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Automatic Accounting

OneUp Automatic Accounting is a 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. 

Overview

  1. Go to Accounting in the OneUp main menu and click or add a bank.
  2. Find and login to your bank within OneUp.
  3. Choose the date range and run your first sync.
  4. 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.
  5. Run reports like Profit & Loss and Trial Balance to see the resulting numbers from your report.
  6. Return to the bank at a later date and “Sync” it again to get more transactions.
  7. 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 in an encrypted way, 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 “Add Bank 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 support@oneup.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 support@oneup.com.

 

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. 

 

Choose accounts

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. 

 

Sync

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.

 

Automatic Match

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:

  • expenses
  • bill payments
  • unpaid bill installments
  • bank transfers
  • fixed assets
  • accounting transactions 

For deposits this includes:

  • bank deposits
  • receipts
  • 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 “The Green Validate Button” below.

 

Suggested Match

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.

You can tell which matches are suggested matches by are evident by the green lightning bolt icon: Screen_Shot_2016-02-15_at_1.00.18_PM.png

For withdrawals:

  • 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.

For deposits:

  • 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.

 

Unmatched transaction

If no Automatic or Suggested matches are made, the transaction will remain unmatched in the transaction list for you to take action on it (with the blue “Create +” button.

 

The Bank Feed view for your account

The bank feed screen consists of 6 main features:

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  1. The header, which displays the name of the bank account, it’s latest balance according to your bank, the last syncronization date, and the green “Sync” button
  2. The New/Accepted filter for switching between viewing your new (unvalidated) and Accepted (validated transactions)
  3. The Date Range Sort-Filter
  4. The transactions, including date of transaction, description, amount debited or credited
  5. The suggested matches
  6. The action buttons

 

 

The action buttons

The action button can be in 4 basic states:

 

The Green “Validate” button + the Red “X” button

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These buttons appear only in the “New Transactions” 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 Green button.

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When you click the green button, five important things happen:

  • The transaction is marked as “Accepted” since you confirm the automatic or suggested match was correct.
  • The transaction is moved into the “Accepted 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.
  • The transaction will be available for closing with the ‘Close Reconciliation’ feature.

 

--> If the suggestion is not correct, Click the Red button. 

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The Red 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 the red button.

Note: When using a desktop or laptop computer, the red button is only visible when you hover over the desired transaction

 

The Blue “Create +” button

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This button appears only in the “New Transactions” screen, when no OneUp data has been automatically matched to this transaction. This button allows you to create OneUp data to match the transaction. Currently you can create:

For Withdrawals:

  • expenses
  • bill payments
  • fixed assets

For Deposits:

  • bank deposits
  • receipts
  • customer payments

You can also select “Manual Match” to manually choose existing OneUp data that matches this transaction.

 

Currently manual match only allows you to choose a single existing data with exactly the same amount as the transaction. We plan in the future to allow:

  • 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 Teal “Unmatch” button

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This button appears only in the “Accepted  Transactions” screen, to show that this transaction has been matched but the match can be undone. If it was an automatic match, clicking “Unmatch” simply removes the association between the bank transaction and the matched data. 

If it was a suggested match, clicking “Unmatch” will delete the suggested data OneUp created to match this transaction.

 

The Grey “Closed” status

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This appears only in the “Accepted Transactions” screen. It isn’t really a button, but instead is a status indicator. When you see the grey “Closed” status, you can be assured that the expense belongs to a closed bank reconciliation period. 

 

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”. You can tell which matches are suggested matches because they are prefixed by a blue lightning bolt:

Screen Shot 2016-02-15 at 1.00.18 PM.pngExpense - Amazon - Office Supplies

 

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.

 

 

 

 

 

 

 

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