FarmRaise Tracks makes it simple to review and categorize your financial transactions, whether they come from your bank account or credit card. Staying on top of these transactions will help you keep your records accurate and save time when preparing for tax season. Here's a step-by-step guide on how to review and organize your transactions in FarmRaise Tracks.
Steps to Review Transactions in FarmRaise Tracks
1. Reviewing the Transaction
When transactions come in from your linked bank account or credit card, they’ll appear in FarmRaise Tracks for you to review. Here's what you can do with each transaction:
Add a Category: Assign the correct expense category (e.g., fuel, feed, seed) so that your records are organized for tax purposes.
Add a Product: If applicable, you can also link a specific product to the transaction.
Mark as a Transfer: If the transaction is simply a transfer between accounts, mark it accordingly to avoid double-counting income or expenses.
Mark as a Refund: If the transaction is a refund, mark it to ensure it’s categorized correctly.
Add Notes: Add any additional information that could be useful, such as the purpose of the purchase or details for future reference.
Attach a Receipt: You can upload a receipt to the transaction for documentation purposes. On mobile, you can either upload an existing photo or take a picture directly from your device. On the web browser, you can only upload an existing image or file.
Change the Vendor Name: Sometimes, the name that comes in from your bank or credit card may not be formatted correctly. If needed, edit the vendor name to make it more accurate or recognizable.
Once you’ve made all necessary updates to the transaction, click Save to finalize your changes.
2. Regularly Review Your Transactions
To keep your financial records up-to-date and avoid having hundreds of transactions to sort through at once, we recommend reviewing your transactions at least once a week.
Regular reviews allow you to:
Catch any missed transactions: Ensure all expenses and income are properly recorded.
Correct any miscategorized transactions: Fix any errors early on, so your financial reports are accurate.
Spot any unusual activity: Regularly reviewing helps you quickly identify any discrepancies or unauthorized charges.
By staying on top of your transaction reviews, you’ll save time and reduce stress at the end of the year or during tax season.
Tips for Success
Set a reminder: Schedule a specific time each week to review your transactions, so it becomes a routine part of your financial management.
Take advantage of the mobile app: If you’re often on the go, the mobile app allows you to quickly review and organize your transactions in real-time, so nothing gets missed.
By following these steps and reviewing your transactions consistently, you can maintain clean, accurate records for your farm business, and make tax preparation a breeze!