Release of NeatInvoices and Online Payments
The Product team presents the formal release of Invoices and Online Payments. This release signifies a new milestone for Neat on our journey to provide small business owners with a full bookkeeping solution. Invoices and Online Payments will provide customers with the ability to manage their Customers, Products, and Invoices within Neat, and collect payments for their invoices online.
Invoices is accessible from the main navigation. Users navigating to Invoices will be taken through an invoice setup wizard. The setup walks the user through all of the invoice settings required before being able to create their first invoice.
- Step 1, Your Info: Users will set up their business address and contact information that will appear on the invoice.
- Accounts with a completed business profile will have the name and address fields pre-filled using the profile information
- Step 2, Invoice Number: The invoice number step will allow the user to set their preferred invoice numbering sequence.
- The first invoice number will default to “1” but can be set with their preferred invoice numbering sequence.
- The invoice number does not support letters and special characters
- Step 3, Invoice Reminders: During this step, users will configure the number of reminders and when the reminders should be sent. automatic reminders.support a Before Due Date, On Due Date, and 2 Past Due reminders.
- The number of days on the before and after reminders can be changed
- A custom note can be created for each reminder
- When reminders are enabled, they will be sent for all invoices
- Step 4, Terms and Conditions: The Terms and Conditions setting will allow the business owner to provide their customers with their terms and return policy.
- The Terms and Conditions can be entered as plain text or a URL
The Invoice Settings can be changed after the initial setup. The settings are available from the gear icon available on the Invoice Dashboard.
Within Invoicing, users can create, view, and manage their customers from the customer grid.
- Customers above the invoice grid presents the user with a grid view of all customers
- The customer grid will include all customers created when reconciling a transaction and customers created when creating an invoice.
- The Add New Customer CTA opens the new customer form in a side panel.
- Customers can be edited or made inactive by clicking on Edit from the action menu […]
Within Invoicing, users can create, view, and manage their product/services from the products grid.
- Products above the invoice grid presents the user with a grid view of all products/services
- The Products grid will include all products/services created when creating an invoice and created from the product field on the transaction detail and products/services.
- The Add New Product CTA opens the new product form in a side panel.
- Products can be edited or made inactive by clicking on Edit from the action menu […]
From the Invoices grid view, there are two CTAs available on the Invoice Dashboard for creating a new invoice. When the user clicks on Create Invoice or Create New Invoice the user is taken to the invoice creation screen. Each new invoice will be assigned an:
- Invoice number – defaults to the next invoice number in the sequence
- Invoice Date – defaults to the current date
- Invoice terms – defaults to “Due Upon Receipt”
Add a customer to an invoice
- The customer dropdown on the invoice provides a list of all active customers
- Users can select a single customer to be assigned to the invoice
- The customer dropdown also supports a button to create a new customer.
- The Create New Customer button opens the customer form in the side panel.
- The new customer is automatically added to the invoice.
Add a product/service to an invoice
- The +Product/Service button presents a list of all active products available for invoicing
- When a product/service is selected, the product details are pulled in the Add line item modal in the side panel.
- From the side panel, the quantity, price, and description can be customized for the current invoice.
- The line item will be treated as a Taxable item when “is Taxable” is checked.
- When line items have been configured as Taxable, the Add Tax dropdown is enabled for users to select from a list of created tax rates.
- Tax dropdown also supports a “Add new Tax” CTA for creating a new tax rate.
The +Discount/Fee button will allow the user to add either a discount or fee to an invoice.
- Discounts/Fees are added as flat rates
- A new line item is created in the invoice with the fee or discount description and amount.
The Edit screen supports a few invoice actions for completing the invoice.
- Your Info – opens the side panel for editing the company info
- Save – saves the invoice in its current state
- Preview – opens the invoice preview
- Send – opens the side panel with the form for sending the invoice via email.
- Mark as Sent – the menu on the edit screen supports the ability to manually mark the invoice as Sent
Invoice Grid Filters and Action menu
The invoice grid presents a list of the created invoices. Each invoice row in the grid will display the invoice status, the customer, invoice dates, and the invoice amount.
The Invoice Grid supports the ability to filter the invoices by:
- Status – all invoice status are displayed by default but can be filtered to only show invoices with a specific status
- Date – invoices can be filtered by the invoice date. Users can filter by a single date or date range
- Customer – invoices can be filtered to only show invoices assigned to selected customers
- Invoice number – invoices can be filtered by a specific invoice number.
The Invoice Grid supports the ability to change how the invoices are sorted by:
- Due Date – can be sorted by oldest to newest and newest to oldest
- Invoice number – can be sorted by highest to lowest and lowest to highest
- Date – can be sorted by oldest to newest and newest to oldest
Each row supports an invoice action menu. The action menu will provide the user with the following options per the status of the invoice.
- Edit – opens the invoice edit screen.
- The invoice can be edited until a payment has been applied to the invoice
- View – opens the invoice preview
- Send – initiates the send by email flow.
- The form supports the ability to add multiple email addresses and a custom note field.
- Mark as Sent – manually changes the invoice status from Draft to Sent
- Print/Export – provides the user the ability to print and download the invoice PDF
- Void – manually moves the invoice to Void.
- An invoice can be moved to void from any status except Paid or Partial Payment
- Duplicate – creates a new invoice by copying the customer, product, and invoice details from the current invoice.
Setup Online Payments
Once Invoices have been set up, users can choose to accept online payments via Neat, in partnership with WePay. By setting up online payments, users can send invoices to their customers with the option to pay using a Credit Card or Bank Account / ACH.
Step 1: Start the Setup Process
There are two ways to set up online payments.
- Users can set up online payments immediately after setting up invoices by clicking on the link at the end of the invoices set up process.
- Users can also click on the Accept Online Payments button in the Invoices section at any time to set up online payments.
Clicking on one of those two options will present the user with a fee disclosure. A fee is charged for every payment transaction accepted through Neat. Users will need to agree to the fees by clicking on the Get Started with Online Payment button in order to proceed.
Step 2: Merchant Onboarding Form
After agreeing to the transaction fees, the user will be presented with a merchant onboarding form. If the user has filled out a business profile after initially logging into Neat, several of these fields will be pre-populated.
