Sign up Arketa Accounting
Reach out to our Support or Sales team to get started! 😊
Getting started with Arketa Accounting
Connect your business bank account(s) and credit card(s)
When you connect your business bank account(s) and credit card(s) to Arketa Accounting, your transactions will be automatically imported into your Arketa Suite.
DISCLAIMER: We will only be able to view your transactions. Arketa will not be able to make or alter any of your transactions.
To connect your business finances to Arketa Accounting, follow the steps below:
Select (+) New account in the Linked Accounts section.
In the modal that pops up:
Continue as guest (inputting your phone number is an optional step)
Find and select your bank in the list under Select your institution
Continue to login to access your business bank account
Follow the instructions on the screen to log into your bank account and grant us read-only access.
If prompted, select the accounts that you would like to connect
You may be asked to input your phone number again – select Continue without saving
Repeat steps 1-3 for any additional business bank account(s) or credit card(s) at different financial institutions.
Step 3: Categorize your transactions
Arketa will automatically pull in transactions from the listed bank accounts for reconciliation. You can manage your transactions in the Bank Transactions section:
See here to learn more about how to categorize your transactions.
Step 4: Analyze your performance
As you categorize your transactions, you can access live charts and reports to review your business financials.
Visualize your performance with live charts
Navigate to the Overview section in the Arketa Accounting tab to see visuals of your businesses overall performance. You can see a month-over-month view of your Profit & Loss and a more granular breakdown of your Revenue and Expenses for each month.
Explore your financial reports
Navigate to the Reports section in the Arketa Accounting tab to dive into your Arketa financial reports (see here for more information on how to interpret your reports).
Manage your linked business bank accounts and credit cards
When you connect business bank accounts and credit cards, your business transactions are automatically uploaded into Arketa. You should connect all accounts tied to your business during onboarding, but you can add or remove accounts if anything changes with your business banking solutions!
You can manage your business bank account and credit card connections in the Bank transactions section.
Connect additional business bank accounts and credit cards
To connect your business finances to Arketa, follow the steps below:
In the Linked Accounts section, select (+) New account.
In the modal that pops up:
Continue as guest (inputting your phone number is an optional step)
Find and select your bank in the list under Select your institution
Continue to login to access your business bank account
Follow the instructions on the screen to log into your bank account and grant read-only access.
If prompted, select the accounts that you would like to connect
You may be asked to input your phone number again – select Continue without saving
Unlink bank accounts and credit cards
To disconnect business bank accounts or credit cards, follow the steps below:
In the Linked accounts section, click on the bank account or credit card you would like to disconnect.
Select the icon that appears on the right side of the bank account or credit card.
Click Unlink account and Confirm that you would like to unlink your account.
Fix connections with linked bank accounts
Bank accounts you have already linked sometimes unlink to Arketa when your bank password or security settings are changed. To fix the connections, follow the steps below:
In the Linked accounts section, click on the bank account or credit card you would like to disconnect.
Click on Fix Account next to the accounts that have been disconnected and select Repair connection.
Enter your credentials to reconnect your account.
Categorize your business transactions
Categorizing transactions accurately is essential for fitness and wellness businesses like yours because it lays the foundation for clear, organized financial records. Proper categorization helps business owners understand their business financials – making it easier to monitor cash flow, track profitability, and make informed decisions. It also simplifies tax preparation by ensuring expenses and income are properly documented and classified – reducing the risk of errors, missed deductions, or compliance issues.
Arketa Accounting enables you to categorize your transactions into accounts that makes sense for your business (see here for more information on managing your chart of accounts). You can view and manage your transactions in the Bank Transactions section in the navigation bar at the top of your Arketa Accounting tab.
Categorize new transactions
Transactions from your business bank accounts and credit cards will automatically show up under Transactions. To categorize new transactions, follow the steps below:
Ensure the toggle under Transactions is set to To Review. This will display all transactions that require your attention.
Under the Categorize column (on the right side of your screen), use the drop-down to select the relevant account. You can see Suggestions at the top of the drop-down menu or All Categories if you scroll down.
Once the drop-down is accurate, Confirm the transaction. It will automatically move to the list of Categorized transactions.
Make changes to transactions you have already categorized
You may want to make changes to transactions that you have already categorized. To edit those transactions, follow the steps below:
Ensure the toggle under Transactions is set to Categorized. This will display all transactions that have already been categorized.
Click the transaction that you would like to edit. This will provide you with an expanded view of the transaction details. Make the desired change(s) in the relevant field(s).
Once the changes are made, Update the transaction.
Split transactions
If you purchase multiple items from the same vendor, you can split the transaction and categorize individual items under different accounts.
Under Transactions, click on the transaction that you want to split. This will display an expanded view of the transaction details.
Ensure the toggle under the Date is set to Categorize.
Under the transaction amount, click Split. This will create an additional line. Use the relevant fields to add the transaction amount and categorize the split transaction.
4. Confirm or Update the transaction.
Contextualize your transactions
If you want to track each transaction, you can also add descriptions or upload receipts.
Under Transactions, click on the transaction that you want to document. This will display an expanded view of the transaction details.
