Bank Direct Connect - Bank Settings – Accounting Seed Knowledge Base

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.

Map Financial Institution Accounts to Bank GL Accounts

The following information will need to be mapped for each Financial Institution and Account Name:

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: 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.
Bank GL Account - 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.
Initial Start Date - Defines the date from which transactions are initially downloaded. Provides you with the ability to control the amount of initial data that will be downloaded.
Note: The initial Start Date will only download the Bank Transactions that are available from our service provider.

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

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New, Edit, and Delete Buttons

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

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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.
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:

In addition to manually being able to add a record or match a record, you can select to have to 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.

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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.

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.
Navigate to Accounting Home and under Banking, click Bank Direct Connect.
Click the Bank Settings tab.
Click New.
Select a Financial Institution. Otherwise, search for a Financial Institution.
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.
Click View Accounts to view all of the Accounts that are linked to the Financial Institution such as, Cash, Credit Cards, etc.
(Optional) To delete a linked account, click the Gear icon.
Close the Linked Account window.
Repeat this process to select additional Financial Institutions, as necessary.
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.
Click Save.
Note: The Schedule the Bank Download job can now be set up.
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:

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((Optional) 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.
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.

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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.
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.
Click Save.