Bank Direct Connect - Bank Transactions Introduction

Overview 

Using the new Bank Transactions user interface (UI), when you connect to a Financial Institution Account (FIA), the downloaded Bank Transaction records are actually created and remain in the system. Therefore, you will no longer need to reconnect to an FIA to view Bank Transactions that were previously downloaded. 

For each FIA, you have an immediate view of banking information such as the Financial Institution Account’s Currency, Current Balance, and Available Balance, as well as the mapped Bank GL Account and Ledger. You also have immediate visibility into when your banking information was Last Refreshed, as well as when the new Scheduled Bank Download job was Last Run and able to download Bank Transactions.

The Bank Transactions are not source records. Therefore, these transactions have no impact on the General Ledger unless they are actually added as a source record or matched to an existing source record.

When you initially access the Bank Transactions tab, the Bank and Credit Card Transactions section display in the top portion of the screen. 

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

The top portion of the Bank Transactions tab includes the following information:

• Financial Institution Account - a drop-down list to select a specific financial institution. Transactions will display on this screen based upon the selected financial institution.
  Note: If the Financial Institution Account drop-down list displays with blanks, access the BDC – Bank Settings tab, and wait until the screen completely loads. Then, return to the BDC – Bank Transactions tab and refresh the page. Your Financial Institution Accounts (FIAs) should display in the drop-down list.
  
• Bank GL Account - displays the Bank GL Account that is associated with the selected financial institution.
• Financial Institution Account Currency - identifies the currency that is returned by the Financial Institution Account (FIA). Typically, this is the same as the Bank GL Account and the Ledger. This currency cannot be changed. 
• Ledger - identifies the General Ledger name that is associated with the Bank GL Account.
  Note: If you import foreign transactions from Yodlee, currency displays based upon the Financial Institution’s currency, not the Ledger currency. 
  
• Current Balance - indicates the amount that is currently in the selected bank account.
• Available Balance - displays the actual amount that is available in the selected bank account. Current Balance and Available Balance can differ based upon an item(s) such as a pending transaction.
• Last Refreshed Date - represents when our service provider (Yodlee) last updated their database with information from their connected banks.
  Note: If the Last Refreshed Date is not being updated as expected or the actual Transaction Dates are not updating as expected, you might need to refresh your credentials. This can be done by accessing the Bank Settings tab, clicking Edit, and re-entering your Username and Password. Then, click Submit. After your credentials have been refreshed, you can click Update All to instantly connect for on-demand downloading of Bank Transactions from all of your financial institutions.

The top portion of the Bank Transactions tab also includes the following two buttons:

• Update All - provides the ability to instantly connect for on-demand downloading of Bank Transactions from all of your financial institutions.  When you click Update All, the system will review Bank Transactions as far back as 14 days from the Initial Start Date for downloading. Duplicate transactions will not be included. This is a way to capture any pending transactions since the Initial Start Date and 14 days prior.
  
  Important: Update All uses the oldest Initial Start Date that displays for connected Financial Institution Accounts (FIAs). For example, Bank 1 might have an Initial Start Date of 09/01/2020 and Bank 2 might have an Initial Start Date of 10/1/2020. Using this example, when Update All is clicked, the date of 09/01/2020 will be used for all FIAs since it is the oldest Initial Start Date.

  Note: The Initial Start Date displays for each FIA (Financial Institution Account) on the Bank Settings tab.

• Import File - allows you to import transactions from your bank or credit card vendors directly into Accounting Seed. Accounting Seed supports the following file formats that are used by most banks: OFX and QFX.  For more information, refer to the BDC - Financial File Import article. 

Two key components of the new Bank Transactions UI display at the bottom portion of the Bank Transactions tab: Unmatched Bank Transactions and All Bank Transactions.

Warning Messages

If a Financial Institution Account cannot be updated or if one fails to connect, a message will display on the Bank Transactions tab. To correct the problem, navigate to the Bank Settings tab. Then, refer to the Bank Direct Connect - Connection Messages article for information about how to correct the problem.

The sample screen below shows one example of a possible warning message that might display.


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

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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

• This article was new with the Jasmine release.