Overview
The Bank Direct Connect function links your financial institution directly to Accounting Seed. It allows you to view your live account balances and import bank or credit card transactions into Accounting Seed.
Live Account Balances
As of the Geranium release, the following (3) fields in Bank Direct Connect: Current Balance, Available Balance, and Last Refreshed show live account balances for the Bank or Credit Card Account being used.
Import Transactions
- Navigate to Accounting Home and under Banking, select Bank Direct Connect.
- Click on the Import Bank Transactions tab.
- Choose a date range. The system defaults to the last 30 days, but you can import up to 90 days of past transactions.
- Choose the bank or credit card account from which you want to import transactions.
- Click Search. All transactions from the bank or credit card account for the time period you specified will appear. Accounting Seed will display 25 transactions at one time. Click Next Page to see additional transactions.
- There is a limit of 500 transactions in one import.
- The system will indicate which transactions have previously been imported and will not duplicate them.
- Tip: Always save changes before going to the next page.
- By clicking on the Display Projects & Display GL Variable fields, the system will allow you to tag these items on the bank transactions.
- Customer/Vendor Account & the GL accounts must be populated in order to import and create a Disbursement or Receipt record. A Credit Journal or Debit Journal is a Journal Entry and only requires the GL account although it is considered a best practice to populate the Customer/Vendor if that is applicable.
- For money coming out of your financial institution, assign the Vendor and GL Account and select either Disbursement or Credit Journal on the type picklist.
Important: On a new Cash Disbursement, the GL Account cannot be the AP Control GL Account. - For money coming into your financial institution, assign the Customer and GL Account and select either Receipt or Debit Journal on the type picklist.
- For bank transfers or credit card payments, you should import these as Journal Entries (Debit Journal or Credit Journal).
- For money coming out of your financial institution, assign the Vendor and GL Account and select either Disbursement or Credit Journal on the type picklist.
- Clicking the Find Matching Data button will do one of the following:
- It will search Accounting Seed for existing records that match this imported transaction to help prevent entering a duplicate record.
- A Disbursement or Credit Journal is matched if it is an exact dollar match and if the imported transaction date is within +/- 60 days of the existing record's date in Accounting Seed.
- A Receipt or Debit Journal is matched if it is an exact dollar match and if the imported transaction date is within +/- 5 days of the existing record’s date in Accounting Seed.
- If the name on the bank import matches the File Import Name on the Customer/Vendor record, then that Customer/Vendor name will populate.
- If no matching data is retrieved, it will populate all bank transactions without a customer or vendor account with the default vendor found in Accounting Settings. When the transaction is complete, you can edit the account information.
- It will search Accounting Seed for existing records that match this imported transaction to help prevent entering a duplicate record.
- Clicking the Mass Populate GL Account button will populate all bank transactions without a GL account with the GL account you specify in the GL account field under the Import Options section.
- As of the Geranium Release, the:
- Cleared Date field will auto-populate on Cash Disbursements, Cash Receipts and Journal Entries matched or created in Financial File Import. Additionally, the Cleared Date field will auto-populate on Bank Deposit records matched in Bank Direct Connect.
- Name field is editable for Disbursement type transactions, and then it is displayed in the Import Vendor Name field on the Cash Disbursement record created.
- Click Create Records.
- These records will auto-post upon creation.
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- On a new Cash Disbursement, the GL Account cannot be the AP Control GL Account.
Comments
11 comments
We have created a specific Vendor Account for Misc.Credit Card Charges and book most of our travel/other misc. charges under that name. However, would be still very helpful to reflect the name of the Vendor as it shows on our credit card statement. Would it be possible to have the name copy into a reference field on the actual record?
Natasha,
This is a great suggestion and we plan on including it in the road map.
Thanks,
Tony
Any update on Natasha's idea? That would be a welcomed feature.
Would it be possible to use the Bank Connect api feature (Yodlee) to Import Company Credit Card(s) as Expense Reports/Expense lines? We would like this as a feature, or learn if we can work with a developer to build this. Our goal is to replace Concur Expense for our 120 Company Bill/Company pay credit cards
I agree with Natasha's and Eric's suggestions.
Is auto-matching and reconciliation on the roadmap too? That would be very helpful for us, and we would use it every night so that our bank accounts stayed reconciled all month long.
This feature is definitely something we need to have in order to collect the details of credit card transactions much more efficiently. The generic accounts work but in order to really identify where the expense needs to be posted, we need to have the detailed name brought into the reference field. The current process is painstakingly laborious. Implementing this feature would be a significant time saver. Thanks!
We need this feature too! Any updates?
Hi Sara,
This feature should be available in our next release, Echinacea.
Thanks!
Hi - did this feature get rolled in Echinacea?
The copying of the Name field into the Reference field?
Hi Rachael,
Natasha's suggestion was added in Echinacea where the name field flows through to the "import vendor name" field on the cash disbursement. If you do not see this field, then you may need to add it to the layout.
Thank you,
Ryan
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