- Business Name – The legal name of the user’s business
- Business Description – A short description of the products and/or services the business sells
- Statement Description – What will appear on the customer’s credit card or bank statements for each transaction
- Email – The user must enter an email address that they can access to complete setup
- The user must indicate that they are the Controller of the business
- Optionally, they can indicate that they are also the Beneficial Owner of the business
- The user must accept the Terms and Conditions of accepting payments on the Neat platform via WePay
Step 3: Verification Code
Submitting the merchant onboarding form will prompt the user to enter a 6-digit verification code that is sent to the email address entered on the form. Users will have 10 minutes to enter the code. Otherwise, they can have a new verification code sent to their email address using the Resend button.
Entering a valid verification code will automatically take users to the next step. They will be presented with a confirmation message and an option to resend the follow-up email to complete the next step.
Step 4: WePay Account Registration
Neat accepts online payments through a partnership with WePay, a Chase company. In order to complete setup on Neat, users must register an account with WePay. Entering a valid verification code will send an email to the user from Neat via Chase. Clicking on the Confirm button in that email will open a new tab that allows users to complete their WePay account setup.
WePay will require users to create a password and the email address used in the merchant onboarding form will be tied to their WePay account. Clicking the Grant Access button will take users to the WePay setup forms.
Note: Users can choose to skip these steps, but they must be completed within 30 days of receiving their first payment in order to have those funds settle into their bank account. Users can go back and complete these steps by clicking on the banners on the Merchant Center homepage.
Users need to indicate whether their business is a Sole Proprietorship, a registered Business, or a Nonprofit. For Businesses and Nonprofits, users will also need to specify the legal structure of their business.
Users must also select an Industry Category and Industry Type for their business to proceed.
The next step is to enter details about the business itself. The EIN (Employer Identification Number) will be optional for Sole Proprietors, but required for Businesses and Nonprofits.
The final part of setting up a WePay profile is to provide personal information about the user. A social security number will be required in order to complete set up.
Add Settlement Bank
Completing the WePay profile set up will allow users to add a settlement bank account where their funds will settle after receiving payments. If a bank account is not connected, users cannot receive the payments that have been made on their invoices.
Accepting Online Payments
Once online payments have been set up for a Neat account, every invoice sent to customers will allow the customer to pay by Credit Card or ACH / Bank. There is a minimum invoice amount of $5.00 for payments, so any invoice that has an amount due less than $5.00 will not have online payment options.
When an invoice is sent, customers can view the invoice on the Neat payment portal by clicking on the View and Pay button in the email.
Customers will have the option to make a Credit Card Payment or a Bank / ACH Payment. The credit card brands that are accepted by Neat are:
- American Express
Bank / ACH payments are managed via Plaid. Any bank that can be processed through Plaid can be used for a payment through Neat.
For now, customers will only be able to make an online payment for the entire outstanding balance due for an invoice. Partial payments via credit card or bank / ACH will not be possible.
Credit Card Payments
If a customer chooses to make a Credit Card Payment, they will be presented with a payment form. All fields except for the Apt / Suite are required. They will also need to check the box indicating that they authorize the credit card to be changed and that they agree to the user’s terms and conditions.
Customers can click Back to Payment Options to go back to the main invoice page and select another payment option.
When a payment is successfully processed, the customer will be presented with an updated invoice, with the payment applied.
A receipt will be emailed to both the user and the customer upon a successful payment. Users will also see the payment reflected on the invoice within Neat.
Bank / ACH Payments
Customers will need to select a bank either from the list provided or by searching for their bank. If their bank cannot be found in the Plaid search, they will not be able to make a bank / ACH payment for the invoice.
Selecting a bank will prompt the customer to enter their user ID and password for that bank account. If the customer has not set up online banking with their bank, they will not be able to make a bank / ACH payment for the invoice.
After entering a valid user ID and password, customers will be presented with a list of any accounts associated with that bank. They must select one of the accounts to use for the payment.
After choosing an account, customers will be prompted to enter their full name and email address in order to authorize the account. If the payment is successful, the customer will be presented with an updated invoice, with the payment applied.
A receipt will be emailed to both the user and the customer upon a successful payment. Users will also see the payment reflected on the invoice within Neat.
Managing Payments through the WePay Merchant Center
The WePay Merchant Center can be accessed at any time by clicking the Merchant Center button on the Invoices section within Neat. This will open the Merchant Center login page in a new tab.
The Merchant Center allows users to view and manage payment transactions they have received through Neat.
The homepage of the Merchant Center will display:
- Net Balance, Next Settlement Balance, and the Last Settlement Amount
- Records of payment transactions with:
- Date of transaction
- From / To
- Payment Status
Users can also view reports on their Payments, Settlements, and any Chargebacks / Disputes that they have received. These reports can be accessed from the Reports section, accessible via the left navigation menu.
Users can drill down into any of the individual aspects of the reports to view additional details. They can also export reports as CSV files, which will contain data from those additional details as well.
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Rebrand and ‘face-lift’ of all Neat applications, website, and communications
Cash Flow Statements, Profit and Loss Statements, Transaction Enhancements
The Product Development team presents the following features and enhancements: ability to generate Cash Flow Statements and detailed Profit and Loss Statements, add COA Category filter to the transactions grid, and view transaction totals on the transactions grid. In addition, enhancements have been added to the COA and Profit and Loss Statements to support updated Expense Categories and Subtypes, enhanced matching between Transactions and Items, and some miscellaneous changes.
In this release we are introducing the Cash Flow Statement, an expanded Profit & Loss Statement, and the detailed Profit & Loss Statement.
Profit and Loss Statement Updates
Expanded Profit and Loss
- The Profit & Loss statement will now support a separate section for surfacing the Non-operating income and expenses.
- The addition of this section will provide the business owner with a true Net Profit after the other income and expenses are included in the calculation.
- Non-operating Income includes Interest Income and any Uncategorized Income transactions.
- Non-operating Expenses include Interest Expenses, Income Taxes Paid, and Uncategorized Expense transactions.
Detailed Profit & Loss
- The addition of the detailed report will provide the business owner with the individual child category breakdown for each section.
Cash Flow Statement
- The Cash Flow Statement provides the business owner with the cash flow activities that occurred within a period of time. The Cash Flow activities are segmented into the following sections:
- Cash Flow from Operating Activities
- a list of operating activities that resulted in cash received or paid by the business.
