Transactions

Transactions are the individual financial movements on your Advance accounts -- the credits, debits, transfers, and payouts recorded by your bank. Advance keeps each one alongside the plans and payments it relates to, so you can see not just what moved, but what it was for.

What you can do with transactions

• See what each transaction is for. Alongside the raw bank details, Advance shows whether the money has been matched to your plans and how much of it is still open -- so an incoming credit is no longer just an opaque bank descriptor.
• Trace a transaction to the plans it funded. From any transaction you can follow through to the plans it was applied to and the payments it produced, and from there to the insured, policy, and invoice behind it.
• Reconcile transactions yourself. Match a transaction to a plan -- including splitting a single invoice across several payments -- exactly as you would in the dashboard.
• See who money arrived for. When funds land in a dedicated virtual account, Advance tells you which insured, producer, or market that account belongs to.
• Export everything for your own reconciliation and reporting.

Reconciliation at a glance

Every transaction shows how far along it is: not yet matched to a plan, partially matched with some amount still open, or fully reconciled. Money that Advance itself moved -- transfers and payouts -- is reconciled by definition. You can focus on just the transactions that still need attention, which is the fastest way to keep funded invoices from lingering as open.

Most incoming money is matched for you automatically. When a credit needs a human decision, it simply waits until it's reconciled -- by you or by Advance -- and updates the moment it is.

Reconciling a transaction to a plan

You can match a transaction to a plan through the API, the same action available in the dashboard. Apply the whole transaction, or only part of it when a single plan is funded by several separate payments.

This is what makes split funding straightforward: when one invoice arrives as more than one credit -- for example a premium payment and a separate commission or fee -- match each credit to the same plan. Once the pieces add up to the invoice total, the plan is fully reconciled. You can also link a transaction to a plan as an internal movement of funds you have already collected, without recording it as a new payment.

Who a transaction belongs to

When money arrives in a dedicated virtual account, Advance shows the insured, producer, or market that account belongs to. This tells you where the money physically arrived -- not necessarily what it paid for. A payment that funds an insured's plan is connected to that insured through the plan it was matched to, which is the reliable way to get from a bank credit to the policy behind it.

ACH memos

An ACH payment can carry a short memo to the receiving bank. Each transaction returns that memo as external_memo: on an outgoing ACH it is the memo Advance sent, and on an incoming ACH it is what the sender attached. A memo on a transfer between two of your Advance accounts appears on both sides of the transfer.

Exporting transactions

You can export your transactions as a CSV file through the API -- the same export available from the Transactions screen in the dashboard. It's useful for pulling transaction data into a spreadsheet or your own accounting system, and you can narrow it by date range, account, producer, and market. The export only ever contains your own transactions.