The Accounting page allows Admin and Bookkeeper users to to review, categorize, and sync expense records directly to Xero, QuickBooks Online, or NetSuite. If you aren’t connected to one of these accounting softwares, you may also export transactions (including categories) in CSV form to be uploaded to accounting software of your choice.
Speed up categorization
Automated categorization
Customers with enriched categorization enabled will see accounting GL code columns pre-filled with a category suggested by Mercury — it will be indicated with a sparkle icon. This suggested GL code is a prediction based on your previous categorization behavior and will improve over time, as you interact with the feature.
You can always override the suggested GL code by clicking on the dropdown and selecting a new input. To accept the suggestion, simply select transaction(s) to “Mark as Ready” and then sync to your accounting tool.
Categorization rules
You can also manually create categorization rules that consistently apply a specified GL code based on the information Mercury has about the transaction. You will be prompted to set up these rules when you first integrate your accounting software with Mercury. You can also update or edit these rules at any time by navigating to the Accounting page and selecting the gear icon in the top right to access your categorization rules.
Categorization rules can be created for the following attributes, listing in order of priority:
- Category - automate based on the custom categories you apply to transactions yourself
- Counterparty (merchant, customers or recipients) - automate based on who you are paying, or awaiting payment from
- Team member - automate transactions from a specific employee
- Card - automate based on the specific debit or credit card used for the transaction
- Merchant type - the vendor type that detect automatically
Note: Categorization rules based on merchants will only be applied to card transactions
Categorization rules are applied hierarchically based on how precise the attribute is, with custom “Category” rules taking precedence over “Merchant” rules, which take precedence over team member, etc. - going top to bottom in hierarchy from the list above.
All categorization rules apply to future transactions versus historic ones.
Exclude from review
There might be some transactions that you prefer to categorize outside of Mercury and not see on the Accounting page. To help reduce clutter, we have the “Exclude from Review” action, which you can use in the below ways:
- On the Accounting page, select either an individual or multiple transactions and apply the “exclude from review” action.
- Under categorization rules, choose “exclude from review” as the output of a rule instead of a GL code. When a transaction with the specified parameters comes in, it will be excluded from the default Accounting page view.
Transactions that are excluded from review will be visible in your accounting software, but not in the “needs review” and “sync” flow on Mercury.
To see all excluded transactions, navigate to Add Filter > Status > Excluded from review. To bring a transaction(s) back to your “Needs review” filter, select the applicable transaction(s) from this view, and click on “Include in review” under the actions menu.
Adding or editing categories as a non-admin or bookkeeper
If you are an Employee or Custom user in Mercury, you may not have access to the Accounting page. However, you will be able to edit the categories for transactions you’ve made directly in the Transactions page.
To do so, select a transaction to view the category (if any) automatically
assigned. If the transaction requires categorization you can edit or add
one via the Transactions Details panel that appears on the right side of
the page when selecting transactions.
FAQs
What does it cost to sync transaction details on the Accounting page to my accounting software?
QuickBooks and Xero enriched automations, as well as the ability to import bank feed connections across QuickBooks, Xero, and NetSuite, are free. If you want to use our enriched NetSuite accounting integrations and automations to sync your card transactions to NetSuite, you’ll want to upgrade to a paid plan. Other IO card features are still free to use.
Learn more about pricing here.
What type of transactions can be mapped, categorized, and synced from the Accounting page?
The accounting page surfaces all incoming and outgoing transactions, with the exception of Treasury transactions and internal transfers.
If I create a categorization rule, will it impact past transactions?
Not necessarily. Categorization rules will generally only impact transactions that come through after the rule has been created. However, manually updating the Mercury Category on a past transaction will trigger the mapping engine to run and update the GL code if applicable.
How can I tell if a categorization rule has been applied to a transaction?
When a categorization rule has been applied you will see a sparkles icon next to the GL code.
How does automated categorization interact with categorization rules?
Both tools work hand in hand to automate and speed up your categorization. When a transaction comes in, if its attributes are eligible for a categorization rule, then the GL code output will come from that categorization rule. If not, then we will proceed with our model predictions and suggest a category based on similar transactions. If you do not have any categorization rules set up, then we will run all your transactions through our predictive model.
What happens when I nudge a cardholder?
When you nudge a cardholder via the action column, the cardholder will receive an email reminding them to update the transaction with any required information that is missing, specifically a receipt and/or Mercury Category.