Transaction Radar simplifies the often complex process of matching financial transactions with their corresponding documents. By automating reconciliation, this powerful tool helps you maintain accurate financial records with minimal effort.
Who should use Transaction Radar and why
Transaction Radar is designed for business owners and accountants who regularly deal with reconciling payments and invoices. You'll benefit from using Transaction Radar if you:
Need to reduce the time spent on manual transaction matching.
Require evidence for payment transactions for accounting purposes.
Process credit notes and need to match them to original invoices.
The primary benefit is efficiency. What used to take hours of manual work can now be accomplished in minutes, with greater accuracy.
Prerequisites
To use Transaction Radar, you need:
Linked the bank account(s) with which you pay your invoices to your space.
Overview
When you first access Transaction Radar, you'll see a list of transactions with an overview of:
Number of matched transactions.
Number of unmatched transactions.
Number of proposed matches awaiting your approval.
Click on Match transactions to see proposed and unmatched transactions. Click on Show matches to see a detailed list of automatically matched transactions.
Tip: Check the Transaction Radar regularly to quickly identify items requiring your attention.
Automated transaction matching
Transaction Radar automatically matches payments to invoices using predefined rules, including:
Matching references.
Amount correspondence.
Date proximity.
Supplier/customer information.
How it works: When a new transaction is detected or a document is added, the system applies its matching rules and updates the status accordingly.
Note: You are responsible for reviewing the automatic matches made in the Transaction Radar.
Proposed matches
Sometimes the system identifies potential matches but needs your confirmation:
Click Match transactions under Proposed matches to see the potential matches found.
Review each proposed match, which displays both the transaction and document details.
Click Approve to confirm the match or Reject to decline it.
Manual matching
For transactions that require human intervention:
Click Match transactions under Unmatched transactions.
Double-click the transaction you want to match to one or multiple documents.
A list of suggested documents with which to reconcile your transaction.
Select the document(s) to match to the transaction.
Notes:
You can match a single transaction to multiple documents, or multiple transactions to a single document when appropriate.
If no document is needed for a transaction (e.g. your rent payment), you can select No document required.
FAQ
How often are transactions updated in Transaction Radar?
Transactions from Banqup Business Accounts update in real-time. External bank account transactions update based on your synchronization settings, typically daily.
Can Transaction Radar match partial payments?
Yes, the system can match partial payments to invoices and track the remaining balance.
What happens if I reject a proposed match?
The transaction and document return to the unmatched pool and may generate new proposed matches based on other potential matches.
Can I undo a match if I made a mistake?
Yes, go to the matched transaction, click "Options," and select "Unmatch" to separate the transaction from the document.
Does Transaction Radar work with all types of documents?
It works with sales invoices, purchase invoices, and credit notes. Other document types may have limited functionality.