Customers who integrate their accounting software with Finmark will have their chart of accounts automatically pulled in as account expenses. From there, you can create a new expense and link the expense to Item Descriptions or Vendors.
When to use Linking Expenses:
When you pull in your chart of accounts there may be multiple items listed under an account. If you want to forecast any expense within an account and extract that out of the chart to forecast, this feature is for you.
Here is an example:
Expense Account is: Dues & Subscriptions (See QBO example below)
You have 2 expenses in this Expense Account called Dues & Subscriptions
If you would like to extract the Mahoney Mugs expenses in this example, to model in a budget for branded mugs for this vendor, this feature will allow you to do that.
Step 1: Click +Add > Expense
Step 2: Linking the expense: Choose "Vendors" or Items" from the dropdown, add the filtering term, and choose the logic (contains or equals).
In this example, I would select Vendor > Contains Mahoney Mugs.
You cannot link an expense by editing an expense. You must create a new expense from the expense section in Finmark.
Step 3: Once you link the expense, you can now set your forecasted budget for that expense individually instead of at the chart of account level.
You will also see your actuals updated to show the new expense item and both the historical expenses as well as the forecasted budget.