Type any relevant context in the text box under Description. Click the Upload receipt button to upload any relevant documents directly from your device.
Confirm or Update the transaction.
Review your financial reports
View and interpret your three financial statements
Financial statements help small and medium-sized businesses (SMBs) understand how their business is doing. They show whether the business is making a profit, what it owns and owes, and how cash is being used. This information helps SMB owners make smarter decisions, stay compliant, and plan for growth.
You can manage your three financial statements in the Reports section under Accounting > Reporting tab. Use the toggle under Reports to choose the report you wish to view:
Profit & Loss statement
The Profit & Loss statement (also called an income statement) shows how much money your business made (revenues) and how much it spent (expenses) over a certain time period.
It breaks these into simple categories important for fitness and wellness industries, so you can see:
Whether your business is making a profit or running at a loss
Which activities or products bring in the most money
What categories are your biggest expenses
This report is a great way to track your performance month-to-month or year-over-year.
Balance Sheet
The Balance Sheet gives you a snapshot of your business’s financial position at a point in time.
It breaks down your business finances into five standard categories:
What you earn – such as sales (called revenues)
What you spend – such as retail supplies or rent (called expenses)
What you own – such as cash, inventory, or equipment (called assets)
What you owe – such as loans or unpaid bills (called liabilities)
What’s left over – the value of the business after paying debts (called equity)
This report helps you assess the overall financial health of your business.
Statement of Cash Flow
The Statement of Cash Flow shows how cash moves in and out of your business. It tracks cash from day-to-day business operations, cash used for investments (like new equipment), and cash from financing (like loans or capital from owners).
This report helps ensure you always have enough cash to pay bills, make payroll, and invest in your business at the right time.
View and interpret your Journal entries
Journal entries are the building blocks of your accounting records. Each one logs a business transaction – like a sale, a bill payment, or a bank deposit – so your financial statements stay accurate and up-to-date.
To view your journal entries, go to Accounting > General Ledger and toggle under General Ledger to Journal.
Manage your chart of accounts
The chart of accounts is a list of all the categories you use to track your business finances in your Arketa – including what you earn, spend, own, and owe. We default your chart of accounts to a standard format for businesses like yours, but you can customize it based on your preferences and reporting needs.
To view your journal entries, go to Accounting > General Ledger and make sure it's toggled to Chart of Accounts.
You can set 5 attributes for your accounts by clicking on the pencil next to the line item:
Parent: Select the parent account or category to which your new account will belong. This helps organize your accounts in a clear hierarchy.
Name: Enter the name you’d like to give this new account. This will appear on your reports and financial statements.
Type: Choose the high-level category for the new account – Assets, Liabilities, Revenues, Expenses, or Equity.
Sub-type: The Sub-type will automatically populate based on the Parent account selected. You can edit the Sub-type if desired.
Normality: The Normality will automatically populate based on the Parent account selected. This determines how increases and decreases in the account’s balance are recorded. You can edit the Normality if desired.
Create new accounts
Select Add Account and use the options on the pop-up screen to create additional accounts to reflect categories specific to your business.
Fill in the drop-downs and fields
Click Save at the top of the modal (next to Add New Account).
Edit existing accounts
Select the icon on the right side of each account and use the options on the pop-up screen to create additional accounts to reflect categories specific to your business.
Select the account attributes that you would like to change. Note that the Type for each account is locked.
Click Save at the top of the modal (next to Edit Account).
Upload additional transactions
Import data from another accounting software
If you would like to import your historical data from a previous accounting software, please contact Arketa for additional assistance.
Upload transactions from bank accounts that are not connected to Arketa Accounting
If you used bank accounts that are not connected to Arketa accounting for business transactions, you can upload a CSV file to include those transactions in your Transactions feed. We recommend connecting any bank accounts that you use primarily for business transactions. However, if you use personal accounts for business transactions, you can use this feature to bulk upload transactions.
Under Transactions, click on the button and select Upload transactions manually
Select the account in the drop-down under Which account are these transactions from? If you have not created any accounts, select Create Account. You can create as many accounts as you would like to represent your non-business bank account(s).
Upload your CSV file. Ensure that it matches the format laid out (i.e., columns ordered as Date, Description, and Amount). You can also Download template for a pre-formatted CSV document with some example transactions.
Click Continue and confirm that the transaction details match your upload. If there is an error, please double check that the formatting for the CSV is correct.
Upload transactions once you have finished verifying the accuracy of those transactions
If you have other transactions to upload, you can Upload another file and repeat steps 1-5. If you are done, select I’m done uploading transactions and start categorizing them in the Transactions feed.
Create custom journal entries
If you want to make adjustments to accounts or add individual transactions, you can create custom journal entries.
Navigate to General Ledger
Adjust the toggle under General Ledger and set it to Journal.
Select Add Entry and fill in the relevant fields (i.e., Date, Amount, Account name). Ensure that the Debit and Credit amounts are the same. You can also Add next account to include multiple Debit and Credit adjustments in the same journal entry.
If you want to reverse a custom journal entry, you can select the relevant journal entry in the Journal toggle under General Ledger and click Reverse.