- Cash Flow from Investing Activities
- a list of investing activities that include the purchase or sale of fixed and/or long-term assets.
- Cash Flow from Financing Activities
- a list of financing activities that include proceeds received from a loan or fixed liability and payments made to a loan or fixed liability.
- Total Cash Flow increase/(decrease)
- the calculated amount of the increase or decrease in cash for the report period.
- A summary and detail report is supported.
- The Summary will present the sum total for each of the Cash Flow activities
- The Detailed report presents a breakdown of the individual accounts and/or categories used to calculate the Cash Flow activity.
Chart of Accounts
Updates to Expense categories
- COA is updated to support a new category subtype called Non-operating Expenses.
- The new subtype allows us to separate out the business expenses that are not associated with the day-to-day operational expenses.
- New parent expense categories have been added for Interest Expense and Income Taxes paid.
- The “Other Expenses” parent category is included under the new subtype.
Updates to Income Categories
- Interest Income has been pulled out as a parent category under Income.
- The decision to make this category a parent category was done to support the expanded P&L statement.
Updates to the ‘Common’ categories
- The following categories were moved from the parent category of Occupancy to Non-Business Expenses: Home Maintenance and Home Improvements,
- These categories are not business-related thus classified under the Non-Business expenses parent category.
- The child category of Wages has been removed. This was a duplicate of Wages Paid.
- Any transactions using this category will be assigned to the Wages Paid category.
Transactions supports a filter for Category
- A category filter is now provided for users when viewing Transactions on the web and mobile app.
- Category is available in the Filter menu below Vendor
- Transactions can be filtered by any parent and/or enabled child categories, as well as the manual asset or liability accounts.
- Filter supports the ability to select or deselect all categories.
- The ability to filter by category has also been added on the mobile app as well. This addition improves the usability of transactions and allows the user to view their transactions by a single category or select group of categories.
Transaction totals are surfaced on the grid
- The sum of all transactions will be displayed above the transactions grid.
- The transaction Total = the net sum of all transactions across all pages.
- When filters are applied the Total amount will refresh to reflect the sum of the filtered list of transactions.
- A link to view a breakdown of the transaction totals by category will be supported above the transactions grid.
- The “View Breakdown” will surface the total for the individual categories assigned to the transactions returned in the grid.
- The category total = the net sum of transactions assigned to that category.
- As transactions are filtered, the list of categories and the amounts are refreshed.
Enhancements to support Matching
- Items can be matched to more than one transaction. Previously items could only be matched to a single transaction.
- Suggested matches now include items that have already been matched to a transaction.
- Search for a match will allow a user to select a previous matched item.
- Relevant match logic has been updated to provide a better pool of suggested matches.
- If the receipt date is empty, then the created date will be considered to determine if the item should be shown as a relevant match
- If the created date is within 3 days before or after the transaction date, the receipt is included in the suggested matches.
- If the bill or invoice date and due date field is empty, then the created date will be verified to determine if the item should be shown as a relevant match.
- If the created date is within 30 days before or 3 days after the transaction date, the bill/invoice is included in the suggested matches.
Total values graphical presentation
- A separate graphical component that represents the sum total for the selected date range is now available on the following insights:
- Net Cash Flow
- Total Sales
- Profit & Loss
Top Expenses has been updated with new default setting
- The Top Expense insight has been reconfigured to present the Operating Expense categories.
- Occupancy Expenses and all enabled system and user-defined child categories.
- Auto Expenses and all enabled system and user-defined child categories.
- Advertising & Marketing Expenses and all enabled system and user-defined child categories.
- General Business Expenses along with the following child categories:
- Dues and Subscriptions
- Other Bills
- Service Charges & Fees
- and all enabled user-defined child categories
- The insight will continue to support the ability to select and deselect all of the expense categories.
- The category filter UX has been updated to align with the category filter implemented for transactions.
Manual entries, adding asset or liability account within COA, support for Equity and Balance Sheet report.
The Product Development team presents the following features and enhancements: Ability to make quick Manual Entries and adjustments, adding an Asset or Liability account from within COA, support for Equity, and the Balance Sheet report. In addition, to ease the process of Bookkeeping we will also walk the user through a Bookkeeping setup flow, Inclusion of Balance sheet in the Accounting reports, and some miscellaneous changes.
Quick Entry Manual Adjustments
The +ADD menu in the header supports a new action under Transactions called Journal Entry.
will present the user with workflows for quickly recording the starting balance for categories, Depreciation/Amortization of an Asset, or create manual transactions or adjusting entries between two categories or manual accounts.
- The Journal Entry feature will only be available for users on a NeatBooks plan.
- The CTA in the menu will be hidden until the Bookkeeping setup has been completed and the start date is set.
Adjust or Set a Starting Balance
The Adjust or Set a Starting Balance workflow will provide the user with the ability to enter in the starting balance/carryover balance from their previous bookkeeping platform.
- The Adjust or Set a Starting Balance modal will present the Chart of Accounts categories.
- A starting balance value can be entered for both the parent and child categories under: Income, Cost of Goods Sold, and Expenses.
- All enabled Common or Custom child categories will be listed under each parent category.
- A starting balance value can be entered for the child categories under Equity.
- The ability to enter an amount for the Equity parent categories is not supported.
- All enabled Common and Custom child categories will be listed under each parent category.
Record Depreciation or Amortization
The Record Depreciation or Amortization workflow will allow the users to create a transaction to record depreciation/amortization amount for an asset.
- When selected the user will be required to identify the asset account, the date of when the expense was recorded, and the amount. The form will include the following fields:
- A dropdown list of the manual asset accounts under Equipment & Property and Other Assets.
- Manual accounts created with the sub-type “Current” are excluded.
- The date will default to the current date.
- Users can select a new date as long as the date entered is not older than the bookkeeping start date or the opening balance transaction date for that asset account.
- Must be greater than 0 (negative numbers are not permitted)
- Allows the user to create a custom description for the transaction
- The depreciation/amortization adjustment will be recorded as a system transaction under the selected asset account and the account balance is updated to reflect the net value.
- The system transaction will be visible in the transactions grid and saved as reconciled.
Create a Transaction or Make an Adjusting Entry
The Create a Transaction or Make an Adjusting Entry workflow will provide the users with the ability to create a single transaction for a category or account or adjust the totals between two or more categories/account.
