Transactions
This article explains how to categorize your transactions both through matching and manual categorization.
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1. Overview
The Transaction page is the primary space for handling your expense tracking/bookkeeping. You connect your bank account and sync or upload transactions. From there, you have a number of options for how you can categorze these expenses on the correct account and property
Option 1: Match to an Object
When you upload or create your objects in Property Tools, you are adding important context to the system of the income and expense transactions to expect. When you load your transactions, the system will search through the payment schedules of all of your objects to see if there are any matches. This is useful because when you match a transaction, you don't have to manually categorize it. Its also useful for keeping track of which objects have been paid. Its very simple, click the match button, select the correct match (its possible to have more than one to choose from, but you are guided by the confidence score). Review the categorization and click match. A transaction can be a different amount than the object. Sometimes there will be discrepancies, for example maybe they added a late fee to an invoice. In that case, you will see that the transaction is out of balance and you will need to adjust the categorization lines to match to the transaction amount.
The transaction will be moved from For Review to Categorized and the Financial reporting will move that transaction from a source of Object to a source of Transactions.
Option 2: Create an Object
If you see a transaction that should match to an object, but can't because you haven't created the object yet, you can create that object directly from the transaction screen. Click the create button, select the object type and fill in the details. Property Tools will create the object and corresponding payment schedule and make it available for instant matching.
Option 3: Categorize Manually
There are inevitably going to be expenses that flow through that don't have an object. Maybe you pick up some supplies to fix something at the house. Or you make transfers between accounts or owner distributions. In that case you can click on the transaction row and manually categorize the transaction.
Option 4: Ignore
Occasionally, there are going to be situation where you need to ignore a transaction and want it out of you Review Queue and excluded from financials. An example might be that you accidentally charge a personal expense on the business account. In this case you simply click Ignore and the transaction is moved to the Ignore tab.
These are the ways you can categorize an expense in the transactions page. For any of the above, you can undo the action at any time.