Bank Direct Connect - Bank Settings

Overview 

Bank Settings provide quick and easy access to link and map all of your Financial Institutions directly to Accounting Seed, as well as manage your source record add and match settings. As part of the Bank Settings, you can clearly view each Financial Institution Account (FIA) that is associated with a Financial Institution, as well as map the applicable Bank GL Account to each FIA. 

Important: For existing BDC users, before completing the Bank Settings information, Track Activities and Track Field History must be enabled on the GL Account Mapping object. Additionally, the Ledger field must be added to the page layout. To complete these settings, refer to the steps in the Update the GL Account Mapping Object section of the Bank Direct Connect - Configuration Setup article.

Important: Any Financial Institution(s) that was previously linked using the legacy Bank Direct Connect will automatically be linked to the new Bank Direct Connect. However, it is extremely important that you review/complete all fields (including the Initial Start Date) and click Save on the Bank Settings tab before you import Bank Transactions.

Each Financial Institution can have one or more associated Account Names. For example, a company might bank with XYZ Bank & Trust, which includes a checking account, a credit card account, and a savings account. Using this example, the Financial Institution, XYZ Bank & Trust would display on three different rows within the Bank Settings tab, one for each of the different Account Names.

Click a link below to learn more about:

• Map Financial Accounts to Bank GL Accounts
• New, Refresh, Edit, and Delete Buttons
• Add Settings and Match Settings
• Pre-populated Account Information
• Set up Bank Direct Connect (Bank Settings)

Map Financial Institution Accounts to Bank GL Accounts

The column headings in the table below will need to be mapped for each Financial Institution and Account Name:

Best Practice: Credit cards should be mapped to a credit card liability account that has the Bank checkbox selected and cash amounts should be mapped to a cash account that has the Bank checkbox selected.

The Last Refreshed Date on the Bank Settings tab represents when our service provider (Yodlee) last updated their database with information from their connected banks.

Note: Click here to view the above image in full screen. 

Each FIA will display its connection status in the FIA Status column, as shown in the sample screen above. A successful connection message displays in green, which indicates that you can continue normal processing. To download transactions, click the Bank Transactions tab and select Update All. If an FIA Status message displays in red for one of your Financial Institutions, refer to the Bank Direct Connect - Connection Messages article for more information.

New, Refresh, Edit, and Delete Buttons

The following button options are available in the Connect Financial Institutions section of the Bank Settings tab:


Note: Click here to view the above image in full screen. 

• New - allows you to create a new link to a bank. You will need to input all of your credentials, including multi-factor authentication (MFA), if required. Once this is completed, the Bank Accounts will need to be mapped, as mentioned above. 
• Refresh - allows you to re-enter your MFA (multi-factor authentication) information.
• Edit - allows you to re-enter credentials and MFA, if required.
• Delete - removes the bank and bank mappings from Bank Direct Connect. 

Note: If you delete a bank and re-add it, while the mapping will remain, the Bank Rules will need to be re-updated for the bank if it was selected as an individual bank on a rule.

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Add Settings and Match Settings

• Add Settings - identifies a source record that you create from a Bank Transaction record. For the Add Settings, there was not a matching record, and you want to create a new record from a Bank Transaction record. When you add a record, the default source record type will be based upon what is defined for this setting. For example, Cash Receipt automatically displays as the Cash-In Default Source Record Type. Therefore, if this remains as the default, whenever a new record is added for Cash-In, the source type will automatically display as Cash Receipt.
  
  
• Match Settings - indicates that there is an existing source record in Accounting Seed, which is a possible match to a Bank Transaction record. You can define a default match setting for Cash-In and Cash-Out transactions. Source records that can be matched include the following:
  • Cash Receipts
  • Cash Disbursements
  • Journal Entry Lines
  • Bank Deposits

In addition to manually being able to add a record or match a record, you can select to have the system automatically add or match Bank Transactions based upon certain criteria.

The criteria for Global Automated Add includes the following for a Cash Receipt and a Cash Disbursement:

• Enable Global Automated Add must be checked in Bank Settings.
• Required fields, dependent on source record type, must be populated using Bank Rules.
• There must be no proposed matches.

If a Bank Transaction record meets the criteria for adding a record, it will automatically be added if the “Enable Global Automated Add” checkbox is selected.

Note: If the added source record is a Cash Receipt and the auto-post setting is enabled in Accounting Settings, the new record will automatically post. If the added source record is a Cash Disbursement or a Journal Entry, the posting status will display as Approved. Cash Disbursement and Journal Entry records will not automatically post regardless of the auto-post setting. 

For Global Automated Match to automatically match a Bank Transaction to a source record, the following criteria must be met:

• Enable Global Automated Match must be checked in Bank Settings.
• The amount of the source record must match exactly with the amount of the Bank Transaction downloaded.
• The date of the source record and the downloaded Bank Transaction must be within the set number of days with each other as defined on the Matching Settings.
• Most importantly, there is one (and only one) possible source record match.

