On April 8, 2020, Nathan Page, Director of Customer Implementation led an informative webinar discussing why banking is key when it comes to accounting. Additionally, the following topics were covered during this 40-minute webinar.
- How bank activity translates to your financial reports
- Tips and tricks for tracking money movement
- The importance of bank reconciliation and re-syncing
The Webinar Video Recording
Click the video below to watch or listen to the full webinar recording.
How Bank Activity Translates to Your Financial reports
- Categorizing Transactions. (2:04)
- The description option will translate all of the line items on your financial reports.
- Check dates and clear dates are very important.
- Check dates primarily relate to your financial reports. This is going to show in your income statement and balance sheet.
- Clear dates are reflected in bank reconciliations.
- The goal is to match what you see in your FINSYNC account to match what is in your bank account.
- You’ll have a drop-down menu of general ledger accounts to choose from.
- The goal of inputting all of the information is to avoid having to do double-entry accounting.
- Splitting Transactions. (7:29)
- Allows you to categorize transactions
- There are templates available for recurring transactions
- The key to splitting transactions is to have one transaction split across several different categories, as opposed to having several separate transactions.
- Attributes, Customers, and Vendors. (10:55)
- Attributes help you filter down your financial reports.
- Great method if you are trying to get more granular with your reporting.
- Matching Bank Transfers & Charge Card Payments (14:05)
- Keep in mind this is one fluid movement of money from one place to another.
- This extra step keeps your financial statements in good standing.
- Currently not an automated service, but we are working towards it.
- Linking to Liabilities/Assets. (17:28)
- The shortcut menu allows you to quickly link assets & liabilities.
Tips and tricks for tracking money movement
- Payments made/received via FINSYNC. (18:34)
- FINSYNC offers ways to automate the accounting process when someone pays you by ACH or by credit card.
- For more information on payments, we offered a webinar that goes more into detail. You can read more about it on our blog.
- Payments made/received outside of FINSYNC. (20:14)
- You’ll have to manually enter the data.
- We have different ways to manage data entries.
- One way is by using the record payment option. By using this option you don’t run the risk of duplicating data.
The importance of bank reconciliation and re-syncing
- The difference between synced and non-synced accounts. (27:40)
- Synced accounts use your online login information to pull transactions directly from your bank through our third-party vendor and into FINSYNC.
- Non-synced accounts still get the job done; however, you have to manually import transactions.
- Bank reconciliation. (32:29)
- It’s a simple process.
- The goal is to make sure your FINSYNC account accurately reflects what’s going on in your bank account.
- It’s recommended that you do a reconciliation monthly or even quarterly. Therefore, this will help when tax season comes around.
- Syncing a non-synced account retroactively. (35:28)
- Firstly, under the settings tab, you will see the sync account option. Then, once you click on it you will be guided through the set-up process steps.
- You can import transactions up to the last 90 days. Or choose to start from the day you will sync your account.
- Using your data to apply for loans. (36:44)
- You can apply for loans through FINSYNC by using your banking information.
- For instance, we have a network of about 30-40 banking institutions, online lenders, alternative lenders, and credit unions.
In conclusion, for more information and to get started with a 7-day free trial of FINSYNC please visit https://www.finsync.com/.