FINSYNC streamlines bookkeeping and cash reconciliation by importing bank transactions directly. This article assumes you have already synced your desired bank accounts.
FINSYNC behaves differently the first time it imports your transactions. When you first sync your bank accounts, FINSYNC pulls the last 90 calendar days of history.
Thereafter, each sync just pulls the transactions that are not yet in the system.
Once a bank transaction is imported...
FINSYNC may be able to auto-categorize it under the following conditions:
1) The inflow of money matches a FINSYNC-generated invoice through which your customer paid you. In this case, the system will match the deposit to the pending transaction and eliminate the pending transaction.
2) The algorithm in the system has seen that particular transaction before. The FINSYNC system learns as you categorize transactions. For example, manually categorize your first couple of electricity bills as "Utility Expense," and you will see that the system starts to recommend that category (general ledger account) going forward.
If the system does not know how to categorize a transaction, you will see it listed as either "Income - Uncategorized" or "Expense - Uncategorized."
Note: You are always free to re-categorize transactions if you disagree with how the system categorized them.
You May Also Be Interested In:
- Bank Accounts & Credit Cards: How to Sync
- Bank Transactions: Categorizing with Chart of Accounts
- Chart of Accounts: How to Add Accounts
- Bank Transactions: How To Import
- Bank Transactions: How to Add Old Transactions
For a list of articles related to Bank Accounts, Bank Transactions, Balances and more (Click Here)
For the complete list of articles, return to the FINSYNC How-To Guide: (Click Here)