Note: If the Enable Global Automated Add and/or the Enable Global Automated Match checkbox is selected, and records meet the criteria, the automatic processing of those records will occur after the Scheduled Bank Download job runs and Bank Transactions have been updated into Bank Direct Connect (BDC). You can view transactions that were automatically added or matched from the All Bank Transactions tab on the BDC screen.  

Pre-populated Account Information

When the Pre-populate Account Info checkbox is selected, information can automatically pre-populate from the Account record onto a Bank Transaction in the fields on the expanded drawer or directly onto the source record (if Enable Global Automated Add is selected).

Note: Click here to view the above image in full screen. 

Bank Rules and Pre-populated Account Data

If you have Bank Rules created that will automatically update Bank Transactions, the rules will be applied before the system attempts to compare the Description field to the Account record. Only if a Bank Rule pre-populates the GL Variables or the GL Account, but NOT the Account Name, will the Account record be looked at for a possible match. The pre-populating of data from the Account record will not override the information that was updated by a Bank Rule.

Account Matching

When the Pre-populate Account Info checkbox is selected, the system looks at the Description field on the Bank Transaction record and compares it with the Account Name field or the File Import Match Name field on the Account record. If a match is found on the Account record, that information will pre-populate on the Bank Transaction. The comparison process works as “contains” and not as “equal to.” For example, if the Description field on the Bank Transaction contains the Account Name or File Import Match Name of “Farmer,” this will be considered as a match. Therefore, the fields in the expanded drawer on the Bank Transaction will be updated to include the available information (Account Name, GL Account, GL Variables) from the Account record.

Note: If you have Person Accounts enabled, refer to the section below for Account matching information. 

In the sample screen below, the Description contained the Account Name of “Clearzone.” This was a match and information from the Account record was added in the expanded drawer on the Bank Transaction. 

Note: Click here to view the above image in full screen. 

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Account Matching when using Person Accounts

If you have Person Accounts enabled through Salesforce and selected/checked the Pre-populate Account Info checkbox, the Account Name is a compound field consisting of two fields: First Name and Last Name. Also, the Account Name field will only be used for a possible Account match if the File Import Match Name field is blank. 

When using Person Accounts, in order to have possible Account matches between the Description on a Bank Transaction and the Account Name field, the Description should be equal to or consist of a combination of the First Name and Last Name on the Account record. Additionally, it can only be in that order (First Name and Last Name). 

The table below provides some examples of Account matching information when Person Accounts are being used. 

File Import Match Name versus Account Name 

• If the File Import Match Name field is populated, the File Import Match Name will be used to match the Bank Transaction.
• If the File Import Match Name field is not populated on the Account record, but the Account Name field is populated, the Account Name will be used to match the Bank Transaction. 
• If both the Account Name and the File Import Match Name fields are populated, the File Import Match Name will be used to populate the Bank Transaction. 

Considerations before selecting the Pre-populate Account Info checkbox

Before selecting the Pre-populate Account Info checkbox, keep following the points in mind:

• Pre-populate Account Information is applicable for both uploading transactions from Yodlee and/or importing transactions from a Financial File Import 
• The Pre-populate Account Info checkbox only applies to Account records that have the Accounting Active checkbox selected and the Accounting Type must be set to Customer & Vendor or Vendor.
  Note: When the Pre-populate Account Info checkbox is selected, up to 5000 Account records will be reviewed for possible Account matches each time you refresh Bank Transactions or upload new transactions. 
• Once this checkbox is selected, refreshing the Unmatched Bank Transactions tab will run the Bank Rules first on existing Bank Transactions and then, the system will search for Account record matches. Additionally, when the daily/nightly Scheduled Bank Download job runs, Download Now is clicked, or when the Update All button is clicked to update new Bank Transactions, the Bank Rules will run first and then, the system will search for Account record matches. 

The Pre-populate Account Info checkbox defaults to unchecked. Before you decide to select/check the Pre-populate Account Info checkbox, we recommend you do the following:

• Review the names in File Import Match Name field on Account records to make certain names are entered correctly
• Review your Bank Rules to determine the effect (if any) they will have on the pre-populate Account data.

Important: If you select/check the Pre-populate Account Info checkbox and also have the Enable Global Automated Add checkbox selected, note that Bank Rules will be applied first and then, pre-populate Account data matches will be automatically made to the source records. We recommend that the Enable Global Automated Add checkbox initially be deselected/unchecked to allow you to review and adjust the Bank Rules and Account matching. Once satisfied with the matching, the Enable Global Automated Add checkbox can be selected so that source records can automatically be created. 

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Set up Bank Direct Connect (Bank Settings)

Important: Any Financial Institution(s) that was previously linked using the legacy Bank Direct Connect will automatically be linked to the new Bank Direct Connect. However, it is extremely important that you review/complete all fields and click Save on the Bank Settings tab before you import Bank Transactions.

