Options for using Botkeeper Tech for Transaction Categorization

Option 1: GL Automation (If the accounts are already connected in the QBO/Xero GL Bank Feed, then this is the preferred method)

1. Account Connected to GL (QBO/Xero) Bank Feed
   1. Credentials are required to establish a connection in the GL bank feed. This can either be third-party credentials the client sets up for the firm, or the client’s primary credentials.
      1. Note: Some institutions (Bank of America for example) do not allow the third-party credentials to connect. Connections must use the client’s primary credentials.
   2. Note: If the firm does not have the credentials and you do not want the client to set up the connection in the GL, you will need to choose another option.
   3. Note: If you still wish to use GL Automation, but the account isn’t connected in the GL (or can’t be connected), you may upload a .csv file of transactions to the GL:
      1. Firm or their client will need access to the transactions in .csv format so they can be imported into GL. 
      2. This requires credentials to access the bank. This can either be third-party credentials the client sets up for the firm, or the client’s primary credentials. If access is unavailable, the client will need to provide the .csv file.
      3. Note: If the firm does not have the credentials and they do not want the client to provide the .csv file, they will need to choose another option.

Once GL Automation is enabled, Botkeeper will ingest new transactions from the GL every day at 7am ET and categorize them. Any transactions needing review will be on the Needs Review tab in Transaction Manager, where they can be updated. Users can then select Mark Reviewed to sync them back to the GL.

Option 2: Smart Connect (If the accounts are NOT connected or can’t be connected in the GL Bank Feed, then this is the preferred method)

• The institution needs to be supported by Finicity.
• Credentials are required to establish the connection. These can be primary or third-party credentials set up by the client for the firm’s use. 
  • Note: Some institutions (Bank of America for example) do not allow the third-party credentials to connect. Connections must use the client’s primary credentials. Major Institutions with Specific Setup Suggestions
• If the client doesn't wish to share their credentials with the firm, there are two options to establish a Smart Connect connection:

1. Invite client into the Botkeeper platform as a user so they can establish the connection themselves; OR
2. Send the client a Smart Link (No Botkeeper login required) so they can establish the connection themselves.

Once Smart Connect is connected and automation is enabled, Botkeeper will download new transactions from Finicity every day at 7 am ET and categorize them. Any transactions needing review will be on the Needs Review tab in Transaction Manager, where they can be updated. Users can then select Mark Reviewed to sync them back to the GL.

Option 3: Statement Automation (Beta)

• The firm or their client will need access to the PDF bank statement
  • This requires credentials to access the bank (third-party or read-only). If access is unavailable, the client will need to provide the PDF statement.
  • Note: If the firm does not have credentials and they do not want the client to provide the PDF statement, they will need to choose another option.

Once the statement is uploaded into the account’s bank statement folder via direct upload or a document upload task, Botkeeper’s Optical Character Recognition (OCR) will extract the transactions from the statement and surface them in Auto Bank Rec, where a user can edit the categorization and push the transactions to the client’s GL (individually or in bulk).

Some scenarios for choosing your connection:

1. Account can be connected in Smart Connect, but is already connected in the GL via bank connection
   The options listed below are in order of preference:
   1. Option 1: Use GL Automation for transaction categorization and Smart Connect for statement downloads ONLY. Take care when using this approach NOT to enable transaction categorization in the Transaction Manager Configurations tab, or duplicates might result.
   2. Option 2: Use GL Automation for transaction categorization and don’t connect Smart Connect*
   3. Option 3: Connect Smart Connect for transaction categorization and statement downloads. This configuration requires the GL Bank Feed(s) to be disconnected.
2. Account can be connected in Smart Connect for transactions, but not statements (and is not currently connected in the GL). Connect Smart Connect for transaction categorization (Option 2 from the section above).*
   *To use Auto Bank Rec, you will need to manually upload the statement to the corresponding bank statement folder within the Documents module.
3. Account can’t be connected in Smart Connect and is currently connected in the GL via bank connection.
   Use GL Automation for transaction categorization (Option 1:1 from the section above).*
   *To use Auto Bank Rec, you will need to manually upload the statement to the corresponding bank statement folder within the Documents module.
4. Account can’t be connected in Smart Connect, and is currently being imported into the GL via CSV uploads
   Use GL Automation for transaction categorization (Option 1:2 from the section above)*
   *To use Auto Bank Rec, you will need to manually upload the statement to the corresponding bank statement folder within the Documents module.
5. Account can be connected in Smart Connect and is currently being imported into the GL via .CSV imports
   The options listed below are in order of preference:
   1. Option 1 - Connect Smart Connect for transaction categorization and statement downloads.
   2. Option 2 - Use GL Automation for transaction categorization and Smart Connect for statement downloads.*
   3. Option 3 - Use GL Automation for transaction categorization and don’t connect Smart Connect. * **
      *.CSV imports are highly manual; we always recommend prioritizing a connection over an import.
      **To use Auto Bank Rec, you will need to manually upload the statement to the corresponding bank statement folder within the Documents module.

Connection Quick Reference