Overview
DoorLoop integrates with Plaid to connect your bank account to assist in bank reconciliation. This allows you to match bank transactions with those created in DoorLoop to help ensure your accounting is correct. Note that Plaid might not integrate well with your bank account, which you can learn about through Plaid here.
Keep in mind importing transaction data via Plaid isn't a replacement for actual reconciliation, which is the true method for ensuring your accounting is correct. Use this article to learn more about the differences between Bank Connect via Plaid and actual reconciliation.
Note: Bank Connect via Plaid is not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.
How to Connect a Bank Account
To connect your bank account, click Accounting on the main menu and then click Banking.
Click Connect to Bank on the bank account you want to connect.
If you haven’t entered an opening balance for this bank account, you will be asked to Set Opening Balances. Plaid will sync all transactions into DoorLoop as of the Accounting Start Date going forward.
For more information on how to enter opening balances, refer to this article on setting opening balances for accounts you added in DoorLoop.Click on the Connect account button and select your bank in the Plaid portal, logging in with your credentials for that bank. If you have already connected to a bank and need to connect to a different bank, click the Connect another account option.
Select the accounts you would like to connect and then click Continue. Note that any accounts you select here will be available later to connect to other bank accounts in DoorLoop when you repeat this process.
Click on the specific bank account you’d like to link.
Your bank account is now connected to DoorLoop via Plaid. Any new transactions from your bank account will be automatically synced and ready for matching.
How to Perform Transaction Matching
To match your transactions, click on Accounting on the main menu and click Banking.
Click on the Review Transactions link underneath the bank balance amount synced through Plaid in the Bank Account column.
Click the Confirm button for any auto-matched transactions, as long as they were matched correctly. If the transaction did not auto-match correctly, click on the line for the transaction (anywhere to the left of the status) to review the transaction further.
Click the Review button for other transactions so you can either match the bank transaction to multiple transactions in DoorLoop or create a new transaction in DoorLoop.
Negative transactions will give you the options to Record as New Expense, or Record as New Transfer.
Expenses: choose the Payee (optional), expense Account, Property, and add an optional Memo or Note.
Note that Payees not yet created in your DoorLoop portal will need to be added via the Create New button in the upper left corner of the screen.
Transfers: choose the Account the transfer was made to and the Property it was for.
Positive transactions will give you the options to Record as New Deposit, Record as New Transfer, or Record as Lease Payment.
Deposits: choose the Property associated with the deposit, the revenue Account, a Description (optional), Payment method (optional), Reference (optional), and who it was Received from (optional).
Note that for lease payments you first need to create the payment on a lease and record a bank deposit for that payment. This deposit in DoorLoop will then match the deposit in your bank account.
If you instead create the deposit from the BankConnect page, this will create rent revenue for accounting purposes, but won’t create a payment on the tenant’s lease. If you accidentally do this, you can use these instructions to delete that incorrect deposit.
Transfers: choose the Account the transfer was made to and the Property it was for.
Lease Payments: Select Lease that the payment is associated with, and choose the Payment Method. You can also include any files you'd like to associate with this payment.
Transactions that you do not want to account for in DoorLoop can be excluded by clicking the Exclude option.
Matched or excluded transactions will disappear from the Pending list shown when you click on the link to review transactions. However, you can review these transactions by changing the Filter By: status to either Categorized or Excluded accordingly.
Matched transactions will also have a “C” under the "Cleared” column on the account register report for this bank account.
NOTE: It may take some time for your real-world transactions to update and show in Plaid. Normally it may take up to 24 hours depending on your financial institution and account type. |
Correcting Problems
Correcting Mistakes
If you matched a transaction incorrectly, you can adjust your filters under the Bank Connect screen by Categorized and Excluded transactions and then clicking Undo for the transactions you need to correct.
If you didn’t select all the bank accounts available for an existing bank login when you first connected, it isn’t too late to add them later. To add more, find a bank account you have already connected using this login in DoorLoop, click on the vertical three dots icon on the right side of the bank account line, and choose Reconnect. This will allow you to login again via Plaid to connect more bank accounts.
If there are transactions on your bank statement that you do not want to be categorized in DoorLoop, you can click "Exclude" while reviewing the transaction in order to remove it from the Bank Connect page without entering it in DoorLoop.
You can change the opening balance date for a bank account to pull in more or fewer transactions. After changing the Opening Balance date, use the Reconnect feature to login via Plaid and connect again.
If you created a deposit from the BankConnect page for a lease payment without labeling it as such by selecting the available option, this will not put the payment on the tenants lease. To correct this, you will need to delete this incorrect deposit and instead create the payment on a lease and record the bank deposit from that payment. This deposit in DoorLoop will then match the deposit in your bank account.
Issues Connecting to Your Bank
If you are missing transactions or your bank balance stopped updating via Plaid, note that sometimes your Bank will have temporary issues connecting to Plaid. If the problems persist more than a day, you can click on the vertical three dots icon on the right side of the bank account line, and choose Reconnect. This will allow you to login again, which may correct the issue.
Some Banks, particularly smaller or regional institutions, have trouble connecting to Plaid and other online services. You can chat with DoorLoop's Customer Support Team so that they can make a ticket on behalf of your Bank with Plaid