Utilizing the Payee Function for Transactions in Ledgersync

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Ledgersync's Bank Feeds provides users an opportunity to easily update the transaction information by adding a payee field as well as editing the memo "description" line.  While the benefits and best practice of how to best utilize this ability will vary across platforms the concept is similar for all.

Payee Name: On Banking transactions (especially for check images) you will notice an additional payee field.  When you add a name into this field, that information will be added to the file you export as the payee name for that transaction. 

Description Field: The description field is most commonly used by the rules engines of most accounting platforms.  That means, by modifying the data you enter into the bank memo, you can effectively choose how to trigger a rule to help auto categorize transactions just by modifying what you add to the front of the memo field. 

Updating Check Details:

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The Transactions Table:

 

The Data from the Check Page will transfer over to the Transaction Table:

  • Date: The date the transaction posted in your financial institution

  • Check Number: The Check number as provided by the bank feed. Please note that some banks will shorten check numbers down to 3 or 4 numbers. For example a check with e reference number 10408 may be displayed as 408 by your institution.

  • Description*: The bank memo provided by the bank feed. This can be modified to assist with categorization

  • Payee*: Allows you to add a payee name to transactions

  • Value: The total amount of the transaction

 

QuickBooks & QuickBooks Online:

There are two different methods to improve your data entry with Ledgersync and QuickBooks Desktop.  

  1. Renaming Rules:
  2. Payee Matching:

 

Renaming Rules: Utilizes the memo field to create renaming rules that will add a vendor name as well as a category every time it sees the same text in the description field.  

Payee Matching:By matching the payee name to the names within QuickBooks Desktop, your .qbo file will be able to automatically suggest the payee name and the category based on the categories assigned under the vendor settings.

 

With a little extra setup in the beginning, your can dramatically reduce the amount of data required in the future.

 

Check out the attached step by step tutorial demonstrating some of the time saving tips and tricks shared by Parkway Business Solutions

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