Introduction
Welcome to our guide on setting up and managing Account Mapping on your Mimo account to enable automated reconciliation.
After your onboarding application is approved and you log in for the first time, you'll be guided through an activation process, including creating necessary accounts for automated reconciliation. This FAQ will cover how to set up account mapping during activation initially and how to make changes later if needed.
What is Account Mapping?
Account mapping is linking your Mimo payment account with your accounting software. This ensures that all transactions are automatically categorised and reconciled with the correct accounts, streamlining your financial operations.
Why is Account Mapping important?
Account mapping is crucial for several reasons:
Automated reconciliation eliminates the need for manual transaction matching, significantly reducing the time spent on reconciliation.
Accuracy: Reduces human errors by correctly mapping each transaction to the corresponding account.
Efficiency: Streamlines financial processes, allowing your team to focus on more strategic tasks.
How funds flow with Mimo
Regardless of how you choose to pay with Mimo
By doing an open banking top-up from your House Bank
By adding funds to your Mimo Balance account
By using your Mimo Flex credit
funds flow via your Mimo balance account before being paid to the beneficiary.
So, setting up account mapping for your Mimo Balance account is important to ensure it's automated.
Below is a visualisation of the flow of funds for an open banking payment from the House Bank of a customer using Xero as accounting software:
Initial setup during activation
Step 1: First-time login and activation
After your onboarding application is approved, you'll receive an email confirmation stating your account is ready.
Step 2: Follow the Activation Guide
Upon your first login after being approved, you will be prompted with an Activation Guide designed to help you set up your account quickly and efficiently.
One essential step in this guide is to create and map the necessary accounts to your accounting platform to enable automated reconciliation.
Step 3: Create necessary accounts
The Activation Guide will direct you to create the Mimo Balance account as a bank account in your accounting software.
Account name and code are pre-populated, but you can edit these to match your preferred naming conventions.
Once created, these accounts will be mapped and used for automated reconciliation.
For Xero users, Mimo will update invoices as paid in Xero and send bank feeds with corresponding transactions to match the bill payment.
For Quickbooks users, Mimo will update invoices as paid in Quickbooks but will not send bank feeds with corresponding transactions to match the bill payment. Transactions can easily be exported from Mimo for reconciliation later.
Managing Account Mapping after initial setup
How to access Account Mapping settings later
If you need to make changes to your account mapping after the initial setup, follow these steps:
Log in to Your Mimo Account
Navigate to Settings
Once logged in, go to the Settings section in the main menu.
Access Account Mapping
In the Settings menu, you can look for the Account Mapping option.
Click on this option to view and edit your existing mappings.
Making Changes to Account Mapping
Edit Mappings
You can modify the mapping by selecting a different internal account for any transaction type.
Choose the account you wish to change and select a new corresponding account from the dropdown list.
Add New Mappings
If you have new transaction types or accounts to add, for example, if you add a EUR Mimo Balance account or start using Mimo Flex, you can do so by selecting the option to add a new mapping.
Follow the prompts to create and assign the new account type to the correct account in your accounting software.
Delete Unnecessary Mappings
If a transaction type is no longer used, you can delete its mapping by selecting the delete option next to it.
Note: We advise you not to disconnect a bank feed. If you reconnect it later, this might cause double entries to be sent.
Save Changes
After making any changes, please make sure you save your updates.
Common Questions
What If I Made a Mistake During the Initial Setup?
If you realise there was an error in your initial account mapping, don’t worry. You can always log in and correct through the Settings menu described above.
How Often Should I Review My Account Mapping?
We recommend that you review your account mapping settings periodically, especially if there have been changes in your transaction types or accounting practices. Regular reviews help maintain the accuracy of automated reconciliation.
Who Should I Contact for Help?
If you encounter problems or have questions during setup or while managing your account mapping, our support team is here to help. For prompt assistance, please contact us through our support channels or email [email protected] directly.
Conclusion
I think setting up account mapping during your initial activation enables automated reconciliation. Once set up, you can easily manage and adjust your account mappings through Settings.