Methods for recording transactions

In Ambrook, there are two options for recording transactions to your accounts:

Automatic: Transactions that come in from connected bank accounts or imported transactions will automatically be recorded to your bank account. Uncategorized transactions will go into an “uncategorized” income or expense category. Note that automatic recording is the default method in Ambrook
Manual: Transactions must be recorded in order to be reflected on your statements and accounts. Ambrook still pulls the transaction data in via connections, but a user needs to take the step of recording them. This is a more traditional method of reviewing transactions and recording them before they are reflected in the accounts.

You can select your recording method by going to Settings→Bookkeeping and choosing your recording method by clicking on the pencil.

More details on recording and excluding transactions can be found in this article.

How transactions enter Ambrook

For either accounting method, it’s important to know ways that these transactions can come into Ambrook:

Connected Accounts: These are direct connections to the bank that update daily.
Ambrook Wallet: Transactions can also come directly from payments made or received through the Ambrook Wallet.
Manually created transactions: For instances where a bank connection is missing a small number of transactions or a cash transaction needs to be entered.
Imported transactions: For credit cards or bank accounts that either do not have an established bank connection, or where users prefer to upload transactions manually, transactions can be added individually or in bulk to Ambrook.

In addition to bringing in transactions from bank and credit card accounts, there are several other ways that transactions get posed to the Ledger.

Balance sheet transactions, which are created via balance sheet tags and recorded directly on to balance sheet accounts.
Journal entries, which can be created from the Ledger.
Internal transfers, which represent transactions between enterprises when no money changes hands.

These methods can be used to ensure the data in Ambrook is comprehensive of the transactions associated with a client’s business.