1. If your Financial Institution(s) and Account Name(s) already displays in the Map Financial Institution Accounts to Bank GL Accounts section of the Bank Settings tab, skip to step 11 to map the accounts. Otherwise, continue with step 2 below. 
2. Navigate to Accounting Home and under Banking, click Bank Direct Connect.
3. Click the Bank Settings tab.
4. Click New. 
5. Select a Financial Institution. Otherwise, search for a Financial Institution.
   
   
   
   
6. Enter your username and password to Verify Credentials. Then, click Submit.
   
   
   
   Important: If multi-factor authentication (MFA) is required, you will be prompted to enter the information. It might take time for the MFA prompt to display. Do not press Enter more than once.
   
7. Click View Accounts to view all of the Accounts that are linked to the Financial Institution such as, Cash, Credit Cards, etc.
8. (Optional) To delete a linked account, click the Gear icon.
   
   
   
   
9. Close the Linked Account window.
10. Repeat this process to select additional Financial Institutions, as necessary.
11. When all your Financial Institutions have been selected, map the Financial Institution Accounts to the Bank GL Accounts:
    Note: The mapping process only needs to be completed on the Financial Institution Accounts (FIAs) for which Bank Transactions will be downloaded.
    
    
    1. Ledger - If the organization has only one Ledger, it automatically displays and cannot be changed. Otherwise, you can select a Ledger from the drop-down list.
       Note: If more than one Ledger is available for the organization, this field can be modified for Financial Institutions that are linked from our service provider or for transactions from an import file. 
       
       Note: Foreign Bank Transactions from Yodlee can be mapped to the Ledgers with the same or different currencies. Select the appropriate Ledger from the drop-down list.
       
       Note: If an incorrect Ledger is accidentally selected, click the X to remove the selected Ledger. Then, select the correct one from the drop-down list.
       
       
    2. Bank GL Account - Enter the appropriate Bank GL Account.
       Note: The Bank GL Account field can be modified for Financial Institutions that are linked from our service provider or for transactions from an import file. 
       
       Note: If an incorrect Bank GL Account is accidentally selected, click the X to remove the selected number. Then, select the correct one from the drop-down list.
       
       
    3. Initial Start Date  - Defines the last run date for the initial download.
       Important: Be aware that BDC will always start importing transactions 14 days prior to the last run date.
       
       Note: The initial Start Date will only download the Bank Transactions that are available from our service provider.
       
       The Initial Start Date also provides you with the ability to control the amount of initial data that will be downloaded. Up to 365 days of Bank Transactions can be downloaded. If you are an existing user and you want to include up to 365 days of Bank Transactions, each existing Financial Institution Account (FIA) will need to be deleted from the Yodlee Fastlink and then re-added. Additionally, you will need to map each Financial Institution Account (FIA) in the BDC - Bank Settings. Deleting the FIAs, re-adding and re-mapping will allow you to include up to 365 days of Bank Transactions.
       
       Note: For information on how to delete an existing FIA from Fastlink, refer to steps 7-9 above.
       
       
12. Click Save.
    Note: The Schedule the Bank Download job can now be set up.
    
13. Under the Add Settings section, click the Enable Global Automated Add checkbox if you want the system to automatically add bank transactions as new source records. The following criteria must be met to automatically be added as a new source record:
    
    
    Note: Click here to view the above image in full screen. 
    
    
    1. Required fields, dependent on source record type, must be populated using Bank Rules.
    2. There must be no proposed matches.
       
       
14. The Cash-In Default Source Record Type displays as Cash Receipt and the Cash-Out Default Source Record Type displays as Cash Disbursement. If necessary, select Journal Entry as the Record Type from the drop-down list.
15. Under the Pre-populated Account Information, click the Pre-populate Account Info checkbox if you want the system to look at the Description field on a Bank Transaction record for comparison with the Account Name field or the File Import Match Name field on the Account record. If a match is found on the Account record, that information will pre-populate on the Bank Transaction. The comparison process works as “contains” and not as “equal to.”
    
    
    Note: Click here to view the above image in full screen. 
    
    Note: If you have Person Accounts enabled, refer to the Account Matching when using Person Accounts section above for Account matching information.
    
    
16. Under the Match Settings section, click the Enable Global Automated Match checkbox if you want the system to automatically match Bank Transactions to matched source records. Keep in mind that there must be one (and only one) match source record in order for the automatic match to occur.
    
    
    Note: Click here to view the above image in full screen. 
    
    
17. For the Cash-In Default Matching Setting, enter up to 30 days to define the range of days to use when considering possible matches to source records.
18. For the Cash-Out Default Matching Setting, enter up to 365 days to define the range of days to use when considering possible matches to source records.
19. Click Save.

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Release Notes and Schedule

• With the Lily release, Bank Settings allows you to map a Financial Institution Account (FIA) with a foreign currency to a Ledger that has a different currency.

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Release Notes and Schedule

• The Pre-populated Account Information section has been added to the Bank Settings tab. 
• The Pre-populate Account Info checkbox is available to compare the Description field on Bank Transactions to information on the Account record for possible matching.

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Release Notes and Schedule

• This article was new with the Jasmine release.