The Accounting page allows Admin and Bookkeeper users to view credit and debit card transaction history within your business, as well as determine at a high level which transactions are missing categorization before closing out their monthly books.
This can be done by filtering for Category, Date, or 'Uncategorized' near the upper right hand side.
Admin and Bookkeeper users will be able to sync the 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
Now on the Accounting and Transaction pages, you will see accounting GL code columns pre-filled for you with a category suggested by Mercury -- it will be indicated with a sparkle icon. This suggested category 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.
Mapping rules
You can also manually create mapping 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 mapping rules.
Mapping rules can be created for the following attributes:
- Category - automate based on the custom categories you apply to transactions yourself
- Merchant - automate based on the merchant itself
- Mercury category - the vendor type that we detect automatically
Mapping rules are applied hierarchically based on how precise the attribute is, with custom “Category” rules taking precedence over “Merchant” rules and “Merchant” rules taking precedence over “Mercury category” rules.
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 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 mapping rule, will it impact past transactions?
Not necessarily. Mapping 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 mapping rule has been applied to a transaction?
When a mapping rule has been applied you will see a sparkles icon next to the GL code.
How does automated categorization interact with mapping 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 mapping rule, then the GL code output will come from that mapping 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 mapping 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.