Transaction Manager uses machine learning to auto-categorize transactions based on past transactions.
Transaction manager is only available for Quickbooks Online and Xero users at the moment.
What is the Transaction Manager feature?
Transaction Manager combines machine learning with some light human assistance to auto-categorize transactions based on past transactions. To date, we’ve classified more than 14 million transactions. Our Bot Brain is based on industry best practices along with transactions from thousands of clients.
What exactly does the ML technology predict for each transaction?
Currently, the models predict the vendor and/or category for each transaction. If a client has class tracking included in their package, our BotOps team will be responsible for assigning the classes to the transactions.
After adding a new client, a blue banner will appear at the top of Transaction Manager that will remind you of the requirements for AutoPush to commence. This banner will remain until the model has been successfully built. The requirements are:
- 50 Purchase or Deposit transactions in the GL
- Transactions must include descriptions/references
- Transactions must be within the ML training period defined on Configurations tab
Once a model has been built in Transaction Manager, enabling automation, the Partner Admin who connected the GL, the Client POC, and the TxM Default Assignee will all receive an email notification.
How does Transaction Manager handle reconciled transactions for QuickBooks Online and Xero?
- QuickBooks Online allows Botkeeper to edit reconciled transactions via the API. This allows you to update transactions even after the reconciliation has been completed.
- Xero does not allow Botkeeper to edit reconciled transactions via the API. As a result, reconciled transactions will be disabled in Transaction Manager until they are marked unreconciled in Xero. Once marked unreconciled, they will become editable in Transaction Manager.
Where do I find Transaction Manager?
To access the Transaction Manager feature, follow the steps below:
- In your left navigation, click Transaction Manager and you'll see the following screen:
- You may sort the following columns in ascending or descending order: Date, Source, Type, Payee, Description, Amount, Category, Customer/Project (QBO only), and Class.
- Finding Transactions that need firm Input: To find transactions that need your input, click on the Needs Review tab. This will provide you with all transactions Botkeeper needs input on.
- Finding Processed Transactions: Clicking on the Processed tab will provide you with a list of all transactions that have been marked as reviewed.
- To select one or more transactions, click the checkbox to the left of the desired line(s). Your selected transactions will now appear in a list above the main transactions table along with all the transactions’ attributes. You can deselect transactions in this list individually by clicking the red X under the Action column to the right of each transaction in this list, or deselect them all by using the Clear All button near the top of the list. Selected transactions can be expanded or collapsed by clicking Show Selected Rows, and Hide Selected Rows options.
QBO Users:
If you have Customer/Project enabled in QBO, you will see a Customer/Project column on your transaction display. If you have Class enabled, you will see a Class column on your transaction display.
Xero Users:
If you have Tracking Categories enabled, you will see a Class column on your transaction display for this information.
Indicators/Icons
Bank Feed and General Ledger Indicators:
Each transaction now has an inline indicator representing whether it is a bank feed transaction (BF) or a general ledger transaction (GL).
A BF transaction is a transaction that is sitting in the bank feed and has never been posted to the general ledger.
A GL transaction is a transaction (AutoPush or human-added) that has been posted to the GL; or a transaction that originated from the GL by a bill, invoice or journal entry.
Reconciled/Unreconciled Indicators:
There is now an indicator on each transaction to inform users whether a transaction has been reconciled ("R" in a green circle) or remains unreconciled ("UR" in a white circle) within the client's general ledger.
Note: for Infinite-only clients the reconciliation process will remain the same as it is today; whereby you are managing it directly in your client’s general ledger. Having Botkeeper integrated with your clients’ books allows the indicators to update as your clients transactions are being reconciled in their general ledger.
Review configurations:
To review the magic behind Transaction Manager, click on the Configurations tab. This will provide you with details on how we are leveraging our newest functionality, AutoPush, to automate some of the Transaction Manager workflow.
Confidence Level Indicators
A confidence level rating is our solution's level of confidence in our own accuracy.
This ensures that we're providing an interactive and transparent experience into what's happening under the Botkeeper hood, and empowers our firm client to help 'train' the machine as to how to improve on the details of the data in the future. Once transactions have been submitted, we take action based on the confidence level:
There are three different confidence values, which lead to the following actions:
High confidence (98%+) - transactions are automatically categorized, pushed to GL and show up on the Processed tab in Transaction Manager. 
Medium confidence (90-97.9%) - transactions are automatically categorized, pushed to GL and show up on the Needs Review in Transaction Manager.
Low confidence (0-89.9%) - transactions are automatically categorized, pushed to GL and show up on the Needs Review tab in Transaction Manager.
Learn more about how confidence levels work with our AutoPush functionality HERE.
Match Indicators
To learn more about matching, visit this article.
Indicates a Bank Feed transaction has not been matched. A number appearing in the upper left circle will display a number of potential matches found.
Indicates a transaction has been matched.
Filtering
On the Needs Review tab and Processed tabs, There are six filters: Transaction Type, Date Range, Source, and Assignee. AutoPush Confidence Level, and Transaction State.
You can use the search bar on the left-hand side of these tabs (look for the little magnifying glass) to search for specific transactions within the table.
Note: You can search by any details available within the table.
Are there tasks automatically created within Transaction Manager?
Yes! Botkeeper can create automated Transaction Manager tasks.
They will be created either weekly or monthly depending on the client’s accounting frequency. The tasks will be automatically created if there are outstanding transactions that need to be categorized, and the tasks close automatically when the transactions have been categorized.