Overview of Connected Bank and Credit Card Transactions
18 steps
|
43 seconds
1
Navigate to Brokerage Engine.
2
Click the "Accounting" tab to navigate to the module.
3
Click the "Banking" tab.
4
Click the "Banking" option.
5
The connected Bank Accounts and Credit Card Accounts will then display. Select an Account to work from by clicking on its display box. Recent transactions that are pending review will then populate.
6
The bank feed is connected through Plaid and typically updates 1–2 business days after the activity shown in the bank account. During this time, transactions will appear in the system as Pending.
7
If needed, set the date range and then click "Search"
Transactions from connected Bank or Credit Card Accounts will not be downloaded as a lump sum; they will be listed item by item. Additionally, transactions will not automatically post; the user will have to add, re-categorize, or exclude them.
"For Review" Tab
8
Click on "+Add" to post the transaction into a category and record it.
9
If successfully added, a green check mark will appear. The transaction will then move from the "For Review" tab to "Categorized".
10
From the dropdown menu, click on "Categorize" to modify the account which a transaction will post.
11
A prompt window will then appear. Under the "Category" item, select the General Ledger Account associated with the transaction. Once the required information has been completed, click on the "Save" button.
12
From the dropdown menu, click on "Find Match" to match the downloaded transaction with one already entered. This links them together to avoid duplicates.
13
A prompt window will generate with potential matches. Narrow down the results by generating a shorter list. If a Match is located, check the box and then click "Save"
14
From the dropdown menu, click on "Exclude" to remove the downloaded transaction. Exclude duplicate transactions to keep the accounts accurate.
15
Select "Import EFT Batch" for connected Bank Accounts in order to bring over processed EFT Payment information from the Work Queue.
"Categorized" Tab
16
Click the "Categorized" tab on the main menu to view already classified transactions. Categorizing a transaction identifies the purpose and context and groups it with similar transactions.
17
Click the "Undo" button to move the Transaction from the "Categorized" tab to the "For Review" tab in order to be able to re-categorize it.
"Excluded" Tab
18
Click "Excluded" to review transactions that have been categorized as such, and will not appear in any account registers or financial reports.
