Importing Plaid Bank Statement Details

You can import bank statement details using a CSV file or through the Plaid bank integration process.

The Plaid bank integration process, through permission-based, secure authentication, enables FinancialForce Accounting to import bank account transactions from your bank or other financial institution on demand.

For more information about Plaid integration, see Plaid Bank Integration Overview.

Note:

You must run this process in single company mode.

To import bank statements for one or more bank accounts belonging to the current company:

1. Do one of the following:
   • From the Bank Accounts tab:
     1. Select one of the bank accounts for which you want to import bank statements.
     2. Click Import Statements. This displays a list of all bank accounts for the current company, with the bank account selected.
     3. [Optional] Select additional bank accounts if required. Statements will be imported for all selected accounts, as long as they have an associated bank account connection record.
   • From the Bank Connections tab:
     1. Click Import.
     2. Select the bank accounts for which you want to import bank statements. Statements will be imported for all selected accounts, as long as they have an associated bank account connection record.
   • From the Bank Reconciliation tab:
     1. Select one of the bank reconciliations for which you want to import bank statements or create a New Bank Reconciliation
     2. In the Bank Reconciliation detail page click Reconcile From Bank Statement from the bank reconciliation action section. If an eligible bank statement exists it will be displayed or a window will appear for creating a new bank statement..
2. Enter the Statement Date to import transactions up to that date.
3. Click Import Statements. The import process runs in the background and you will receive an email when the process completes.

Notes:

If the volume of bank statement line items exceeds the number specified in the Maximum Bank Reconciliation Transactions custom setting, multiple bank statements are created. You must reconcile them in order based on the numerical statement reference suffix, starting with the lowest. For example: "2020-10-07 - Plaid - 1" followed by "2020-10-07 - Plaid - 2".

If the Reference exceeds 255 characters, it is automatically truncated when importing bank statements.

Scheduling the Import of Bank Statement Details

The process will only import transactions for bank accounts that have a linked bank account connection. If you don't want to import for a particular bank account then you should not link it to a bank connection.

Note:

In order to run the import process for bank accounts belonging to multiple different companies you must be in multi-company mode, with all companies selected. For this reason we strongly recommend logging in as the dedicated Plaid integration user This user is used to connect to bank accounts through Plaid. It must not be used for anything else. This is in line with Plaid’s recommendation to enable the tracking of events should an issue occur that requires support intervention. when setting up the schedule. We also suggest setting up a forwarding rule or an email group so your Accounting users are informed of the success or failure of the scheduled process.

To schedule the import of bank statements:

1. Log in as the dedicated Plaid integration user This user is used to connect to bank accounts through Plaid. It must not be used for anything else. This is in line with Plaid’s recommendation to enable the tracking of events should an issue occur that requires support intervention.. Statements will be imported for all bank accounts that belong to the dedicated user's current companies.
2. Click the Bank Connections tab.
3. Click New in the Import Statements Scheduler section.
4. Select a Schedule Frequency.
5. Select a Schedule Start Time.
6. Click Save. The statement date will be set to the day immediately before the date on which the process is scheduled to run.

To amend the schedule, click Edit in the Import Statements Scheduler section on the Bank Connections tab.

To view or delete the ImportStatementsScheduler job, from Setup, enter Jobs in the Quick Find box, then select Scheduled Jobs.

Calculating the Start Date and Opening Balance for the Imported Statements

If this is the first statement you have imported for the bank account:

• All transactions dated from the start date entered on the bank account connection record up to and including the statement date are imported
• The statement's opening balance is derived from the opening balance entered on the bank account connection record

If statements already exist for the bank account:

• The start date is the day after the statement date of the most recent statement
• The opening balance is derived from the closing balance of the most recent statement

Note:

The statement's closing balance is a calculated value. You must check that this matches the balance in your bank's software.

Troubleshooting

If you attempt to import a statement for bank accounts that are not configured correctly for Plaid integration, you will receive an error message when you click the Import Statements button.

Check the following if you do receive an error:

• The selected bank account must belong to the current company
• The selected bank account must be linked to a bank account connection record
• The selected bank account and its associated bank account connection must share the same currency
• If no statements already exist for the bank account, the start date and the opening balance must be defined on the associated bank account connection