Transactions
The Transactions panel in COHO allows you to connect your bank account(s) for automated rent reconciling.
Connecting Accounts
Click ‘Connect’ to add a new bank account connection.
You will now navigate to our API provider and you will be able to search for a bank. Follow the instructions as per the API provider.
Our API scans every 6 hours. If there are any income transactions on the bank account connected, they will be pushed into COHO. COHO then uses certain criteria to make an automated match on a tenant's rent schedule. See also Rent Schedules & Rent Collection.
The criteria used:
Date: There is a 3 day window either side of the date of the rent. For example, if you have tenants that pay on the 1st of each month, the 1st may fall on a bank holiday or a weekend therefore, the money does not hit your bank account until the 2nd or 3rd.
Rent Amount: The system checks the rent amount against rent schedules.
Payment Reference: The system will also check the correct payment reference has been used.
If the above criteria has matched against a tenants rent schedule, the payment will be automatically reconciled.
It's important to note that our open banking rules require connections to be reconnected every 3-6 months, depending on the bank. To make sure your account is still connected and/or to reconnect the account, click the settings cog in the top right hand corner of the panel.
Here you can also ‘Check bank feeds’ to force the system to rescan or ‘Run rules’
All Transactions
In the ‘All Transactions’ section you can see all transactions listed.
Filtering Options:
Custom: Enter a date range.
Amount from: Here you can enter an amount to see all transactions from that amount.
Amount to: Here you can enter an amount to see all transactions to that amount.
All transactions: Here you can use the drop down menu to list the types of transactions. I.e., Unmatched transactions, partially matched transactions etc.
All references: Here you can enter a payment reference to search by.
Filter to a specific account: Here you can use the drop down menu to select a specific bank account.
Click ‘Filter’ to allow the changes to take effect.
Ignore checked transactions: Here you can checkbox items listed to ignore.
Re-match checked transactions: Here you can force the system to re-match any checkbox items.
Reconcile transactions
Where the system has not been able to fully match a rent payment using the above mentioned criteria, you will be able to view proposed matches.
On the left hand side you will see all the information related to the transaction that has been pulled through from the bank account. On the right hand side, COHO will find the closest possible match.
You will then be able to 'Ok' the proposed match to fully reconcile the rent payment.
Rent Match Rules
Rent match rules can be set where the payment has come through as a proposed match but you'd like the system to remember a rule that has been set to allow for automated reconciling the next time the tenant pays.
This can be particularly useful when tenants use an incorrect payment reference and that was the reason for the proposed match.
Transactions Settings Cog
Here you can click ‘Connect an account’ to connect a bank account.
It's important to note that our open banking rules require connections to be reconnected every 3-6 months, depending on the bank. To make sure your account is still connected and/or to reconnect the account, click the settings cog.
You will now navigate to our API provider and you are able to search for a bank. Follow the instructions as per the API provider.
Related Articles
COHO Quick Start Guide
COHO Quick Start Guide You have signed up to COHO or you’re ready to sign up to COHO and you want a little guidance on where to start. Here we have a short guide for getting productive on COHO and other things you should consider. Add a property This ...Users & Your Account
The Users panel allows you to see who has access to the account, add new users and change user access roles. Users New Users can be invited by clicking ‘Invite new user’. Invite New User To add a new user, you will need to enter a forename, surname ...Recurring Items
The recurring items panel is to be used to create recurring tenancy transaction items. For example, Parking charges, Utility charges, Cleaning charges or Service Charges. Recurring Items will automatically be added to a tenants rent schedule. NB. ...GoCardless User Guide
Introduction COHO has an integration with GoCardless. GoCardless is a payment processing platform, which allows you to automate payment collection. This guide won’t go into the details of how to use GoCardless, it will focus on the integration ...Rent Schedules & Rent Collection
This section will cover how to generate rent schedules for your tenants, how to reconcile rents manually and credit control settings. If your organisation has bank accounts connected for automated rent reconciliation you should not be logging ...