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Set Up BankConnect to Match Transactions - Powered by Plaid
Set Up BankConnect to Match Transactions - Powered by Plaid

Connect your bank account transaction data through BankConnect to match transactions in DoorLoop, making bank reconciliation easier.

Samuel avatar
Written by Samuel
Updated over a week ago

Overview

BankConnect integrates with Plaid to connect your DoorLoop bank account to your real-life ones 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 BankConnect via Plaid and actual reconciliation.

Note: BankConnect powered by Plaid is not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.

The Steps

How to Connect a Bank Account

  1. To connect your bank account to Plaid, click Accounting on the main menu and then click Banking.

  2. Click Connect to Bank on the bank account you want to connect.

  3. If you haven’t entered an opening balance for this bank account, you will be asked to Set Opening Balances. BankConnect 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.

  4. Click on the Connect Account button. If you have already connected to a bank before and need to connect to a different bank, click the Connect another account option.

  5. Follow the prompts from the Plaid portal, and log in with your credentials for that bank.

  6. Select the accounts you would like to connect. It is recommended to select all your accounts so they will be available later to connect to other bank accounts in DoorLoop when you repeat this process.

  7. Then click Continue when all your accounts have been selected.

  8. The next step is to link your bank account to your DoorLoop account. Click on the specific bank account you’d like to link.

  9. Your bank account is now connected to DoorLoop via BankConnect and Plaid. Any new transactions from your bank account will be automatically synced and ready for matching.


How to Perform Transaction Matching

  1. To match your transactions in BankConnect, click on Accounting on the main menu and click Banking.

  2. Click on the Review Transactions link under the Transactions column for the bank that made those investment payments.

  3. 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.

  4. Click the Review button for other transactions so you can either match to an existing transaction (either single transaction or multiple transactions) in DoorLoop or create a new transaction in DoorLoop.

  5. Negative transactions will give you the option to Record as New Expense, or Record as New Transfer. Use this if there are no existing transactions in DoorLoop that can be matched to this line in your bank statement.

    1. Expenses: choose the Payee (optional), expense Category, Property, and add an optional Description or Memo.

      1. 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.

    2. Transfers: choose the Account the transfer was made to and the Property it was for. Add an optional Description or Memo.

  6. Positive transactions will give you the options to Record as New Deposit, Record as New Transfer, or Record as Lease Payment.

    1. Record as New Deposits: choose the Property and Unit (optional) associated with the deposit, the Category, a Description (optional), the Amount, the Payment method (optional), Reference (optional), and who it was Received from (optional).

      DO NOT use "Record as New Deposit" for Lease Transactions. If you do, it will not record the on the lease. When you go to record it on the lease, this will create a duplicate deposit.

    2. Record as New Transfer: choose the Account the transfer was made to and the Property it was for.

    3. Record as New Lease Payment: Select Lease that the payment is associated with, who it was Received From, and choose the Payment Method. You can also include any files you'd like to associate with this payment.

  7. Transactions that you do not want to account for in DoorLoop can be excluded by clicking the Exclude option. This includes any transactions you see that are duplicates. For more information about excluding transactions, read the article: Exclude Transactions from BankConnect.

  8. 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 BankConnect. 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 BankConnect 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-dot icon on the right side of the bank account line, and choose Repair Connection. This will allow you to log in 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 to remove it from the BankConnect 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 Repair Connection feature to log in 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 tenant's 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 BankConnect and Plaid, note that sometimes your Bank will have temporary issues connecting to Plaid. If the problems persist for more than a day, you can take the following steps:

    • Click the 3 dots on the bank and click Refresh. Then check the "Last Updated" date to see if this changes.

    • If refreshing the connection does not work, you can click on the 3 dots again on the right side of the bank account, and choose Repair Connection. This will allow you to log in again, which may correct the issue.

    • If that doesn't work, please contact our support team for further assistance.

  • 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.

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