Effectively managing your client’s transactions is crucial for maintaining accurate and up-to-date financial records. This guide provides a comprehensive overview of how to use the Transactions tab, including client edit abilities, editing options, and more.
Using the Transactions Tab
The Transactions tab is your central hub for viewing and managing all business transactions for your clients. There are two views in this tab, Banks & Cards and All Transactions. The Banks & Cards view showcases transactions from categories with a Bank Account or Credit Card subtype. The All Transactions view showcases all transactions grouped by category, ie. Brex Checking, Brex Savings, etc.)
Filtering Options: Filter transactions by Party or Amount in the Banks & Cards view and filter transactions by Category, Party, or Amount in the All Transactions view to locate specific transactions.
Reviewing Past Transactions: You can review transactions from previous months for thorough insights by selecting the time period at the top of the dashboard.
Dashboard Details: Gain clarity on your financial activities with visibility into the date, party, source, category, and running balance.
Additional Features:
Import Bank Transactions and Journal Entries
Add new transactions
Edit existing transactions
Download transactions as a CSV file
Download your complete financial package
These features enable you to efficiently manage your client’s financial records and ensure their business's financial health.
Types of Journal Entries and Transactions
Regular Journal Entries
Regular journal entries are adjustments that are not related to transactions with bank or credit card accounts. These can include manual entries for various financial adjustments.
Pay In Transactions
Use Pay In transactions to record customer payments received into your bank account. This process ensures that all incoming funds are accurately tracked.
Pay Out Transactions
Pay Out transactions are used to record payments made to vendors from a bank or credit card account. This allows for clear tracking of outgoing funds.
CSV Upload of Journal Entries
For efficiently recording multiple manual journal entries—such as payroll, loan entries, and prepaid recognitions—you can utilize the CSV journal entry upload feature.
CSV Upload of Bank Transactions
If a direct connection via Plaid is not supported for your bank account, the CSV upload of bank transactions allows you to quickly add and categorize those transactions in Digits. Our custom machine learning models will assist with filling in any missing details for you such as party and related category for the transactions. It will then be able to assist with future transactions based on the details from these transactions.
Adding Transactions
Adding a transaction to your client’s ledger is straightforward:
Navigate to the Transactions Tab from your client’s home dashboard.
Click New Transaction in the top right-hand corner.
Enter Transaction Details:
For each entry type, select the transaction date and add a memo for clarity.
Journal Entries require at least two lines and the credit and debit totals MUST match. Here is what will be needed for these entires:
Transaction
Date
RequiredMemo (Optional)
Reference Number (Optional)
While this is optional, this is most useful for invoice numbers.
Line Item:
Debit Amount
Required & must match Credit AmountCredit Amount
Required & must match Debit AmountCategory
Required and must be selected on every lineParty (Optional)
Description (Optional)
For Pay In Transactions:
Select the pay-from party and the pay-in category.
Fill in the description, amount, and category.
Category & Amount are required.
For Pay Out Transactions:
Select the pay-to party and the pay-out category.
Fill in the description, amount, and category.
Category & Amount are required.
For both Pay In and Pay Out, you have the option to add additional lines for the same transaction.
Once all necessary information is filled out for your transaction, click on Save & Close in the top right-hand corner to finalize and add your transaction. Alternatively, open up the dropdown and click "Save" if you still want to stay on this transaction or "Save and New" if you would like to add another transaction right away.
Importing Transactions
We recommend importing your client’s transactions through Connections. However, you are able to manually import your client’s bank transactions or journal entries. Follow these steps to ensure a smooth import using the CSV template:
Gather CSV information from your client’s bank or service provider. Here are link to popular banks on how to obtain your client’s information.
For banks not listed, please visit your bank's website to obtain their specific CSV instructions.
Navigate to the Transactions Tab from your client’s home dashboard.
In the Transactions tab, click the dropdown arrow next to New Transaction located in the top right-hand corner of the page.
From the dropdown menu, choose Import Bank Transactions or Import Journal Entries.
You will then be given a pop-up window where you will have the option to either select your file or drag and drop it for upload. Ensure that you use the CSV template provided in the pop up window to upload your transactions correctly. For Bank Transactions, you will be prompted to select the appropriate bank or credit card category.
Once you have uploaded your CSV, you will then be prompted map the columns of your CSV to the fields required by Digits
Once mapping has been completed, Click Next to start importing your transactions.
Important Notes
ML Processing: Once uploaded, all transactions are processed with our customer machine learning models to predict categories and parties. Sit back and let Digits AI do the work for you!
