You may already be using Bank Activity to automate your accounting. This update streamlines this process and hopefully you will find that it is such a breeze to use that you'll wonder how you ever did without it. If you're new to automated accounting, now's a great time to start. Just connect your bank in the Accounting menu.
ALL TRANSACTIONS, NO TABS AND NOTIFICATION AREA
The first thing you may notice when you access the feature is that you’re seeing a flat list of all transactions inside the account.
This is a view like you didn’t have before. It brings an experience closer to how you’re used to seeing it, like the statement at your bank website. All transactions that have been synced are listed in chronological order with the newest on top.
You want to focus on what you need to do, but how since the ‘new transactions’ tab is gone? You can now access this view from the notification area in the top-right.
TO CATEGORIZE / DRAWER / INLINE
Transactions ‘to categorise’ is one thing you’ll find in the notification area. This is similar to the ‘new transactions’ screen we had in bank feeds.
Recall that in old bank feeds, in order to work with the ‘new transactions’ you click the ‘create+’ button and choose whether it was an expense, bank transfer, or a manual match. Choosing one of these options opened a pop-over window with the full expense, or receipt, or bank transfer, or manual match screen. This popover often covered up the line that you were working with.
Now, you click the → button and the “drawer” opens directly to the right. You can choose to categorise the transaction or search for a manual match.
Once setting the category, the drawer shows a handy set of controls and the transaction line and its description are clearly visible for reference.
Set here the payee, vat rates, split categories or vat, add notes, and attach receipts. The button at the bottom is now more precisely labeled. You see “Save” if you are setting the category for the first time and “Update” if you are amending something that was there before.
You also have the option of working directly in-line with the transactions.
Set the payee and category without even going into the drawer. When setting the payee and that payee has been used before, it retrieves the last categorisation for that payee. The inline editing is really great for companies that don’t require to work with tax rates or uploading attachments.
And of course it uses the great new payee selector.
This is helpful as it lets you search, choose and create any vendor, customer, employee or bank from one place.
Research indicated that a lot of the usage of the bank feeds was ‘clicking green buttons’. With a bank automation accuracy of 90%+ it is not necessary to click every transaction. So the update introduces “to review”, another notification in the top-right area.
By going into this section, you can see everything that the bank algorithm assigned AT LEAST a category to, and review the result.
If something is wrong or missing, work through the transactions to correct it.
When you ‘x Close’ out of this screen, you are asked if you are finished reviewing. If so, all the transactions are marked as ‘reviewed’. It’s the same that happened before when clicking all of the green buttons.
SEARCH / SORT / DELETE
From the main page of the Bank Activity, some distracting elements have been removed so you can focus on what you need to do most often. But they're not gone completely!
Need to search or change the sort order? Clicking the magnifying glass in the top corner brings you these functionalities.
Need to retry match, or delete transactions? The […] is still there. And if you need to edit bank account details, it’s also done from here.
You can no longer edit transaction details such as description, date, and amount from bank activity.
Manual match functionality is still here after the update. To access it, just select it in the drawer where you choose the category.
It is also available at the bottom of the category selector with in-line editing.
If you find yourself switching between accounts a lot, you probably use the back button a lot to get back to the bank list. This has been made easier too, by letting you switch the accounts without leaving the page.
"NO PAYEE" MODE
Bank Activity is designed from the ground up to work nicely for companies that do not track vendor. Sett this option in Company Settings to No removes these fields completely.
Everything works perfectly well just setting the category.
Streamlining this feature meant hiding some important information. Things that a CPA or bookkeeper might need to see. But even after the update, CPA mode is still fully integrated in the feature.
With this setting in User Preferences turned on, accounting codes are always visible right next to the category names. So an accountant will feel right at home when getting started if they are used to ‘coding’ transactions.
And it’s super easy to create a new budget category from the CoA.
All of this has been accomplished while keeping it mobile ready.
Every element of the project was designed for mobile responsiveness and the feature retains 100% usability on any screen size
Questions or concerns? Don't hesitate to reach out to our team by contacting firstname.lastname@example.org. We would love to hear your feedback.
- The OneUp Team