After linking a bank account to REI Hub or uploading transactions from a bank export, you can view a feed of your imported transactions. Booking a transaction means categorizing and adding that transaction to your official records — your books.
An imported transaction will not impact your reports or dashboards until it is booked. After it has been booked, it can be found and edited on the Booked Transactions page, or from the reports. Booking imported transactions is one of the most common actions taken in accounting software.
There is an import feed for each bank account, accessed individually from the Banking page, or a general import feed of every bank account's transactions in one chronological order, found under the Transactions page. We recommend using the import feed in the Banking page to book your transactions, while using the total import feed under the Transactions page to find a specific transaction.
The Import Feed Suggestions
1) Navigate to the Import Feed page
You can access it via the Banking page or directly under the Transactions tab.
2) The 'Accept' Button
The REI Hub system will analyze your previously booked transactions and present a recommended transaction type and scope. If it's correct, you can click 'Accept' to book that transaction. Once it's been accepted and booked, it will filter into your Booked Transactions page and your reports.
If you want to attach a receipt, you'll then hit the "View," "Edit," and "Click to Add Pictures or Files" buttons.
3) The 'Book' Button
The 'Book' button allows you to categorize the transaction by selecting the transaction type and entering the account and transaction scope.
If it is a multi-unit property, a Unit selector will appear. If the expense applies only to the entire property but not a specific unit, leave the unit field blank.
If it is a portfolio-level transaction (such as an overhead expense), update the Portfolio Scope field. All transactions not booked to a specific property can be seen on the Net Income by Property report.
Select the appropriate Expense or Revenue Account. Additional accounts can be created from the Chart of Accounts page.
4) Click Save Transaction and view your new transaction in the Booked Transactions tab
Booked Transactions can be edited or unbooked by clicking on "View" and "Edit."
If you have booked a transaction from the import feed and then clicked "Undo" from the Booked Transactions page, it will reappear as an unbooked transaction in the import feed.
5) Filter Booked Transactions
To quickly find a booked transaction, you can use the filter button to filter transactions by their status, the account, and date.
Managing AI-Generated Expense Category Suggestions in REI Hub
AI-generated expense category suggestions are a useful feature in REI Hub that help automate the categorization of your financial transactions based on how similar transactions have been booked in your portfolio. However, users may wish to manage these suggestions or correct them when AI assigns a category incorrectly. Below is a detailed guide to address these scenarios.
Can the AI Expense Category Suggestions Be Disabled?
No, REI Hub does not currently offer an option to disable AI-generated expense category suggestions. However, if you do not agree with the suggested category, you can choose to ignore it and categorize the transaction manually. To categorize a transaction manually, follow these steps:
Navigate to the import feed by going to Accounts > Banking > dark purple View All button
Press the Book button.
From the list of categories, select the one you find appropriate.
How to Correct a Transaction Categorized with an Incorrect AI Suggestion
If a transaction has already been booked with the wrong AI suggestion, you can easily correct it by following these steps:
Navigate in the import feed to the transaction that was booked incorrectly.
Click on View, located to the right of the transaction details.
Select the Undo option to revert the transaction to an unbooked state.
Rebook the transaction by selecting the appropriate transaction type and category that better fits the expense.
This process ensures that any errors in categorization are corrected and your financial records are accurate.
Still have questions? Reach out to our Support Team via email at support@reihub.net or call us at (888)939-6865.