Expected Time of Arrival: The ML process generally completes within 1 to 10 minutes, depending on client size. If issues persist beyond 30 minutes, contact support at help@digits.com.
Copying or Reversing Transactions
Copying or reversing transactions can help streamline repetitive tasks and correct errors efficiently. Follow these steps to perform these actions:
From your client’s home dashboard, navigate to the Transactions tab using the left toolbar.
Find the transaction you wish to copy or reverse using the filter by party, amount options or payment selector. Click on it to open the transaction details.
You can also search for a transaction by using the keyboard shortcut command+k.Copy or Reverse the Transaction:
To copy the transaction, click on the copy icon. This will create a duplicate entry that you can modify as necessary.
To reverse the transaction, click on the reverse icon. This action will create a new transaction that effectively cancels out the original, maintaining your records' accuracy.
You are only able to perform these actions within the edit mode on the transaction details screen. Note: for transactions in a closed period, you will be able to find these options in the kebab menu in the top right corner.
Editing Transactions
From your client’s home dashboard, navigate to the Transactions tab.
Use filters to locate your transaction by party or amount.
Once you find the desired transaction, ensure that you are in edit mode by clicking on the pencil icon, edit the related party, source category and/or related category inline or click on the transaction to open the edit options.
For detailed guidance on what can and cannot be edited, please refer to the accompanying chart that highlights these specifics. The header of this chart refers to the source of the transaction (imported from Connections vs Manually Created, imported from Digits Pay Etc.).
Bulk Editing & Deleting
From the Transactions Tab, enable edit mode by clicking on the pencil in the transactions header.
Select one or more transactions to perform bulk edits.
You can also select all transactions for a given category to apply bulk updates.
*There is a limitation with bulk edits of a maximum of 200 transactions at a timeOnce you have your selection, select the changes in the header you'd like to edit. You can edit the following in bulk edits:
Source Category
Related Category
Party
Click Apply.
Similar Transactions Editing
When you update a transaction, a notification may appear indicating that Digits AI detected similar transactions. By clicking "Review," you can view these transactions and decide whether or not to update each one.
Identifying Similar Transactions
Here's how similar transactions are recognized:
Starting Category: They have the same starting category as the one you edited.
Opposite Side Category: They belong to the same opposite side category.
Credit/Debit Side: They are on the same Credit or Debit side.
Exclusions: Refunds are not captured.
Timeline: They occur after the set closed period.
These nuances help ensure coherent and accurate transaction management.
Editing Transactions in Closed Periods
Certain transactions in closed periods can be edited with specific steps:
1. Notification: When you open a transaction from a closed period, a message will appear at the bottom of the screen stating that this transaction is from a closed period.
2. Enable Editing: Click the menu in the header and confirm to open up editing for the transaction
3. Make Edits: Once enabled, proceed with making necessary changes
Client Editing Capabilities
To streamline communication and reduce back-and-forth with your clients, they are granted the ability to make certain transaction edits with specified limitations:
Editable Fields: Your clients can update the Party and Category of a transaction.
Closed Periods and QBO: Transactions within closed periods or imported from QuickBooks Online cannot be edited by your clients.
Creating New Parties: Your clients are allowed to create new parties for transactions.
Category Limitations: While your clients can edit categories, they cannot create new ones.
These permissions empower your clients to make necessary adjustments while ensuring essential controls remain in place.
Download Transactions as a CSV File
From the client’s home dashboard, go to Accounting and then select Transactions.
Filter the transactions you wish to download. Options for filtering include:
Date
Category
Bank & Card
Once you've made your selection, click the kebab menu (three vertical dots) in the top right corner, next to the New Transaction button.
Select Download CSV from the menu.
You have the option to download the CSV to the vault, enabling you to share the CSV with users who have access to the account.
Download the Client's Complete Financial Package
From the client’s home dashboard, go to Accounting and then select Transactions.
Click the kebab menu (three vertical dots) in the top right corner.
Select Download Financial Package.
Choose the time period you wish to include in the package.
Select the elements to include in your report. These are pre-selected by default:
Ledger
Trial Balance
Profit & Loss
Balance Sheet
Cash Flows
Click on Download to obtain the financial package.
What Transaction Data Does Digits Automatically Ingest?
With bank connections, Digits ingests essential transaction data to streamline your financial management. The data includes:
Date: The date of each transaction.
Amount: The monetary value involved in the transaction.
Description: A textual description, which may include details such as the party involved, depending on how your bank sets up this information.
Digits automatically assigned "category" and "party" based on ingested transaction data.
If you require additional support or have any questions, please don't hesitate to reach out to us through our contact form. Our team is here to assist you with any concerns or further guidance you may need.