- When selected, the form will default to submit a single transaction. Users can click on the Make an Adjusting Entry link to change the form.
Add A Transaction
The Add A Transaction form will support the following fields for creating a single transaction:
- A dropdown list of the COA categories and the manual asset/liability accounts
- Connected accounts are not supported
- Transaction Date
- Date will default to the current date
- Users can select a new date as long as the date entered is not older than the bookkeeping start date or the opening balance transaction date for that asset account
- Can be entered as a positive or negative number.
- When the amount entered is positive (+) the transaction will increase the account/category balance
- When the amount entered is negative (-) the transaction will decrease the account/category balance
- Allows the user to create a custom description for the transaction
Make an Adjusting Entry
The Make an Adjusting Entry form will support the following fields for creating adjusting entries between two accounts or categories:
- From Account/Category
- A dropdown list of the COA categories and the manual asset/liability accounts
- Connected accounts are not supported
- This will be the account the amount entered will be credited/reduced from the selected category/account
- To Account/Category
- A dropdown list of the COA categories and manual asset/liability accounts
- amount entered will be debited/increased to the selected category/account
- Date will default to the current date.
- Users can select a new date as long as the date entered is not older than the bookkeeping start date or the opening balance transaction date for that asset account
- Must be greater than 0 (negative numbers are not permitted)
- Allows the user to create a custom description for the adjustment
- Each adjustment line item will support a default description of “Adjustment”
- The custom description will be appended the default
- Adjustments submitted between two accounts
- When the form is submitted two transactions will be created, one to decrease the From account and another to increase the To account.
- Transactions will be visible on the Transactions grid
- Adjustments submitted between two categories
- When an adjustment is submitted between two categories, a journal entry will be created with two line items, one to decrease the From category and another to increase the To category
View Adjusting Entries
The View Adjusting Entries will provide users the ability to verify the adjusting entries have been recorded correctly.
- When selected, a grid view of the adjustments and single transactions created for the COA categories is presented.
- The grid will display the transaction line item information
- Number of entries
- Date of the transaction/adjustment
- Description of the transaction/adjustment
- Category selected for single transaction or adjustments
- Amount of the transaction/adjustment
- Line items will be listed in date order of newest to oldest
- The grid supports the ability to filter the transaction lines by date
- The date filter will default to present the last 90 days
Add new accounts from Chart of Accounts
Users can now add new Asset/Liability accounts from within the Chart of Account. Each account type will support an Add account button that will take the user through a workflow for adding either a new connected account or manual account.
Add Account will present the user with the account-specific flow:
- When the account type is Bank, Credit Card, or Loan, the Fastlink flow is launched
- When the account type is a manual account, such as Equipment & Property, Payables, or other Asset/Liability account, the account type specific form is presented
- Users will be unable to add a new manual account until there is at least one connected (streamed) account.
- The Add account CTA will be hidden
Support for Equity
With this release, NeatBooks customers will now have the ability to track and manage Equity. The Chart of Accounts has been updated to include Equity categories for tracking Owners Contributions and Distributions, along with adjustments to Retained Earnings
- Equity categories can be viewed and managed from the Chart of Accounts
- Transactions can be categorized with the child categories
- The Equity section of the balance sheet report will present the user with the calculation of all the transactions categorized as equity.
As a continuation of our plan type onboarding, users on NeatBooks plan will be presented with a Bookkeeping setup wizard. The setup flow is designed to take the user through the steps for setting up their “NeatBooks”. The completion of this setup flow will be required in order for the user to access any of the NeatBooks features, this includes Accounting Reports, Reconciliation, and Insights.
- The setup wizard will automatically launch after the account connection flow is closed
- The setup consist of five steps that are as following:
Step 1: Chart of Account setup
The Chart of Account setup will provide users the opportunity to configure their categories and accounts.
- Users can enable or create categories under Income, Cost of Goods Sold, Expense, and Equity
- Users can add new Asset and Liability accounts
- Users can learn more about the Chart of Accounts from the “What is a chart of accounts?” FAQ link.
Step 2: Vendor Mapping
The Vendor Mapping step will provide users the opportunity to manage their vendors.
- Users will have the ability to add, edit, enable or disable vendors
- users will be presented with a list of vendors pulled from their transactions
- If vendors are not immediately available, vendors can be added without fear of duplicates as we will map vendors on transactions to the matching vendor.
- Users can map vendors to a category
- Users can learn more about Vendor Mapping from the “What is vendor mapping?” FAQ link.
Step 3: Bookkeeping Start Date and Account Selection
The Bookkeeping Start Date step is where the user will define the date which they will begin managing their books on Neat and complete the reconciliation setup by configuring the accounts they will be reconciling.
- Users will be required to complete this step in order to complete the bookkeeping setup.
- The bookkeeping start date must be defined as the month/year
- Once this date is set, the user will not be able to change this without contacting support.
- Users will be required to configure the accounts they will be reconciling in order to complete the bookkeeping setup.
- At least one account must be set.
- The configured accounts will be set for all of the reconciliation periods as of the bookkeeping start date.
- Users can still continue to edit the accounts to be reconciled per each reconciliation period
- Users must confirm the start date before it is set
- If the user exits out of the setup flow before finishing Step 3 (Bookkeeping Start Date and Account Selection) the Bookkeeping setup will be considered incomplete
- Users will be prompted every time they try to access any NeatBooks feature i.e, Reconciliation, Insights, or Accounting Reports until they complete the setup flow.
Step 4: Set Your Starting Balance
The Set Your Starting Balance step will provide users with the opportunity to set a starting balance for their COA categories as of the bookkeeping start date.
- Users will be presented with the same Set/Adjust Starting Balance supported in the quick entry adjustments.
- Users can learn more about the starting balance setup from the “What is starting balance?” FAQ link.
- Set starting balance (Step 4) is an optional step, users can finish the setup flow without entering any starting balance.
Step 5: Congrats Completion Prompt
When the Bookkeeping setup is completed, users will be presented with a congratulatory badge signifying the setup is completed. All of the NeatBooks features are unlocked and available.
- The badge will support links to all of the bookkeeping features now available: Reconciliation, Insights or Accounting Reports.
- Users can choose to either select any of the three links or click X to close the prompt and return to using Neat.
