Transactions

Transactions in RunSensible serve as the bridge between your firm’s real-world banking activity and its internal financial records. While banks record the movement of money through deposits, withdrawals, transfers, and payments, these entries alone do not capture their meaning within a legal or business context. RunSensible addresses this gap by enabling users to review each transaction and accurately link it to the appropriate financial records—whether invoices, bills, expenses, or trust transactions—ensuring clarity, accuracy, and complete financial alignment.

Users can import banking data into RunSensible in two ways. The first option is to securely connect a bank account through Plaid, which automatically syncs transactions, or they can manually upload an Excel file containing transaction data exported from your bank; in either case, imported transactions appear in the Transactions section, where they can be reviewed and processed.

When bank transactions first appear in the system, they are displayed as raw banking activity. The process of reviewing and organizing these transactions is known as transaction processing. During this process, users examine each bank transaction and determine how it relates to their financial records. A transaction can be matched to an existing invoice, bill, expense, or trust record, even if that record has not yet been marked as paid. If no related record exists, the transaction can be categorized so that the appropriate accounting entry is created.

Although transaction processing may appear similar to reconciliation, the two serve different purposes. Transaction processing focuses on identifying and organizing each bank transaction so that the system accurately reflects real bank activity. Reconciliation occurs in the Accounting section and serves as a verification step, where users compare the system’s records with the official bank statement to confirm that all transactions and balances match. By properly processing transactions first, users ensure that their financial records remain accurate and that the reconciliation process can be completed smoothly and reliably.

FAQs

Yes, RunSensible integrates seamlessly with QuickBooks and Plaid, allowing you to sync financial data across platforms.

Yes. To set up a payment schedule for a bill, start by clicking on Bills and selecting the specific Bill Number for which you want to create a payment schedule. In the bill interface, locate and click the Payment Schedule option. This will reveal the Add Payment Schedule button. Click on it to proceed to the next page. On this page, you’ll see a dropdown menu where you can choose a Payment Schedule Template to apply.

RunSensible offers a centralized dashboard that simplifies tracking all outstanding payments. With an intuitive interface, you can easily view draft bills, overdue bills, and paid bills in one place. Additionally, the status of bills is prominently displayed at the top of the main billing interface for quick access.

Absolutely! To link an expense to a matter, navigate to the Matters section and click on the specific matter name. This will take you to the detailed matter panel. From there, click on the Expense tab. You’ll see two options: Add Soft Expense and Add Hard Expense. Select the option that best suits your needs and proceed to input the relevant details.

Yes, RunSensible simplifies overdue payment follow-ups by automatically sending email reminders to clients. To customize the frequency and content of these reminders, navigate to the Bills section, select the specific bill by its number, and toggle the Bill Reminder feature on. You can then tailor the reminder schedule and message to suit your preferences.

To do so, go to the Bills section and click on Credit Notes at the top-left corner of the screen. Select the relevant Bill Number, which will take you to the Credit Notes panel. At the top of this panel, you’ll find a prominently displayed Refund button. Click on it to open the refund panel, where you can enter the Refund Date and select the Payment Method. Next, fill in the Reference# and Amount fields, ensuring the refund amount matches the credit note. Once all the necessary details are entered, click the Refund button at the top-right corner of the panel to complete the process. Alternatively, you can use the Refund button located above the currency field and follow the same steps to finalize the refund.

Certainly! Navigate to Settings, select Billing & Payments, and then choose Bill/Tax/Discount. Click on the Discount tab at the top of the section. To create a new discount, click the Add Discount button, which opens a configuration panel. In this panel, enter a descriptive name for the discount in the Name field and specify the discount value in the Value field. You can choose whether the discount is percentage-based or a fixed amount using the available options on the right. Once all the details are filled in, click Save to add the discount. The discount list also features a Status column, where you can activate or deactivate discounts by toggling the corresponding buttons.

Navigate to the Matters section and select your desired matter to open the matter panel. On the left side, click on the Note tab. Here, you’ll find the Time Tracker (Duration), which you can activate to record the time spent adding notes for your client.

Accessing the Transactions Section in RunSensible

To begin managing your transactions in RunSensible, start by clicking on the Transaction option located in the left-side menu.

 

Creating an Internal Bank Account

Before connecting a real bank account to RunSensible, it is important to confirm that a corresponding internal bank account already exists in the system.

Connecting a Bank Account Using Plaid via Settings

Users can also connect a real bank account to an existing internal bank account. To do this, click the Link Account button located in the top-right corner of the screen.

Mapping External Bank Accounts to Internal Bank Accounts

After successfully linking an external bank account to RunSensible via the Plaid integration, the system will prompt the user to perform an essential step to associate the newly connected bank account.

Importing Bank Transactions Using a File

RunSensible supports importing transaction data from external files such as CSV or XLSX bank statements exported from an online banking portal.

Confirming the Internal Bank Account

After continuing, the system prompts the user to select the internal bank account that will receive the imported transactions.

Field Mapping and File Configuration

Once the internal bank account is confirmed, the system directs the user to the Field Mapping Interface.

Data Verification Before Import

After completing the field mapping configuration, the system displays the Data Verification Interface. This final stage allows users to review all extracted transactions before they are permanently added to the internal ledger.

Bank Account Cards in the Transactions Section

After connecting your bank accounts and importing transaction data into RunSensible, all related information becomes visible in the Transactions interface.

Managing Bank Accounts Through the Actions Menu

Each bank account card includes an Actions menu located in the top-right corner. When you click this menu, two options appear: View/Edit Bank and Delete Bank.

Viewing and Processing Bank Transactions

After a bank account is connected to RunSensible or transaction data is imported manually, the related banking activity appears in the Transactions section.

Processing Bank Transactions

In RunSensible, bank transactions in the For Review tab can be processed using two main actions: Match and Categorize.

Matching Bank Transactions

The Match option is used when an imported bank transaction relates to a financial record that already exists in RunSensible.

Matching Views

To match a bank transaction, click the Match button on the right side of the transaction row. The system then opens a matching panel.

Shared Features in Match Panels

To match a bank transaction, click the Match button on the right side of the transaction row. The system then opens a matching panel.

Filtering Matching Records

Each Match panel includes filters that help users find the correct internal record more easily. The Filter By Client dropdown allows the user to narrow the list to records related to a specific client.

Posted Transactions

After a bank transaction has been matched or categorized, it is moved to the Posted tab. This tab contains all bank transactions that have already been processed, whether they were matched to an existing internal transaction or categorized to create a new accounting entry.

App Transactions Tab

The App Transactions tab provides a centralized view of all internal transactions created within RunSensible. To access this section, go to the top of the Transactions screen and click App Transactions.

Cheque Printing

The Cheque Printing panel is accessed from the App Transactions tab by clicking the Print Cheques button located at the top right side of the transaction table.