undone. If it was an automatic match, clicking this simply removes the association between the bank transaction and the matched data.
If it was a suggested match, this will delete the suggested data OneUp created to match this transaction.
Automatic match vs Suggested match
If during the sync+match process, OneUp encounters existing data and matches it to the transaction, it’s considered an "Automatic Match”. If data was created automatically by OneUp to match the transaction, it is considered a “Suggested Match”.
The main difference between Automatic Matches and Suggested Matches is that when you cancel the link between a transaction between an a Suggested Match, the data for the Suggested Match is deleted from your system. This is because OneUp created the data on your behalf, and by indicating the suggestion is bad, we undo the creation of the data on your behalf.
To un-link your bank from OneUp
If you no longer want OneUp to connect to your bank and download transactions, you can turn off the sync. To do so, open the bank from the Accounting menu and click the ‘edit’ pencil in the header. At the very end of the edit screen you will see an option to turn sync off for this bank. By setting it to “Off” and clicking “Done”. You will revoke access to your bank.
To re-link your bank to OneUp
If you have turned off sync for an account, but need to re-link it, you are able to. To do so, click "Add Bank Account" from the Accounting menu. After logging into the bank OneUp will ask you what account to link the online account to. Just select the existing account during this step.
If login information for your bank changes
If you change the username or password for your account, the sync will fail on OneUp’s end. If this happens, You need to un-link your bank account from OneUp (see above) and re-link it by using the green “Add Bank Account” button within the Accounting menu.
Uploading your transactions manually
Not all banks are supported by our financial information source's technology. So as an alternative, we allow you to download your statement from your bank in an electronic format and upload them to OneUp.
Retrieving your electronic statement
Go to the website of your bank and find the section for downloading your statements. It’s often in sections labelled “Balances”, “Transactions”, “Statements”, or “Records.
Download the statement of your choosing in a good format. We strongly recommend choosing QIF format or OFX format for your statement for the best compatibility.
We also support CSV file, but more often than not, those files require some manual editing before uploading to OneUp and it is not a very fun process. So please try to use QIF or OFX format!
Download the file to your computer and remember the folder it is saved into.
Importing the statement to OneUp
Click the “Import and Match” button within your bank view to open the importing tool.
Use the file-picker to choose the statement downloaded earlier. Then click the “Import” button. (This just imports them into the tool, not into your database yet!)
OneUp will show a preview of the import and show how many transactions are about to be imported. Make sure you check that the amounts are right (especially that the deposits and withdrawals are in the correct columns).
If you need to import only a selected date range of this statement, open the “Advanced” section to specify your date range.
You can click each individual transaction and scroll to the bottom of the screen to make small changes to transactions before updating.
The transactions won’t actually be fully imported to your database until you click the “Done” button.
See related guide How to Import a Bank Statement