The Bank Feeds feature allows you to download transaction information from thousands of bank and credit card providers—the most efficient and accurate way to keep up-to-date transactions within the accounting module. The write-up process is streamlined. Data entry errors decrease dramatically. Time and effort required to enter transaction data is significantly reduced, which means more effective cash-flow management for your clients.
Before using Bank Feeds, select a bank site supported by the third-party provider, Plaid, and register your client with that site. Then, enable the feature by mapping the relevant accounts to the feeds.
Once you have selected a site and mapped Bank Feeds, you can synchronize feed information in the system at any time using the Banking>Upload E-Statements screen or the Write Up>Transaction Entry screen. Imported transactions appear as cleared on the Banking>Reconciliation screen.
You can register individual client accounts with the Bank
Feeds provider directly from the Company>Bank
Add-ons>Bank Feeds screen. Or, a client can register from the invitation
email you can send them from the Bank
Feeds screen, or the Client Notifications
screen. You can send emails to multiple clients at once from the Client
Notifications screen.
To register for the Bank Feeds Feature:
Click the Setup icon
on the right-hand side vertical menu to open the Setup
menu, and select Company>Bank
Add-ons.
The Bank Feeds screen appears.
Click here on the line
Click here to register now.
The Select a Site dialog
appears displaying a list of Plaid sponsored institutions.
Note: To invite the client
to register for Bank Feeds
instead of doing it yourself, click here
on the line Click here to email the
registration link to the Client.
Select your institution from the list that appears. If you do not see your institution, use the search icon at the bottom of the screen to search for it.
Enter and verify your credentials for that institution.
View your accounts.
Once you have registered your institutions, you need to map them to the correct accounts from the Company>Banks/Credit Cards screen. Click Map Accounts from the action bar at the bottom of the screen, or select Banks and Credit Cards from the Company menu (available from the Setup icon on the right-hand side vertical menu) to go to the Company>Banks/Credit Cards screen.
Note: You must map (or link) accounts to the feeds to enable the account to update with relevant transactions.