Setting up your Banks and Bank Accounts is an essential step in enabling seamless recording of payments, receipts, reconciliations, and integration with bank feeds.
The Accounting App allows you to:
- Create and manage multiple banks
- Link bank accounts to specific entities or ledgers
- Assign GL accounts to each bank account
- View connection and balance status (if integrated with bank feed)
Bank Integration (Automated Feed):
If your organization uses a bank integration service (e.g., Plaid, Yodlee), your bank account can sync transactions automatically:
- The Connection Status will show as “Connected”.
- Latest Balance and Transactions will update automatically.
- These transactions can be matched to GL entries using the AI matching feature.
Best Practices:
- Use clear, unique Account Names for easy identification in transactions.
- Ensure the GL Account selected represents a bank ledger account type.
- For multi-entity setups, always select the correct Entity while creating banks.
- If integrating bank feeds, verify the Connection Status regularly.
- Periodically reconcile balances between app and actual bank statements.
Related Features:
| Feature | Description |
|---|---|
| Payments and Receipts | Use linked bank accounts to record outgoing/incoming funds |
| Bank Reconciliation | Match app transactions with actual bank statements |
| AI Bank Matching | Automatically match uploaded bank data to GL entries |
| Manual Journal Entries | Record manual adjustments between bank and GL |
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