Continuous Bank Reconciliation

Verifying Uncategorized Transactions: Bank Transfers

Learn how to verify and record transfers between banking accounts in Docyt

Examples of Transfers:

  • A transfer between two bank accounts, where both are set up as banking accounts for your business.
  • A payment from a bank account to a credit card, where both accounts are categorized as banking accounts for your business.

To record a transfer:

  1. To begin, categorize a transaction that is part of a transfer.
  2. To access more information about a transaction, click on the three dots and select 'View Transaction Detail'. This will open a panel on the right side of the screen with all the details you need.
  3. Provide the necessary information by selecting 'Transaction Type' as 'Transfer'. Indicate the 'From Account' and 'To Account' for the transfer. Finally, click on 'Categorize Transaction' to proceed.Screenshot 1946-04-28 at 6.48.45 PM

Docyt's AI will attempt to find and verify the opposite transaction automatically and match the two transactions. Here's what happens next:

  • If Docyt successfully auto-matches the transactions, both of them will be moved from the 'Uncategorized Transactions' list to the 'Bank Transfers' section.
  • If Docyt finds similar transactions but cannot auto-match them, a pop-up will appear, prompting you to verify the opposite transaction manually.
  • Once you manually verify both transactions, Docyt will attempt to auto-match them. The matched transfer will appear as one transaction in the 'Bank Transfers' section.

You can filter transactions by unmatched and matched transfers in the 'Bank Transfers' section. Additionally, you can use the 'Bulk Action' item to match transfers more efficiently.

If the transactions are not auto-matched, you can find them in the 'Unmatched Transfers' section of the 'Summary' menu in the 'Reconciliation Center'. From there, you can manually match the transfers.

Following these steps, you can accurately verify and record bank transfers within Docyt.