Frank sorts every transaction into a transaction type: money coming in, money going out, or a transfer between your own accounts. Reviewing these types when you first get started ensures your cash flow reports, dashboards, and forecasts are accurate from day one.
Finding Transactions with Filters
When you open the Transactions page, you'll see all of your transactions with no filters applied. The filter bar lets you narrow this down:
Merchant: groups multiple transactions from the same merchant. This is the easiest way to spot-check transactions.
Category: choose from the dropdown of categories.
Department: choose from your list of departments.
Click the filter icon in the top right for more options:
Account: filter to a specific bank account you've connected to Frank.
Amount thresholds: set a minimum or maximum transaction size.
Date: filter by date range.
The Transaction Types
For money coming into the business:
Income: revenue for the business. Most incoming money belongs here.
Shareholders Loan: funds you personally transfer to the business that need to be paid back. Keeping these separate stops them from inflating your revenue reports.
Credit Loan or LOC: debt the business takes on, such as a check written from a line of credit. This needs to be paid back, so it shouldn't count as income.
For money leaving the business:
Expense: normal operating costs. Most outgoing money belongs here.
Paying Down Debt: payments to credit cards, mortgages, or lines of credit. These reduce debt rather than being operating expenses.
Owner's Profit Distribution: money you take out of the business as a profit or distribution, separate from payroll, so it stays out of your operating expense reporting.
Finally, Transfer In and Transfer Out cover money that hasn't actually entered or left the business — it's just moving between accounts the business owns.
Spot-Checking Each Type
To confirm Frank has put transactions in the right buckets, filter by transaction type and Merchant to review each one:
Select Income and scroll the list. If something isn't actually revenue, for example, a shareholders loan, a credit loan, or a transfer from another business account, click it and change the type.
Check Shareholders Loan and Credit Loan or LOC. Make sure nothing appears there unless it should.
Check Expense; this will likely hold the most transactions. Look for debt payments that landed here, such as credit card or line of credit payments, and change them to Paying Down Debt.
Check Paying Down Debt and Owner's Profit Distribution. There may be nothing there; ask yourself if there should be.
Check Transfer In and Transfer Out. Shareholders' loans and profit distributions sometimes appear here. If a transfer was actually money entering or leaving the business, click it and assign the correct type.
Correcting Frank and Creating Rules
When you find a misclassified transaction, click it and change the transaction type. For example, an Allstate payment showing as a Transfer Out is really an insurance payment: change the type to Expense, leave the department as Operations and the category as Insurance, then create a rule for Frank to follow so you never have to correct that merchant again.
Summary
Filter the Transactions page by transaction type (and Merchant) to review each bucket: money in should be Income, Shareholders Loan, or Credit Loan or LOC; money out should be Expense, Paying Down Debt, or Owner's Profit Distribution; everything else should be genuine transfers between your own accounts. A few minutes of spot-checking, plus rules for any corrections, keeps your cash flow reporting and forecasts accurate.