Personal accounts

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Overview

Business owners may incur business-related expenses in personal accounts that need to be reflected in the company books.

For standard business accounts, transactions are automatically categorized and posted to appropriate ledgers. This approach is not suitable for personal accounts, as most transactions are not business-related and require manual removal.

Our platform allows you to specify if an account is personal, enabling automated import and handling of persaonal transactions without manual cleanup.

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Personal Contribution and Personal Draw Ledgers

In business account integrations, transactions are posted to a specific ledger for that financial account (e.g., Pluto Checking #8279).

For business transactions in personal accounts, they are posted to personal draw or contribution ledgers. This is automatically determined based on the transaction type.

Our default chart of accounts includes ledgers named “Owner Drawing” and “Owner Contribution” or “Loans to Shareholders” and “Loans from Shareholders.” These names can be customized or you can create alternate ledgers.

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Creating Personal Transaction Source Accounts

To link a financial account as personal, use the Link Plaid Account endpoint, providing draw_ledger_id and contribution_ledger_id as optional parameters.

For manual creation, use the Create a Personal Transaction Source Account endpoint with the same parameters.

Retrieve all transaction source accounts using the Get Transaction Source Accounts endpoint.

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Mark Transactions as Business

Personal transactions are not automatically processed by our categorization pipeline unless marked as business.

New transactions from personal accounts will have the personal attribute set to true in the API response. Transactions are available for user review in the transaction source account. Use the List a Source Account’s Transactions endpoint to get a list of transactions.

{
  "id": "t_9237232",
  "amount": 132629.38,
  "datetime": "2024-03-15T15:28:53Z",
  "description": "Starbucks",
  "metadata": {},
  "personal": true,
  ...
}

Prompt users to identify business-related transactions and use the Bulk Update Transactions to Business endpoint to mark them as business.

When marked as business, transactions are processed by the categorization pipeline and posted to the appropriate ledger.