Bank Transactions: Categorizing with Chart of Accounts

Eddie Davis -

FINSYNC has powerful tools to help you keep track of money moving in and out of your bank and credit card accounts.

This article is about how you can categorize each transaction from the "Banking" tab using the options from your Chart of Accounts.  

You can use this method to re-categorize a transaction as well.

Categorizing your banking transactions is easy.  Follow these steps:

1)  Login to FINSYNC.

2)  Click the "Banking" tab in the top nav.

3)  Click on the account associated with the transaction you wish to categorize.  If you only have one account, then it is selected by default.

4)  Click anywhere on the row of the transaction you want to categorize. The edit menu expands for that transaction.

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5)  Click the Screen_Shot_2017-03-10_at_4.56.09_PM.png icon on the right side of the row to see the account categorization options. Note: This account refers to the account from your Chart of Accounts.  Accounts on the Chart of Accounts are the "categories" that drive your reporting.

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6)  The system will suggest a type of account (category) based on whether the transaction is money coming into or out of your bank account. The system will suggest "Expense" categories for outflows of money.  The system will suggest "Income" categories for inflows of money.  You can toggle to the other parts of the Chart of Accounts using the left navigation.



7)  Once you have selected the desired portion of the chart of accounts, choose the account (category) for that transaction in the right by clicking on it.  In this example we have are choosing to categorize the expense under "Professional Dues."  The window closes and your new account (category) is visible in the "Account" column.

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8)  Click "Save" to lock in your change.

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All Finished!

 


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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)


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