Bookkeeping setup support:
Each of the setup steps will provide users with access to a Customer Success specialist. Users will have the ability to set up an appointment for assisted onboarding or can quickly speak to an agent through a dedicated chat.
With this release, users can now create Balance Sheet reports to gain an in-depth understanding of the financial status of their company’s Assets, Liabilities, and Equity.
- Selecting the Balance Sheet will take the user to the report page. Users will be presented with their report as of the current date.
- Users can toggle between the Summary or Detailed report
- The Summary report will display the balance of the Asset/ Liability accounts grouped by the account type and subtype and the category/retained earnings total under Equity.
- The Detail report will present a breakdown of the Asset/Liability accounts under the account type and subtype along with the Equity subcategories and Retained Earnings calculations.
- The report defaults to present the balance as of the current date, however, users can configure the date to produce a report as of a date in the past.
- Export tab allows the user to export the report either in the PDF OR CSV format
- The default date range for Insight widgets is updated from Current YTD to the last 12 months or as of the bookkeeping start date.
- If the bookkeeping start date is less than 12 months then the date range would be set as of that date.
- The Net Cash Flow widget on the dashboard will have a call to action when the bookkeeping set-up is not complete.
NeatBooks: Neat’s Bookkeeping Solution
The Product Development team is proud to announce the release of NeatBooks. This is the first public release of Neat’s Bookkeeping Solution. This release includes the first iteration of our Expanded Chart of Accounts, Accounting Reports, and a number of enhancements to our reconciliation experience. In addition, we launched our new plan offerings, a snazzy-looking website update, and plan-specific new user onboarding.
With this release, users will now have the ability to create manual accounts for tracking their manual asset and liability accounts and view all of their accounts and categories in the Chart of Accounts modal.
Create manual Asset and Liability accounts on Transactions
- Add Account supports a new UX flow where a user will select the type of account they wish to create and be taken through the steps of creating the new account.
- Connected a Financial Account or Create an Asset or Liability Account
- Users selecting to create an asset/liability account are presented with a list of available account types and a form for creating a new account.
- Asset Accounts
- Equipment & Property
- Other Asset
- Liability Accounts
- Each account will support a Starting Balance/Value. This field will be used to track the value of the asset or the amount of money owed for the liability
- A system transaction is created to record starting balance value against the account.
- The ability to create manual transactions to adjust the account value will be provided on an upcoming release.
- The manual Asset and Liability accounts are displayed in the transaction Accounts panel
- The UI of the accounts panel has been updated to provide users with the ability to view all of their connected and manual accounts.
- To provide a better experience, we added an account type header with the ability to expand and collapse to show or hide the accounts.
Chart of Accounts includes both categories and accounts
- The COA modal (available from the application settings menu) now displays the Asset and Liability accounts along with the transaction categories to provide the user with a more traditional COA presentation
- All categories are grouped under a category type header
- Uses can easily identify which categories are for tracking Income, Cost, and Expenses
- All accounts are grouped under the account type header
- Users can easily identify their business asset and liability accounts
- This includes the connected and manual asset and liability accounts
- The UI has been updated to support the same UX as the account panel with category/account type headers that expand and collapse to show and hide the categories and account.
Category dropdowns UX improvements to support COA
- All of our category dropdowns have been updated to provide users with the category headers to align with the COA.
- Users can quickly identify their Income, Cost, and Expense categories
- Category dropdown supports the ability to select a manual asset or liability account as a category
- This will allow the user to track transactions that define the purchase or sale of a manual asset as well as track the payment of a payable or other liability.
- The Top Expenses insight category dropdown supports the updated UX and now only shows COGS and expense categories.
The first iteration of Accounting reports presents the user with a modern approach to creating reports, starting with the Profit & Loss statement.
- The P&L statement will provide the user with the category totals for the defined reporting period.
- From the Reports landing page the Profit & Loss call to action has been enabled.
- The remaining report options are expected to be available in an upcoming release
- When a Report is selected, the user will be presented with the report on the screen where they can immediately see their report data.
- As the reporting period is changed the report will refresh to present the user with the updated report totals.
- Reports can be exported as a CSV or PDF
Profit & Loss is also supported as an Insight
A new chart presenting the user with their Profit & Loss values per month has been added to the Insights dashboard.
- Chart presents the user with the Gross Profit and Net Profit amounts in a bar chart
- Callouts provide the user with the totals used to calculate the Gross and Net Profit
Beta Feedback Enhancements
The following enhancements were implemented as a result of Beta feedback.
Bulk Update and Reconcile
Users can now reconcile multiple transactions at the same time.
- The Bulk Edit feature on the Transactions grid is available when one or more transactions are selected.
- The Bulk Edit modal will provide users with the ability to:
- Assign a Vendor
- Assign a category
- Update transactions as having No Source Document
- Save transactions as Reconciled
Transaction vendors can now be mapped to a category. This feature will allow Neat to auto-assign the preferred category to a transaction by the vendor.
- Vendor Mapping is available from the app settings in the header
- Vendor mapping also supports the ability for a user to add new vendors and disable vendors no longer needed.
Mobile Reconciliation Improvements
- Vendor and Category can be edited from within the Transaction summary
- The Vendor and Category fields allow the user to view and select from the list by tapping on the field without having to open the transaction details.
- The list picker has been improved to make selecting and finding the new vendor category value easier
- When the list is opened the user is taken directly to the current value and can quickly search and select a new one.
Support for financial accounts with MFA
When an account requires additional authentication, users no longer need to log back in order to refresh the account data but can now enter in the authentication code for the account
- The account tile in the Accounts panel will present the user with an alert and link.
- The link will present the user with a modal for entering the authentication code.
Add in the app header supports updated UX
- Add Item menu updated to “+Add”
- Actions for adding a new financial account and creating a cash transaction
- The Import and Create New file actions are now grouped together under a Files heading
Learn More > direct access to FAQs
- Each of our main navigation feature pages supports a Learn More link
- The link will present the user with feature specific information and a link to the support article
Simplified Insight Tooltips
Based on a recommendation from our UX audit, the Insight tooltips have been updated to provide users with a more concise message about the insight.
Access File Cabinet within Mobile App
Users can now access the File Cabinet from within the new mobile app. This feature was highly missed and requested by users. The return of the file cabinet will help them to easily navigate and manage their folders and items.
File Cabinet can be opened from in the More menu or a link on the search landing page.
