In today's world, the highest percentage of every business transaction is routed through a bank account, making it smart for every business to leverage this valuable data source to facilitate their bookkeeping and accounting.
With "Adam by Tyms", your AI accountant, you can bring in raw bank transactions and watch them transformed into accounting ledgers through intelligent categorization, while having your income statements, balance sheet, and cash flow statement prepared in real-time.
Locating the bank transactions data table
To start managing your bank transactions, you need to know how to locate the "Bank Transactions" data table. This bank transactions table is available in the side menu, as shown in the image below:
Once you have located the bank transactions data table, you are set to start managing your bank transactions.
Source of bank transactions data
Bank transaction data can be brought into the system from four different sources:
Connected bank accounts: You can visit the "Bank Sync" channel via https://app.useadam.io/p/channels/bank_sync to connect your bank account, so that the transactions are pulled daily into the bank transactions table while being automatically categorized.
Manual entry or statement upload: On the bank transactions table, you can easily add a single transaction using a prompt to describe the transaction or upload a PDF, CSV, XLSX, or XLS bank statement document for it to be automatically extracted.
Webhook URL notification: You can visit the "Webhook" channel via https://app.useadam.io/p/channels/webhook to get your webhook URL and integrate with your banking platform if allowed for it to be programmatically notified of new transactions.
Email forwarding: You can visit the "Email forwarding" channel via https://app.useadam.io/p/channels/email to get your business dedicated email address to which bank transaction alerts can be forwarded from your email for it to be captured in real-time.
Things you can do on the bank transactions data table
You have the flexibility of managing data and also customizing your experience on the bank transactions data table.
Based on the numbers shown in the image above, here are the things you can do to start using and deriving value from the bank transactions data table. The list numbers can be traced on the image:
Table naming: You can edit the name of the table and its description from our default to the one you think suits you for easy understanding. All you need to do is tap the title and description settings to edit and tap outside the region to get the edit saved.
Add bank transaction: You can click the "Add bank transactions" button to trigger the modal that allows you to enter the prompt for adding bank transactions or upload your bank statement document. We currently recommend batch data upload for efficiency and accuracy.
Navigating banks: You can use the "Tabs" to view transactions across all banks or per bank for flexible navigation and review.
Filters: You can filter the transactions on the table by date, status (uncategorized, categorized, or recognized), and types (credit or debit).
Uncategorized transactions: These are transactions yet to be categorized and currently not impacting your financial records or accounting ledger for report preparation.
Categorized transactions: These are transactions that have been categorized and already impact your financial records or accounting ledgers for report preparation.
Recognized transactions: These are the transactions that we have already recognized a category for, but are waiting on you to finalize their categorization yourself for it to start impacting your financial records.
Search: You can search transactions based on the content of their narration.
Edit columns: You can choose the columns that you want to make visible on the table by just checking them, or dragging to reorder them, and lastly, save it to see the impact.
Reconciliation summary: This helps you to have a clear overview of transactions yet to be categorized, so that you can easily filter through by the status and categorize them so that you can always have 100% categorized status.
Table checkbox: The checkbox allows you to select a single or multiple transactions so that you can perform a row action on them.
Row actions: These are the actions that you can perform on a single or multiple select transactions across rows on the table.
Duplicate: You can duplicate only a single transaction should in case you want to split it before finally categorizing the transactions.
Delete: You can delete a single or multiple transactions, and all their linked entries will be deleted accordingly too.
Recategorize: You can prompt the AI to help you recategorize the list of selected transactions on the go.
The table: Aside from displaying the data, you can easily edit the table data by clicking on each cell. Editable cells will always show a hover color and trigger either a field or a modal when clicked so that you can make your changes.
Pagination: This allows you to select the limit of transactions you can see at a time on the table while also navigating across other pages.
Common mistakes to avoid during bank categorization
Avoid uploading too much of bank transactions at a time to avoid missing transactions.
Endeavour to locate your banks under the "Chart of accounts" data table and edit their opening balance and opening balance dates as of the date of the first transaction we pulled or you uploaded. This ensures that whatever balance is being shown as your book balance for each bank is the same as the current balance in your bank account.
Ensure that you don't have any transactions left uncategorized. You must maintain 100% transaction categorization. Adam might also notify you for permission to help auto-categorize if it is something that can be done automatically at the point of detection.
Should you need further assistance, please use the floating live chat button to initiate a conversation with our support service.