One of the key things to your bookkeeping process would be to ensure that transactions from your banks are flowing in. LessAccounting supports connections with various banking institutions, and you can set up automated importing for your bank accounts, credit cards, Paypal, Stripe, and many more. While we do recommend automated importing, you can also choose manual importing if your account is not yet supported, or if you just prefer to manually manage your transactions.
To connect financial accounts, follow these steps:
On the left side bar, go to Banking. Here, you will see all connected accounts, and have the option to create additional connections.
Choose the type of account you want to set up. You can set up an account for automated importing, manual importing, or to import from Stripe.
If setting up for manual import, click on the Choose This Method button under Import Data Manually and fill in the required details.
If setting up for automated importing, click on Connect Bank Account and follow the prompts to search for your bank, enter your bank credentials, and save your new account. If it's a bank-issued credit card, you may want to search for the bank name and see if there is a search result that includes "Credit Card" in the name.
If you have setup a credit card account, make sure to follow some additional steps. Once the connection is created and saved, in the Settings page, click on the Configure button next to the new account. Scroll to the bottom until you see Mark this as a credit card account and checkmark the option This is a credit card account. This step will ensure that this account accurately shows up as a liability in your reports.
Lastly, to ensure that your newly set up account shows up in reports correctly, make sure to correct the starting balance. You can do this by:
Settings, then Configure for the account you need to update
Click on Troubleshoot: Wrong Balance. The information you'll need to fill in is your ENDING BALANCE on the day BEFORE your first transaction in LessAccounting for the specific account.
Here are a few examples
1. First transaction imported: January 1, 2020
Starting balance date: December 31, 2019
Starting balance amount: Ending balance on December 31, 2019
2. First transaction imported: July 1, 2020
Starting balance date: June 30, 2020
Starting balance: Ending balance on June 30, 2020