Overview
Reconciliation is the process of making your DoorLoop accounting consistent with the balance reported on a bank statement from your financial institution. Any difference between the two needs to be examined and fixed.
Importing transactions via Bank Transactions, on the other hand, is when you connect your bank accounts in DoorLoop to your actual financial institution to download transactions. This doesn't reconcile your account in DoorLoop. Instead, this connection is meant to import your transaction data so you can skip manual transaction entry and import transactions automatically.
Note: Importing transactions with Plaid is not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.
If importing transactions doesn't reconcile for me, what does it do?
Importing transactions from your bank brings real-world account transaction data from your financial institution into DoorLoop to speed up the bank reconciliation process.
When you match DoorLoop transactions to these bank account transactions on the Bank Transaction page, these DoorLoop transactions are "pre-approved" because they were already matched, and you verified the match. They also get a "C" in the Cleared column.
This auto-selecting saves you some time, but isn't necessary to complete the process. You can still compare the DoorLoop transactions to your financial statement and reconcile them yourself.
On my account register report, how do I tell the difference between reconciled transactions and those cleared via Plaid?
You can tell the difference between reconciled and cleared transactions by viewing your account register report. You'll see a "C" in the Cleared column for all transactions matched via Plaid, and an "R" in the Reconciled column for transactions that have been reconciled.
Tip: To view account register reports, go to Accounting > Transactions and click the bank account name you'd like to view.
What if I can't connect to my bank via Plaid to match transactions?
If you can't connect to Plaid, that's okay — Plaid doesn't work for everybody. You don't need to match transactions imported via Plaid to perform actual bank reconciliation.
Instead, you'll compare your real-world financial statement with DoorLoop transaction data during the Reconciliation process, clicking the checkboxes for the DoorLoop transactions as you reconcile them with your statement.
Either way, reconciliation is always available to you, whether or not Plaid matching is part of your workflow.