- The cabinet will include access to Unfiled, My Cabinet, and Trash. The All Files folder was not included in this release.
- Users can navigate through their cabinets by tapping on a folder. From within the folders, the user will be presented with a list of the items and folders.
Filtering and Sorting of items
To make the process of finding item(s) easy, the application will support the ability to sort and filter items in a folder.
- Items can be sorted by date or alphabetical order
- Items can be filtered by Date, Category, or Keyword search
Action Menu and Available Actions
Action menus have been provided on folders and items to provide users with the ability to, Move, Rename Folder, Create New Folder, Create New Item, Move to Trash, and Share a PDF via Email.
- Action menu is available on the folder tile and in the header for folders and items.
Move Folder/Item to another Folder: users can change the saved location of an item or a folder.
- Move is an available action for the user-created folders and items located in a folder or Trash.
- The My Cabinet, Unfiled, and Trash folders cannot be moved.
- Users selecting Move will be presented with their File Cabinet to select the new folder.
- A shortcut to Trash is presented when the user selects move. Trash will allow the user to move an item or a folder directly to the trash without having to go through the full move process.
Rename Folder: users can change the name of their folder or file cabinet.
- Rename is not available for Unfiled or Trash.
Create New Folder: users can create a new folder or subfolder in their File Cabinet.
- Create New Folder is not available in the action menu for Unfiled or Trash.
Create New Item: users will now have the ability to create a new item directly within a folder without an image.
- New items can be created in Unfiled and any of the file cabinet sub-folders
- Create New Item is not available in the Trash or the My Cabinet folder.
Share PDF: will allow the user to email an item from within the file cabinet.
- A valid Email address and subject line will be required
- Users can only send one item at a time but can send it to multiple email addresses
- Share PDF will not be presented in the action menu when the item does not have an attached image or for items is in the Trash.
Improved Transaction Detail View
The Transaction Detail view has been updated to provide the user with a comprehensive view of all the key metadata and an improved itemization experience.
- When viewing a transaction that has not been itemized, the user will be presented with a simple form that highlights the primary metadata fields for reconciling a transaction.
- The itemization process has been improved to make splitting the transaction into multiple categories easier to manage. When the user clicks on Itemize, the first line item is created.
- A description field has been added to each line item. This will allow the user to provide more detail about the line item.
- The Additional fields drop-down provides the user with additional metadata fields for tagging and categorizing the transaction.
- As the amount fields are changed, Neat will verify if the line items are balanced and provide the user with the validation and unitemized balance.
- When new line items are created, the remaining balance will now be automatically assigned to the new line item being added.
- The No Source Document selection has been moved above the action buttons in the footer.
- A Contextual tool-tip for Save as Reconciled will let the user know what fields are needed in order to save as reconciled.
Improved Report Experience
This release signifies the first of a series of changes we will be bringing to the reporting experience on Neat.
- The Reports section from the main navigation now presents the user with a Reports landing page.
- The new dashboardwill present the user with a view of the classic reports available on Neat, and a sneak preview of the new Accounting reports we will be supporting when we release our bookkeeping solution.
- All of the “Create a Report” buttons on the site have been reprogrammed to direct the user to the reports landing page.
- Users will now select which report they want to create from the landing page.
- The report wizard has been modified to launch after the selection of a report type.
- Accounts on a Basic or 2.0 plan will be taken directly to step two for filtering and selecting the data they wish to include in the report.
- Accounts on a Complete plan will be presented with a new step one for selecting either Transaction or Receipt data for the selected report.
- The Reports grid has been moved into the File Cabinet and renamed “Saved Reports”
- A View Saved Reports button has been added to the new landing page to direct users to the new folder location of their saved reports.
Transaction Account Nickname
Users can now set an account-specific nickname for each of their connected accounts. This custom name will allow users to easily identify accounts that may have the same name assigned by the provider.
- The settings menu on the account tile will present the user with an Account Nickname option.
- The account nickname will be displayed everywhere the account name is used in the application
Cash Flow Insights BETA
Our first iteration of Insights will provide transaction users with basic accounting KPIs for identifying how their business is performing from a Cash Flow perspective and educational tooltips designed to provide the user with information about the content being presented.
- Insights have been added as a new item in the main navigation. Users selecting Insights will be presented with a dashboard of four Cash Flow insights.
Net Cash Flow
- Much like the current Monthly Cash Flow, this insight will surface the Net Cash value for each month.
- What’s new is the addition of the income and expense totals and the ability to configure the date range.
- The Net Cash Flow insight will default to present the current YTD values.
- This insight will replace the current Monthly Cash Flow chart presented on the main dashboard.
Top Expense Categories
- This insight will provide users with an at-a-glance presentation of the top ten expense categories.
- The Top Expense Category insight will default to present the current YTD value of all expense categories sorted from highest to lowest. The date range presented in the insight can be reconfigured using the date picker and categories can be excluded using the category selection drop-down.
- The Cash Balance insight will provide users with the sum total of their current Cash Account balances.
- The Cash Balance is calculated from the Cash on Hand and Bank account balances.
- The amounts presented in the chart are real-time balances as of the last account refresh.
- This insight will provide users with a graphical presentation of their year to date total sales per month.
- Users viewing the Total Sales insight will have the option to view those sales broken down by Customer or Project and can reconfigure the date range using the date picker.
Chart of Accounts BETA
Our first iteration of Chart of Accounts will be the organizational breakdown of Income and Expense categories. Neat’s approach to COA is to provide business owners with a simplified list of parent categories, the most commonly used subcategories, and provide users with the ability to create and manage their custom subcategories.
- Chart of Accounts can be accessed from the main settings drop-down in the application header and from within the Reconciliation section.
- Access to COA is restricted to account owners on a Complete plan.
- COA will be hidden from all users on a Basic/2.0 plan and shared users on a Complete plan
- Each account will be prepopulated with a set of parent/top-level Income and Expense categories.
- Reimbursable Expenses
- Commonly used to track Income received as reimbursement for expenses incurred as a result of providing a good or service
- Cost of Goods Sold
- Refers to the direct costs of producing the goods or services provided by the business.
- Employee Expenses*
- Auto Expenses*
- Advertising & Marketing Expenses*
- General Business Expenses*
- Other Expenses*
- Non-Business Expenses
* These expense categories have been grouped under Operating Expenses and represent expenses a business incurs through normal business operations
- For each parent category,we have a pre mapped Common subcategories.
