Description
Create bank accounts to be linked with Plaid or created as a custom bank. Once you create a Bank Account, connect it with a unique SoftLedger Ledger Account to later view the bank transactions for that account in the Bank Transactions section.
Add a Bank Account
Under Cash Management>Bank Accounts, click the Add Bank/CC button to start the process of adding new bank account(s)
Determine Plaid or Custom Bank
Utilize Plaid to connect to bank accounts for transaction retrieval, or create a custom bank account to upload excel transactions from the banking source.
For Custom Bank Accounts, review this knowledge base article-->
Authenticate with Plaid
If connecting a Plaid Bank Account, select your institution and authenticate:
Select the Accounts to Connect
The accounts available for the inout user credentials for the institution can be selected or ignored to be brought into SoftLedger:
Link each Bank Account with SoftLedger Ledger Account
Each Bank Account is generally linked to one unique SoftLedger Ledger Account. Select the appropriate Ledger Account for the Bank Account(s) below (note: this can be edited from the Bank Accounts table if needed):
Bank Account Table
The bank account table contains identifying information for each added Account, including the name/institution/number, as well as the status of the sync if data is coming from Plaid. The Table also serves as a place to add or update the linked SoftLedger Ledger Account to each connected Account.
Table Actions
Link or Update SoftLedger Ledger Account
Refresh Credentials
Depending on the institution you may need to manually refresh your account data. This could occur if your MFA token expires after a certain amount of time, your username/password has change, or if an unexpected error occurs and you need to retry.
Hide
Hide this one account from the table forever.
Delete
Deleting Bank Accounts
When deleting an Account connected with Plaid, deleting one Account will remove all connected Accounts for the set of credentials used for the selected Account.
Note: Any Journal Entries linked to the transactions of these accounts will remain within the system as Reconciled, but will no longer be associated with the linked Accounts deleted here.
Important Considerations
Add Account from already linked institution (sharing the same credentials)
When adding an account from an already synced, do not select the ADD BANK/CC icon, rather Refresh Credentials as described above. This will display a select list of available accounts with the entered credentials, select new account(s) to be added
Limit to historical data
When initially linking banks, regulations prohibits banking institutions from sending transaction data for more than 60 days (some banks will be even less). Once linked, SoftLedger can bring up transaction data historically from the link date up to however far back the bank had originally passed the transaction data. For example, if you linked a bank one year ago, you can view transaction data in SoftLedger for that past one year and 60 days.
Hide
If you have an account that shows up persistently that you would prefer to never show up again(even if you re-add it, or refresh the provider data). You can click the hide button. Please be aware that this cannot be undone (for security purposes). If you have hidden an account in error and would like to show it again, please contact us (support@softledger.com).