Your banking transactions automatically available on the TOCO platform thanks to our integration with CodaBox

Your banking transactions automatically available on the TOCO platform thanks to our integration with CodaBox

Hi, I am Evelien, Product Owner on the TOCO Platform.

Having your own business, that means keeping your financial administration. For many a necessity and certainly not their favourite occupation. TOCO tries to support you every step of the way. We already explained how to upload invoices and we will soon discuss how to pay invoices, but today I would like to go deeper into how to retrieve your banking transactions and balances automatically.

The CodaBox integration

TOCO has a partnership with CodaBox. This has the great advantage that existing customers of CodaBox can consult their financial transactions on the TOCO platform.  How to activate this service?

Your accountant also works with TOCO

Often SMEs have taken out a CodaBox subscription via the bookkeeper. You give your mandate once and the accountant receives your banking transactions and balances from one or more bank accounts (even from different banks) directly from CodaBox. To make the financial transactions also available to you, the end-customer, on TOCO, your bookkeeper has to make the link between TOCO and his CodaBox subscription once. The steps are as follows:

  1. The bookkeeper asks CodaBox for a token (unique code to be used once) for the TOCO platform.

  2. The bookkeeper enters this token under the TOCO menu ‘Settings > Integrations > CodaBox’.

  3. Your account balances and transactions will be available as of the next business day (note: as soon as there is a new transaction)

Tip for the bookkeeper: activate this integration once and all your customers with a CodaBox subscription will receive their financial transactions on TOCO, it’s that simple!

Your bookkeeper does not (yet) work with TOCO

Too bad your accountant hasn’t discovered TOCO yet. It would be a pity that you wouldn’t be able to use your CodaBox subscription then, so we will make sure that you can request a token yourself from mid-February (provided you have an active subscription through your bookkeeper or directly) and have your banking transactions available on the TOCO platform. The steps are then as follows:

  1. Indicate that you want to request a token via the TOCO menu ‘Settings > Integrations > CodaBox’.

  2. We will forward your request to CodaBox and they will send a token to the email address they have on file.

  3. Enter the token under the TOCO menu ‘Settings > Integrations > CodaBox’.

  4. Your account balances and financial transactions will be available from the next business day (note: as soon as there is a new transaction).

Why are these financial transactions so important?

First of all because you can consult your account balances and your bank transactions at any time, but also because this is the beginning of the possibility to complete the circle of your financial administration. You have uploaded invoices on TOCO, you have paid them and by placing them next to your bank transactions you can see if any documents are missing for your bookkeeper, also called reconcile.  Ideal, because you no longer have to wait for your accountant to ask for those 1 or 2 missing invoices. More about this soon. For the time being, we have the balances and banking transactions of the last closed working day, but we are working hard on our PSD2 license.

PSD2?

In short: PSD2 is the new payment directive within the European Union that makes it possible for account holders to give other service providers than their bank, such as TOCO, access to their payment account. The big advantage: you do not always have to go to your bank portal to view transactions in real time or initiate payments. You can then really do all the steps of your financial administration on TOCO (collect, pay and reconcile documents). This is done under very strict conditions. As an account holder, you give your explicit permission (consent) to, for example, TOCO to retrieve your account information, to initiate payments or both.

 

Of course, these new services are fully regulated and, as a service provider, you must meet strict conditions in order to be able to offer these services. TOCO is therefore in the final stage of obtaining this licence from the National Bank of Belgium. We will keep you informed!

Retrieve a document in your TOCO archive: it only takes a few seconds

Retrieve a document in your TOCO archive: it only takes a few seconds

Hi, I am Evelien, Product Owner on the TOCO Platform.

In the past blogs we explained how easy it is to upload documents on the platform and forward them to your accountant. In this blog I want to show you that it takes only a few seconds to retrieve any document stored on the TOCO platform. A purchase invoice to invoke your warranty f.e. Piece of cake to find it back!

OCR

Ok, this paragraph is a bit technical, but it helps you understand why you can retrieve your documents so easily on our platform. If you open an image, for example an invoice uploaded on the TOCO platform, on your PC, you can read the text, but a computer does not recognize words in an image. That’s why we use OCR technology. OCR is the abbreviation of Optical Character Recognition. OCR looks at each line of an image and attempts to determine if the black and white dots represent a particular letter or number. In other words, thanks to OCR a picture with text is turned into real text. That’s what we need, because once we have the real text we can easily search on text in or linked to the document. The OCR scanning starts as soon as you upload your document and by the time it finishes we have stored each word of your document in our database. 