- These are subcategories that have been identified as those most commonly used when categorizing income and expense categories.
- For each parent category, we have provided an area for Custom subcategories.
- These are user created subcategories. This option was provided for business owners to create those categories that are specific to their business needs.
- Subcategories can be enabled and disabled per the business owner’s discretion.
- This will allow a business owner the ability to only include the categories they need on their Chart of Accounts.
- Users can enable as many categories as they need.
- Categories can only be disabled if they are not currently assigned to a transaction.
The following features and enhancements have been added to the Reconciliation feature since the last two releases.
Suggested Matches Workflow
- Users reconciling their accounts will be provided with a Suggested Match widget on the Reconciliation Account Detail view.
- The widget will launch a workflow of prefiltered transactions within the reconciliation period that has at least one suggested match.
Other Unreconciled Workflow
- Users reconciling their accounts will be provided with an Other Unreconciled widget on the Reconciliation Account Detail view.
- The widget will launch a workflow of prefiltered transactions within the reconciliation period that did not meet the conditions of the two other workflows.
The following enhancements were implemented as a result of the Alpha Testing feedback.
Reconciliation Account added to first-time set-up flow
- As part of the first time reconciliation set up, the user will be presented with the reconciliation account configuration modal where they can confirm which accounts they wish to include in their reconcile set-up.
Save as Reconciled Transitions to the next transaction
- Users reconciling their transactions from within any of the reconciliation workflows will be automatically transitioned to the next transaction. This enhancement was added to make fast work of reconciling transactions.
Updated Period Activity
- The metadata presented in the period activity on the reconciliation account detail will now provide the user with the total amount of their debit and credit transactions as well as the Net Sum.
- This change will provide the amounts needed to verify against the amounts presented on their bank statement.
Ability to create Cash Transactions from within Reconciliation
- Users will be able to create a Cash transaction in their Cash on Hand account from within Reconciliation.
- This will allow a user to record any cash transactions while reconciling their open period.
Automatically Close Accounts that have been Reconciled
- The application will automatically close the reconciliation period for an account when all of the transactions for that account have been reconciled.
Mobile Release v1.0.5
Category supported on Transaction
Users can now assign a category to their transactions within the mobile application.
- A category dropdown was added to the metadata section for transactions.
- Category presents the user with a list of system-defined transaction categories along with any user-created categories associated with transactions.
Save as Reconciled
Users will be able to quickly identify what fields or actions are needed in order to save the transaction as Reconciled.
- Transaction image viewer will provide two alert indicators, one for the source document requirement and another for the metadata requirement.
- The indicators will present a green check when the requirement is fulfilled.
- The Select/Capture as Match CTA will change to Mark as Reconciled when the source document requirement is met.
Reconciliation Workflow BETA
Beta testers will have the ability to test drive the new mobile Reconciliation workflow. We have upgraded the current match workflow to include the Save as Reconciled UX. This enhancement will allow our users to make quick work of reconciling their transactions while on the go.
- Match in Navigation will display as Reconciliation
- The reconciliation workflow will provide the user with access to all of their unreconciled transactions.
- Transactions presented in order of Newest to Oldest
- The workflow will include all unreconciled transactions from all accounts configured to be reconciled
- As the user completes the steps to mark a transaction as Reconciled, the user is the transition to the next unreconciled transaction.
Support for No Source Document
Users working with their transactions on mobile will have the ability to mark a transaction as not having a source document.
- The Transactions on mobile will provide users with a No Document Necessary option. This functionality works in the same fashion as it was implemented on the web.
- No Document Necessary will be presented on the image viewer beneath the Search/Capture a match options.
- Users will be provided with a note section for quickly noting why no source document was required.
- Users can unset No Document Necessary if they would like to capture or attach a matching source document.
- Transactions with No Document Necessary set will be excluded from the Match workflow.
File Cabinet “Coming Soon”
That’s right, the file cabinet is coming back. In a response to overwhelming feedback, we are adding the file cabinet to the new mobile application.
- Users navigating to the Search landing page will see a placeholder and coming soon message about the file cabinet
- The placeholder will also provide the user with a link to the legacy app if they wish to continue using it for accessing files through the file cabinet.
No Source Document
This is a feature enhancement for Transactions. Users will now have the ability to mark a transaction as having “No Source Document”.
- A “No Source Document” checkbox will be provided in the image viewer on the Transaction Detail.
- An optional note field is provided for the user to note why the transaction does not require documentation.
- Transactions marked as having no source document will no longer be presented with suggested matches or the option to search/attach a match.
- A user can unmark a transaction as having no source document.
- This will allow Neat to present suggested matches again and allow the user to search and attach a matching document if one is now required or available.
View image/PDF on a new tab
In response to customer feedback, we have added the ability for our users to view their images fullscreen.
- Users can have their attached image/PDF open on a new tab from the Preview and Image viewer.
- An open in new tab icon has been added on the image preview on the grids and within the image viewer on the item and transaction detail view. When clicked the attachment will open on a new tab.
- The tab view supports all of the PDF controls available when viewing the attachment from the item detail view.
Virtual File Cabinet, Transactions Search, Categorization Improvements, and more
Version v3.0.10 – Released 05/15/20
- Users can now view all items in their file cabinet from one location, All Files.
- This is a new virtual folder that presents the user with every item in their file cabinet on one grid.
- This folder supports all of the same filter and grid action items, i.e reprocess, send to accounting, export, combine, and separate.
- This folder will allow users to filter all items regardless of what folder they belong to.
- Previously users could only see items saved in multiple folders from the search results and item type grids.
- As a virtual folder, users will not be able to select this folder from the folder selection when moving items between folders or importing new items into Neat. Files will automatically appear when received in Neat.
- Neat users will now be able to perform a search of their transaction records.
- The global search will now include an item record selector.
- The Files option will search for items in the File Cabinet
- The Transactions option will search Transactions
- Search results for transactions will be presented in the Transactions grid
- Search results for item records will be presented in the All Files folder
- Transactions can now be filtered by a keyword search. From the Filter drop-down, users will find a Keyword Search filter option.
- The keyword filter will allow the user to search the transactions currently being presented in the grid.
