The new Dashboard allows companies to connect bank accounts through Plaid, integrating bank balances and transactions directly with the company’s Accounting area. This functionality is available when bank accounts are enabled for the company and the user has the required permissions.
With this update:
- Transaction accounts can be connected, including checking accounts, savings accounts, and credit cards, as well as Investment accounts.
- Connections are established through Plaid, which acts as an intermediary between the financial institution and the platform.
- An optional phone number can be saved during the connection process to streamline future connections.
- Financial institutions can be selected from previously associated institutions or searched by name to add a new one.
- When bank authentication is required, online banking credentials and two-factor authentication are entered directly within the bank’s environment through the connection flow. The platform does not receive or store these credentials; it only receives the authorization required to access account information.
- Once connected, accounts appear under Bank Accounts with their balances, and transaction synchronization begins. During the initial synchronization, Synchronizing transactions… is displayed.
- Investment accounts follow the same connection process using the Investments option.
- If a bank connection is interrupted, affected accounts are identified with a notification and stop receiving new transactions.
- While an account is disconnected, its balance is excluded from totals in Bank Accounts and the corresponding Overview cards.
- Disconnected accounts can be reconnected through Plaid by authorizing the same financial institution again.
- Once the connection is restored, balances and transactions resume updating and the disconnection notification is removed.
- Reconnecting does not require deleting the existing account and does not remove transactions already recorded in Accounting.
This integration keeps banking information connected with the Accounting Dashboard, making it easier to review bank balances and transactions while allowing interrupted connections to be restored when a financial institution requires renewed authorization.