Overview
The Rootstock Bank Integration feature enables seamless integration with banks, allowing users to import financial transactions directly into Rootstock using Plaid. This integration facilitates the process of Bank Reconciliation by eliminating the manual process of downloading bank statements, creating a Bank Account Reconciliation upload file, and importing it into the system.
Setup (Create a Support Case to have Bank Integration enabled)
System Configuration:
NOTE The System Configuration record is exclusively maintained by Rootstock personnel to manage functionality within the Rootstock application. The Rootstock team will update the 'Enable Bank Integration' setting and set the 'Plaid Client ID' and 'Plaid Secret Key' values to enable the integration.
Once the above setup is done, the Activate button is enabled on the Bank Integration page.
Navigation
Classic UI: All tabs > Bank Integration.
Lightning UI: App Laucher > Bank Integration
Click the Activate button on the Bank Integration page. After clicking the Activate button, the system will update all the Plaid-related fields under the Plaid Integration section in the System Defaults.
Plaid
Financial Institutions grid
Fields
Financial Institution Name: This field will store the Financial Institution Name sent by Plaid when a financial institution is successfully integrated with the system.
Financial Institution ID: This field will store the Financial Institution ID sent by Plaid when a financial institution is successfully integrated with the system.
Last Transaction Sync Date: This field will store the Financial Institution ID sent by Plaid when a financial institution is successfully integrated with the system.
Buttons
Add Financial Institution: Click this button to open a popup to add a new financial institution using Plaid. Plaid is a secure bank verification system that connects over 12,000 financial institutions in the US, Canada, and Europe.
Delete Financial Institution: Click this button to open a popup to delete the Financial Institution. The user cannot delete a Financial Institution if linked to a Bank Account.
Manage Financial Institution: Click this button to open a popup to (1) fetch all or new Financial Institution Account Number(s) and (2) update the Financial Institutions credentials (if changed) in the Plaid.
Linked Bank Accounts grid
Fields
Financial Institution Name: The Financial Institution Name provided by the Plaid Integration.
Company: The Financial Company for which this Bank Account is associated/
Bank Account Name: The Name of the Bank Account linked with the integration.
Financial Institution ID: The Financial Institution ID is provided by Plaid Integration.
Financial Institution Account Number: The Financial Institution Account Number provided by the Paid Integration.
Last Transaction Sync Date: This field will store the last time the transactions were synced with the system.
Buttons
Link Bank Account: Click this button to open a popup to link the Rootstock Bank Account with the Financial Institution using Plaid.
Delink Bank Account: Click this button to open a popup to delink the Rootstock Bank Account with the Financial Institution.
IMPORTANT The users can directly link a Rootstock Bank Account with the 'Reconciliation Method' set as Download. Or they can link a Rootstock Bank Account with a 'Reconciliation Method' set as Manual or Blank, allowing the system to automatically update the 'Reconciliation Method' to Download.
Bank Account
Before importing the Bank Statements from Plaid, values for the below fields on the Bank Account need to be set based on the 'transactions-personal-finance-category-taxonomy' sheet attached:
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AP Check
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AP ACH Payment
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AR Cash Deposit
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AP EFT Payment (General)
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AP ACH/EFT Fees
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AR ACH/EFT Deposit
Processing
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To import the financial transactions, navigate to the Bank Accounts List View.
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Select the Bank Account linked with the Financial Institution using Plaid and click the Import Statements button.
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The Import Bank Statements pop-up will be opened, and the user can specify the 'Transaction From Date' and 'Transaction To Date' range for importing financial transactions using Plaid to Rootstock.
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Click the Import button so that the system will import financial transactions by creating the BRATO records.
SEE ALSO
Bank Account
Bank Reconciliation
