Transaction vs Budget
A transaction is an entry that has already happened in the past. A budget is an entry that is expected to happen in the future. Transactions can be found under the Actuals section and the budgets can be founder under the Planned section on the financial report. When doing bookkeeping, we are categorizing the transactions that have already occurred.
Types of transactions
There are 3 types of transactions on Pry:
- Bank transactions - these transactions are recorded from your bank accounts/credit cards.
- Split transactions - a transaction can be split into multiple transactions if it has multiple purposes. For example, if you reimbursed yourself $1,000 for travel expenses, you can split it to further break it down: $600 for flights, $300 for hotel, $100 for Uber.
- Journal entry transactions - if you need to make adjustments, you can create journal entry transactions.
Name, Memo, and Details
- Name - the name field should be the vendor name
- Memo - the memo field can store notes or details about the transaction
- Details - the rest of the details can be found within the transaction entry such as: bank account/credit card that was used, tags, date last updated, and entry rules.
Click on Expense Total at the bottom to populate the list of transactions that occurred within that month. Click on a category on the left to populate the list of transactions that are labeled under that category. If you want to see a particular month & category, click on the cell.
To view the transaction details, click on the i icon when you hover over the transaction entry(you need to expand the vendor group to see the transaction entry).
- Single - to categorize a transaction, click on the actual and the transaction details will pop up on the right. Hover over the transaction, drag and drop into its corresponding category account.
- Multiple - to categorize a group of transactions, click on the category account. All of the transactions under the selected category will pop up on the right. Filter the transactions by entering the keyword(s). Click on the blue circle icon with the equal sign next to the number of transactions and drag & drop into their corresponding category. This will create a rule to automatically categorize similar transactions to the new account in the future.
You can create rules to automatically categorize similar recurring transactions in the future to save time on bookkeeping. When you categorize multiple transactions as described above, it automatically creates a rule in the backend.
To recap on how to create a rule, click on the category account. All of the transactions under the selected category will pop up on the right. Filter the transactions by entering the keyword(s). Click on the blue circle with the equal sign next to the number of transactions and drag & drop into their corresponding category.
You can tag transactions and run custom reports. To create new tags, click on any cell on the financial report and click on Tags > Manage Tags. You will see department tags by default. To create a new type of tag, click on the "+" sign.
To tag a transaction, drag and drop the tag into the transaction in the entry list view. If you tag a vendor, it will automatically tag all of the transactions within that vendor.
To split a transaction, right click on the transaction and click "Split Entry". Click "+ Split Again" to add a new row. Make sure the total amounts match after splitting.
To create a journal entry, click on the cell under the month & category of the transaction. Click on the "+" sign on the top right and fill in the details.