There are two types of transactions in the REI Hub system. Imported Transactions are what comes in from a Linked Account (or Excel upload)- including the date, amount, description, and originating account. Imported Transactions are a data source- they are not a part of your actual financial records yet.
In order to add an Imported Transaction to your records, you need to ‘book’ it by adding the additional information needed for complete bookkeeping. This means specifying the type of transaction (expense, revenue, loan payment, etc), the relevant accounts (e.g. Repairs for an expense, Rent for a revenue), and where the funds landed. All the information we have is prefilled, and there is a drop down for every other field with the available options - it’s easy!
After everything has been saved, the Imported Transaction now points to a Booked Transaction. Booked Transactions are your financial records- the information all of the reports pull from. You can consider the Booked Transactions page to be the general ledger. As REI Hub is a double-entry accounting system, each Booked Transaction has at least one credit and debit.
Want to save a ton of time? You can automatically book Imported Transactions using Transaction Matching Rules based on the description or amount.
All transactions that are added manually to the system are automatically Booked Transactions. Linked Accounts and/or uploading transactions are a time-saving convenience, but not required to fully keep your books in REI Hub.