Which invoices are still missing? Now you can see at a glance!
Hello, my name is Evelien Dhont, Product Owner of TOCO. Our goal is to help entrepreneurs with their financial administration and we do this by constantly offering new functionalities on our platform. Reconciliation has recently become part of this. Recon… Recon… What? A difficult word for something you probably already do on a regular basis, but we make it a lot easier for you. In what way? Check my blog below.
In TOCO you can now apply ‘bank reconciliation’: linking bank transactions to one or more invoices (purchase, sale, ticket, other). Probably you already did that: every week, every month or at least at the end of the quarter. Many people first print out their account statements and then check per transaction whether they still have the corresponding document, usually an invoice. Once you know which invoices are still missing, the search for your invoices starts in several places: in your mailbox, on a specific platform (Zoomit, your invoicing tool, …), in the glove compartment of your car, in the ‘junk drawer’ in the kitchen or even worse, you have to request a duplicate from a supplier. Hopefully you have solved this problem/annoyance by uploading and digitizing all your invoices in TOCO, but you might still print your account statements to check if you have all documents in TOCO. The purpose of this check? To make sure that you can send a complete financial administration to your accountant, so that he or she can update your bookkeeping as efficiently as possible. You don’t have to wait for the end of the period anymore, you now send and link documents to bank transactions as soon as you have a few minutes.
How can I link documents to banking transactions on TOCO?
Prerequisite: as the word ‘bank reconciliation’ indicates, you can only link documents if you have made your banking transactions available on TOCO. This can be done by activating your Coda’s, see previous blog (https://vczcv5yz836.c.updraftclone.com/en/blog/your-banking-transactions-automatically-available-on-the-toco-platform-thanks-to-our-integration-with-codabox/ ) on this subject and soon through the PSD2 integration with your bank(s) (https://vczcv5yz836.c.updraftclone.com/en/blog/psd2-gives-you-control-over-your-financial-data/).
- Go to the ‘Banking’ menu and select the account for which you want to link documents.
- You can see in the transaction overview behind each bank transaction whether it is not yet linked, is linked to one or more documents or does not require a document (e.g. in the case of a monthly transfer to your business savings account).
- Click on the blue ‘Link’ button and the ‘Link documents to transactions’ screen will open.
- Now you can choose per transaction whether documents should be linked or not
- If no documents need to be linked, choose ‘No document needed’.
- If documents do need to be linked, select 1 or more documents by clicking on ‘Link’. Immediately after that, the button changes to ‘Linked’. Didn’t you make a mistake? Click again on ‘Linked’ so you can disconnect it.
To make it easy for you, at the top of the document list you will see the documents that best fit the transaction, for example based on the supplier / customer, the amount, the date etc. We indicate these with the tag ‘suggestion’. You can also search by entering something in the search bar.
5. Transaction linked? You simply go to the next transaction with the arrows at the top.
6. Are you ready? Close the window with the cross. In the transaction overview you will see the custom statuses
Can I share this with my accountant?
Of course you can! You have now put together some very valuable information for your accountant. After all, you have already indicated which documents belong to which banking transactions. Not only do you benefit from this, your accountant will also be able to process your bookkeeping faster. Fewer questions, less mail back and forth, a great advantage and time savings for everyone!