PayTraq Blog - Online Accounting Software

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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Tags: 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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Tags: accounting, updates, bank feeds, integrations

3dCart channel in PayTraq Sales Inbox

Together with a recently announced WooCommerce integration we are also pleased to unveil that a new 3dCart channel has been added to PayTraq Sales Inbox.

This option will allow you to create a quick integration between your 3dCart website and PayTraq for automatic uploading of all of your orders created in the online store.

How to set up a 3dCart integration?

Step 1: Activate a new 3dCart channel in PayTraq

Go to the "Channels" tab of PayTraq Sales Inbox and activate the 3dCart channel.

Step 2: Extract your WebHook URL

On your newly activated channel, you will be given a WebHook URL that you need to copy.

Step 3: Activate Webhook in 3dCart

Activate the "SOAP API" plugin in your 3dCart admin panel.

Activate your new order notification webhook by pasting the Webhook URL you have copied into the "POST URL" field.

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Tags: integrations, PayTraq features, e-commerce

WooCommerce channel in PayTraq Sales Inbox

We are excited to announce that a new WooCommerce channel has been added to PayTraq Sales Inbox.

This option will allow you to create a quick integration between your WooCommerce website and PayTraq for automatic uploading of all of your orders created in the online store.

How to set up a WooCommerce integration?

Step 1: Activate a new WooCommerce channel in PayTraq

Go to the "Channels" tab of PayTraq Sales Inbox and activate the WooCommerce channel.

Step 2: Extract your WebHook URL

On your newly activated channel, you will be given a WebHook URL that you need to copy.

Step 3: Activate Webhook in WooCommerce

Go to the "API" tab of your WooCommerce settings in the admin panel. Select "Webhooks" and click on the "Add Webhook" button.

Activate your webhook by selecting "Active" status and "Order Created" topic

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Tags: integrations, PayTraq features, e-commerce

PayTraq and Zapier Integration. Connect PayTraq with over 500 other popular web apps.

PayTraq always strives to keep all your business data connected. Which is why there is an ongoing effort to integrate it with all your favorite tools. Meet our latest great integration: Zapier.

Zapier is an action automation cloud tool that makes it easy and effortless to pass data between two separate apps. It lets you make hundreds of different connections between different cloud services. Right now there are over 500 different services Zapier can talk to. It is easy to create your own connections without any knowledge of the code or APIs behind it.

Whether it’s your CRM, e-commerce shopping cart, cloud storage, email marketing tool or even just a spreadsheet, Zapier can help you connect all the tools you use on a daily basis.

With the help of Zapier, you can connect PayTraq with popular web apps like Google Drive, OneDrive, WooCommerce, Magento, Google Contacts, Slack, Trello, Pipedrive,

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Tags: integrations, PayTraq features, updates

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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Tags: updates, bank feeds, accounting, PayTraq features

Announcing PayTraq and Slack Integration

We are pleased to announce that PayTraq can now be integrated with Slack.

What is Slack?

Slack is a powerful collaborative chat app that can be used by organizations to connect various services into a single communications platform.
Slack makes it easy to communicate with your team and keeps all of your communication in one place, instantly searchable, and available wherever you go. If you’re not already using Slack, you can check them out here:

How does the integration work?

The PayTraq/Slack integration will push all notifications delivered to PayTraq Notification Center right into your Slack Channel. You can use these notifications to collaborate with your team in real time without even leaving your chat room.

How to set up a Slack integration?

Step 1: Create a new Incoming Webhook in Slack

You will be prompted to choose a channel or create one, this is

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Tags: integrations, updates, PayTraq features

PayTraq Mobile POS Announcement

Our latest major release of PayTraq Mobile App now goes with a new Mobile POS feature, an easy way to create sales orders or bill your clients while you are on the go.

Whether you’re selling goods or services, you can use your mobile device to create a new sales order, proforma, invoice or receipt, then save it as a draft and get back to it later from your desktop version, or instantly finalize your sale by posting it and optionally sending it to your client by email. You can even add a new payment for your just created invoice or receipt.

The overall process is straightforward and similar to the shopping carts you use in Internet stores. Just put your items into the cart, proceed to checkout, and finalize your sale by selecting one of the options available.

There are a number of cases where this could be

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Tags: mobile, e-invoicing, PayTraq features, updates

PayTraq Direct - e-Invoice exchange service between PayTraq users

If both you and your client work with PayTraq, you can start using PayTraq Direct to automatically send your e-invoices directly to your client’s Purchase Inbox.

Up to this point, there have been several options for your clients to automate this process, such as:

  • Export an e-invoice from the online link and then import it as a new purchase document;
  • Automatically import an e-invoice from the online link;
  • Forward an invoice received by email to the PayTraq Inbox channel;

With PayTraq Direct, the e-invoice will be automatically delivered to your client’s purchase inbox and will be available for further processing as with the importing.

You can set up PayTraq Direct in just a few steps

On the client side

PayTraq Direct channel should be enabled in Purchase Inbox

On your side

Get your client’s Channel ID and use it to activate e-invoice sending option for this client

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Tags: e-invoicing, updates, 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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Tags: accounting, paypal, integrations, updates