PayTraq Blog

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Debit and Credit in Accounting Entries: Is It So Complicated?

Most people know debit and credit outside the context of bookkeeping.

Bank cards, for instance, are commonly used almost by everyone. There are debit and credit payment cards. The former allows us to spend money directly from our current account; credit cards, on the other hand, offer an opportunity to use a bank credit line, thus giving a free hand to spend borrowed money. Debit in this context is the money received from the bank account, and credit is the money available on a bank loan.

Debit and credit are also commonly known through the bank statement where the write-off amounts are specified in the debit column, and the charged amounts are indicated in the credit one.

Nevertheless, bookkeeping double entry implies a different role and idea of debit and credit.

For you to use debit and credit to trace economic operations under various types of business accounting records, you

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Posted in accounting, PayTraq U, 101

What bookkeeping is and why it is important for business?

Bookkeeping has been in existence in one form or another for many years. It appeared approximately when people started trading.

Bookkeeping makes sense because, if we want to run a business in an orderly manner, we need a certain system of records to help us properly trace and regulate business transactions.

Bookkeeping can be defined as a regulated system for the collection, registration, and consolidation of information expressed in terms of money about the assets status, the company’s commitments and their changes (flow of funds) by comprehensive, continuous, and documented accounting of all economic operations.

In simple terms, bookkeeping is the recording of all operations someway related to the company’s field of business.

Initially, bookkeeping was established by Luca Pacioli, an Italian friar and mathematician who lived at the turn of XV-XVI centuries. When a child, he assisted a merchant in trading record keeping, which subsequently became his

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Posted in accounting, PayTraq U, 101

Direct Integration with Nordea Web Services

Starting today, all Nordea customers can take advantage of using an e-banking channel for automatic uploading of bank reports to PayTraq and receiving notifications about both incoming and outgoing payments.

With Nordea Web Services, you no longer need to enter your Online Banking to export your bank statement, all banking transactions are updated in PayTraq online.

The advantages of an e-banking channel include:

  • Eliminates the need to enter data manually, automatically uploads all banking operations to PayTraq
  • Improved speed and accuracy of the data entered
  • All operations in your bank accounts are updated in real time reflecting the current financial position of your business.

How to enable Nordea Web Services?

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Posted in accounting, updates, bank feeds, integrations

The Use of Matching Rules for Bank Reconciliation

Recently, we announced a new Automatic Bank Reconciliation feature available in PayTraq.

With Auto Reconciliation, you can easily match most of your statement lines from your uploaded bank statements just in one click.

Auto Reconciliation is available both for the manually uploaded bank transactions and automatic bank feeds. It saves users a lot of time, while making the process quick, reducing the manual effort and improving accuracy.

As of now you can create your own custom bank reconciliation rules to match even more transactions automatically. These are additional rules that can be set up for automatic reconciliation of those bank transactions for which no matching primary documents or journals have been found. Such transactions include bank fees, money transfers, tax payments, transfers from a merchant account, loan payments, etc.

The bank statement line description may contain certain values that help you identify the transaction. You can use part of this

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Posted in updates, bank feeds, accounting, PayTraq features

Automated PayPal Bank Feeds

As we all know PayPal is a safe, easy way to pay and get paid online.

We are excited to announce an automated PayPal Bank Feed that will greatly simplify your work with PayPal in PayTraq.

With PayPal direct integration, you no longer need to export your PayPal statement and then import it to PayTraq. All your transactions will be uploaded to PayTraq automatically almost in real time with up to 15 minutes delay. Your current PayPal balance will also be available in the system. PayPal fees are automatically allocated into individual transactions and all PayPal uploaded operations can be easily reconciled.

With our auto-reconciliation feature, you can also automatically process all transactions for which exact matches are found, for example, to add an incoming payment to the invoice.

That's not all. By using a PayPal/eBay channel of your Sales Inbox you can get details about all orders that

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Posted in accounting, paypal, integrations, updates