PayTraq Blog - Online Accounting Software

Open Banking

In 2015, the European Union proposed the Open Banking Standard Initiative and accepted the Revised Payment Services Directive PSD2. The implementation of the Open Banking standards should promote faster innovations in the financial sector, and increase the competition amongst the banks.

Open Banking is a broad term that includes many different processes, from account aggregation to verifying account ownership and payment initiation.

The key point, when implementing the Directive, European banks had to enable clients to receive the information about their financial transactions (through the open APIs) in the way most convenient for the client.

As a result, bank clients were able to automatically receive information about the transactions, even without opening bank’s website, for example, see all their accounts in different banks in one personal finance application on smartphone.

For the entrepreneurs it means the opportunity of the automatic upload of the bank transactions to the accounting system,

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Tags: accounting, updates, bank feeds, integrations

PayTraq Multi-Language Support

Do you know that PayTraq can be used in many languages? Users can view the accounting software interface in the chosen language in just one click.

With PayTraq, you can send invoices (orders, proformas, packing lists, etc.) in national language to your local customers and in English to your international customers.

Every country has its own localized version of the service. Chart of accounts, financial statements and tax reports are provided in the local language by default.

Currently we are adding a new feature specifically designed for businesses from non-english speaking countries - support for financial statements in English.

While most accounting programs support only one language, imagine you get a foreign partner who wants to see a standard set of financial statements of your company, such as balance sheet, profit and loss statement, and cash flow statement. This is when your accountant has to become a translator for a

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Tags: accounting, Financial statements, business, financial analysis, updates

A new release of PayTraq Mobile App

We are excited to announce that the new major release of PayTraq Mobile is available for download from the iTunes App Store and Google Play Store.

The app has been completely redesigned from scratch and now has a new and fresh look and feel. We have improved the overall user experience and made the UI more clean and understandable.

The main goal of the App is still the same - to let you get a clear picture of your business while you’re on the go. The application provides convenient access to the major business data including sales, purchases, expense claims, contacts and products. Activity Stream and Notifications will give you a quick view to all business activities at a glance.

Mobile POS

Mobile POS has also been redesigned to make the overall process more straightforward and simple and of course it's still an easy way to create sales orders

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Tags: updates, mobile, ios, android

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

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