Tags & Comments

When you upload documents on TOCO you have to complete 3 mandatory fields: file name, type of document and payment status (all are pre-filled or have a default value). But for retrieving a document it is the 2 optional fields that matter most: ‘Tags’ & ‘Comments’. By giving tags you can categorize documents. F.e. use the tag ‘insurance’ to tag all your insurance related documents or use the tag ‘loans’ for all your loan installments. Or even further, use tags to link invoices to different departments, such as ‘Human resources’, ‘ Accounting’, ‘Sales’ etc. You can enter several tags per document. To separate tags use the ‘Tab’ or ‘Enter’ button.

Notes are mostly used to add additional information to the document which is relevant for you and/ or the accountant. F.e. PC of Jane or ‘paid by credit card’ or page 1 is a company expense, but page 2 is a private expense’.  You can enter as much text as you want.

How to retrieve documents?

Each view under the ‘Documents’ menu offers a search functionality. You have a search bar on top of the ‘inbox’, the ‘Send to accountant’ tab and the ‘Archive tab’. Additionally, you can also search in the tab ‘Company files’.

As explained above, each word in a document is stored. You can therefore search in 3 ways:

  1. On every word of the document

  2. On a particular tag

  3. On comments

If you search on a particular word, tag or comment, the document list in that view, f.e. the ‘sent to accountant’ tab will be reduced displaying only those documents that match the entered search word. If the search word is found in the content of a document, that document will be shown in the correct line with the search word highlighted in yellow.

Save time: upload invoices via your TOCO email address

Save time: upload invoices via your TOCO email address

Hi, I am Evelien, Product Owner on the TOCO Platform. The key word of your financial administration is documents. Luckily, more and more counterparties allow you to receive your documents in a digital way, but how to forward those digital documents from your mailbox to TOCO? That's where this blog is all about.

Where to find my TOCO email address?

Before you receive your TOCO email address, you need to whitelist the senders of the documents. Why? For security reasons. Invoice fraud is a hot topic at the moment, therefore we want to prevent that persons or companies which are not indicated by you as ‘safe’ can forward digital documents to your TOCO inbox. That’s in short what white-listing means.

Under the ‘Documents’ menu you will find a wizard  at the very top that will guide you in creating your TOCO email address. You click on ‘add email address’ and enter 1 to 5 allowed sender(s). These can be your personal email addresses, but also the email address of one of your most trusted suppliers, so they can send your purchase invoice directly to TOCO. As soon as your TOCO email address is created, the wizard is no longer visible and instead your email-address is shown. Managing allowed senders is of course possible at any time via the ‘settings’ icon just behind the displayed email address.

Why such a 'cryptic' email address?

We care about our customers, and as explained above we want to assure only allowed documents are received in your TOCO inbox. Adding complexity to the email address makes it more secure and very hard to ‘guess’. But, fortunately, you don’t have to type or remember the email address. If you hover over the email address it is automatically copied to your  clipboard. Add it once to your address book/ contacts of your email provider and you can forget about it forever so to speak.

How to forward the PDF documents?

As of now, forwarding your PDF documents is a piece of cake. Go to your email inbox, choose ‘forward’ and select your TOCO email address. Just a little later the document(s) will arrive in your TOCO inbox, ready to be processed.

Upload all your purchase invoices (or other docs) in just 2 clicks

Upload all your purchase invoices (or other docs) in just 2 clicks

I am Evelien, Product Owner on the TOCO Platform. The key word of your financial administration is 'DOCUMENTS', therefore I would like to explain to you how easy it is to upload your documents in our platform.

Where to upload?

The upload button can be found both in the top menu bar and under the ‘Documents’ menu. Clicking this opens Windows Explorer or Finder on your Mac.  Select one or several documents and confirm via ‘Open’. Oh yeah, we also support uploading multiple files at the same time!

Our upload modal is shown immediately and in the background we instantly start scanning your document(s). Why it is so important that we scan? We love to share that with you in one of our upcoming blogs.

Upload modal

Your (first) document will be shown in the upload modal. This is also the place where you enter and complete relevant document data.

  • Document name: pre-filled, but you can change it ofcourse

  • Type of document: we distinguish 6 types of documents: purchase invoice, purchase credit not, sales invoices, sales credit note, receipt and other

Selecting the right type is not only useful for yourself, but especially for the processing of the document(s) by your accountant. Accounting packages recognize the type of document and book and categorise them accordingly.

  • Payment: per default unpaid, only for receipts we pre-fill paid

  • Tags: add tags for easy retrieval later on

  • Notes: add notes to clarification

 If you have uploaded multiple documents you can either enter the data per document or choose ‘apply to all files’. Of course, the type of document and the tags will be the same for all uploaded documents, but you can easily adapt. Usefull if you want to upload all your sales invoices or receipts at once.

Confirm you entry via ‘save’ and your documents will be available in your inbox. You can view the details of a document by clicking on the name of the document or just anywhere in the document row. Then the document will be shown with the details of the document on the right.