- E.g. if transactions are currently being filtered by a vendor, the keyword search will return results that match with the vendor(s) being filtered.
- Support for Transaction- related Attributes when viewing mixed item types in a grid
- Date, Amount, and Category fields are now presented as individual columns in the folder grids under the File Cabinet as well as in Needs Review.
- Date, Amount, and Category columns are supported in the Column sort drop-down.
- Columns can be added or hidden from the grid view
- Date and Category can now be filtered when viewing mixed item types in a grid.
- Users no longer need to filter by item type first in order to filter by the receipt, invoice date, or the category. These fields have been added to the common filter menu.
- Additional filter options are still available when viewing a single item type
- I.e. users can filter by the vendor, reimbursable, billable, and payment type values when viewing items in the grid are filter to only show receipts.
- Category field added to Check and Bill item types
- Users can now assign a category value to their Check and Bill item types.
- Category field added to the Item Detail view for a Check and Bill.
- Category field added to the grid view for a Check and Bill.
- Category filter is supported on the Check and Bill item type specific grids.
Enhanced Transaction Refresh Functionality
Version v3.0.9 – Released 04/15/20
- Improved Refreshing of Accounts
- Neat will trigger a refresh of the transaction data when a user logs in
- Neat will pull in the most recent transactions available for each account on Yodlee
- The user does not need to be on the Transaction page for the refresh to occur
- Each account tile will reflect a refreshing state while the refresh is in progress
- Account refresh can be manually triggered by the user.
Business Insights, Cash Flow, Sign In With Google
Version v3.0.8 – Released 03/16/20
- Business Insights including Cash Flow
- The account owner on a Complete plan will be presented with a Monthly Cash Flow graph on the Dashboard.
- The graph will provide users with a monthly Cash Flow value for the current month, past 3 months, and current month a year prior.
- The graphical data will be populated, using transaction data from the connected Bank and Credit Card accounts.
- Sign in to Neat using Google credentials
Version v3.0.7 – Released 02/18/20
- API preparations for sign in to Neat using Google credentials
- API preparations for Business Insights
Version v3.0.6 – Released 01/29/20
- Transactions Reporting enhancements
- Improvements to Suggested Matches for Transactions
- Ability to Create A Report from the Transactions Grid
- Pending Transactions – Improved experience with Vendor Name and Description in the grid
Version v3.0.5 – Released 12/20/19
- Combine & Separate attachments from app.neat.com
Version v3.0.4 – Released 12/02/19
- Transactions metadata now searchable when matching an item record
- Visibility of matched items in the File Cabinet
Version v3.0.3 – Released 11/15/19
- Update Expense Category to just “Category”
Version v3.0.2 – Released 11/11/19
- Billing Settings added to main drop down menu
- Previous folder selection remembered for faster utilization
Version v3.0.1 – Released 10/28/19
Version v3.0 – Released 10/16/19
- Transaction Streaming with bank account connectivity
- Transaction mapping for reconciliation
- Line itemization of expenses for detailed classification
Version v2.0.5 – Released 9/12/19
- Added Account Name option from Account Settings
- Enhanced Drag and Drop functionality from outside File Cabinet
- Added progress indicator when sending items to QuickBooks
Version v2.0.4 – Released 8/23/19
- Optimized Add Folder functionality & availability
- Added new Keyword Search filter option to all grids
- Grid column sorting, reordering and visibility improvements
Version v2.0.3 – Released 8/2/19
- Bulk editing improvements/enhancements
- Grid text refinements
- Changed Email Item “Send From” to firstname.lastname@example.org
Version v2.0.2 – Released 7/19/19
- Added option to change existing email address
- Drag and drop Items directly to Import screen
- Removed 10MB limit for Imported files
- Added Total number of Items and Total amounts above grid
- Fixed placement of lists hindering field input
- UI re-styling and refinements
- Added auto refresh to grid Items
Version v2.0.1 – Released 6/27/19
- Edit/change metadata fields for multiple items at one time (“Bulk Editing”)
- Filter search results by item type and/or metadata fields
- Create new account option for folder or account share recipients
- Enhanced item view Controls (i.e. select text, hand-tool, print, search etc.)
Version v2.0 – Released 5/22/19
- Updated UI (User Interface)- New look applied to navigation, dashboard, grids, menus and more!
Version v1.7 – Released 5/10/19
- UI re-styling and refinements
- Updated icons and tool-tips
- QuickBooks Desktop integration & adjustments
- Various backend fixes & improvements
Version v1.6 – Released 04/24/19
- Send loose Mileage items to Quickbooks (w/o Expense Report)
- Folder & Account Share invitation/acceptance
- Control access for Shared Folder recipients
- Various backend fixes & improvements
Version v1.5 – Released 04/16/19
- Export to PDF adjustments
- Various restyling of pages, message boxes etc.
- Mileage Item missing information improvements
- QuickBooks Online large data send fixes
- Various backend fixes
Version v1.4 – Released 03/29/19
- Add image or document to manually created Item
- Item detail view UI refinement / enhancements
- Preview Item directly from grid
- Identify & download attachments directly from grid
- Less than zero dollar amounts support
- Billing portal via Upgrade action added
- Account-level ownership of Integration connections
- QuickBooks Desktop support for multiple accounts (Share token)
- Additional Invoice Item Type fields added
- Class Receipt Item Type field added
- UX refinement of Calendar views
- Check Item edits prior to export/sending
Version v1.3 – Released 03/05/19
- Grid filtering: Quickly filter data presented within a grid by item type and/or other key fields to quickly see just what you want to.
- Simplified trash prompting: No more prompts asking you to confirm that you want to send items to the trash. We now only ask you to confirm emptying the trash.
- Bug fixes and performance improvements: We’ve made numerous changes to improve the performance and stability of the application.
Version v1.2 – Released 02/14/19
- Support for additional reports: Spending Summary, Spending Detail, Tax Category, and Sales Tax.
- Reports now drive off of filters, rather than requiring data to be consolidated into a single folder.
- Items are now marked as reviewed whenever they are viewed in the item detail view, unless there are data warnings (i.e. incomplete mileage entries, etc.).
Version v1.1 – Released 01/18/19
- Enabled the integration with QuickBooks Desktop.
- CSV export now supports all item types, not just receipts, as well as includes all primary fields for each item type.
- Addition of link to release notes in the footer of the application.