Classify transactions on the Transactions page 🤝

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Our software classifies over 90% of transactions, but sometimes ScaleFactor needs your input. 

When you are notified there transactions that need your attention, click on the Transactions page in the navigation sidebar. Transactions that require your input will be listed by date and then financial account. Follow these step to classify transactions: 

  1. On each row, review the transaction date, bank account, amount and description. Our machine learning algorithm may suggest the vendor (contact) or category, or both fields could be blank. 
  2. Select a Vendor (contact) from the drop-down menu, letting us know which vendor is associated with the transaction. Either choose from an existing vendor (pulled from your accounting file) or create a new one.  
  3. Select from an existing Category, letting us know which account from your Chart of Accounts this transaction should be classified to. 
  4. After completing the selection of both the vendor and category, the transaction row will turn green and the submission button will update with the count of transactions ready to be submitted. 
  5. Selecting the blue submit button in the upper right will clear the transaction from the screen and save the updates to your accounting file automatically.

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Why? It is important to accurately classify transactions so that you have timely, relevant information in your Dashboard and financial statements. 

 

 

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