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Welcome back to another Modisoft back office video, my name is Jonathan, and today we're going to be going over on connecting your bank.
Learn how to connect your bank account to Modisoft for seamless online banking and transaction reconciliation within the software.
Key Takeaways
- Modisoft integrates online banking to streamline transaction management.
- Plaid is used for secure bank account connection and verification.
- Users can add, match, and reconcile transactions directly within the software.
- The system typically downloads up to six months of transaction history.
- Daily transaction review and matching improve reconciliation accuracy and efficiency.
Summary
- Introduction to connecting a bank account with Modisoft for online banking and transaction reconciliation.
- Step-by-step guide to accessing the bank register and online banking tab in Modisoft.
- Instructions on selecting a bank account previously created in the chart of accounts.
- Explanation of using Plaid for secure bank account connection and verification via phone.
- Details on downloading and loading bank transactions, typically covering 4-6 months of data.
- How to review, add, and reconcile new transactions directly within Modisoft.
- Process for matching transactions already entered manually with downloaded bank data.
- Tips on managing matched and unmatched transactions, including undoing mistakes.
- Benefits of using Modisoft’s integrated online banking to avoid multiple browser windows.
- Encouragement to maintain daily transaction matching for efficient reconciliation.
Full Transcript — Download SRT & Markdown
Speaker A
with Modisoft so that you can do online banking and reconciling your transactions in Modisoft.
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The advantage of this is that you do not have to have two browsers or two windows open at the same time, like one with your bank account and then one with Modisoft.
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So everything is built into the software.
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So in this video, I'm going to show you all how you are able to do that.
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So first thing you're going to want to do, you're going to go to the main menu in the top left corner.
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Go to your bank, and then you will go into the bank register.
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Now, in the bank register, you have a tab here that is called online banking.
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So you can go ahead and click that.
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And once you are here, you will have the option to set up your bank account in the top right corner.
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Now, before you can set up your bank account, you're going to want to make sure that you select the bank that you're going to be connecting to here.
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Which you should have already created in the chart of accounts.
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So for this one, we're going to go ahead and just choose Frost Bank as one of our accounts that we're going to connect to.
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And then you can just go here to set up bank account.
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And then you're going to get the notification that Modisoft uses Plaid to connect your account.
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So just hit on continue.
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And you can enter your phone number here so that they can send you a notification.
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And if you don't want to enter that phone number, you can always click continue as a guest.
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But for now, we're just going to go ahead and continue.
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And then it's going to ask you to verify, so you're just going to check your phone.
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Enter that code that gets sent to your phone.
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So once you enter that code in, just hit continue.
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Then it will start to do the transaction downloads.
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Once you select the account that you want to connect to.
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Just hit continue.
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And then you'll get the message in Modisoft that you've successfully connected to your bank account.
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Just hit okay, and then it will start to load all the transactions from your bank.
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So you'll just have to give it a couple minutes sometimes.
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And then it should load everything here on your screen.
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Once it connects, like I said, it will load everything that has been going in and out of your bank account.
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And it generally will go back up to six months, anywhere between four and six months depending on your bank.
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On what they're willing to share online as far as data.
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And you are able to just verify all the transactions.
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You'll notice that everything is this is connected from your actual bank.
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Now, the great thing about this is that if you are already banking with Modisoft, you have the capability to match transactions.
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That you may have already entered manually before you connected your account.
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So on the right hand side, you will have options here that are either going to say matched or new.
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So if if you see anything like this that says add, this means this has not been entered yet in the Modisoft's banking section at this time.
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So you are able to add it as a transaction in your bank.
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With the bank that you selected up here in the top left corner.
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So for example, like this one right here.
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Like you got a refund for this.
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You can go in here and you're able to enter that value here.
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So you can add that in the online banking.
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You can add your payee, the transaction.
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When you want it, it will be reconciled.
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If there was a check or reference number, you would enter that here.
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And then just choose from the account here where you want it to go for your P&L.
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And then you just have to, if you want, you can put a little memo here.
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And then once you're done, just hit save and close.
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And then it will remove it from here.
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And it will move it to the reviewed line that you see here.
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So anything that you've already reviewed and added into the banking section will be added here.
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And if for any reason you made a mistake, you can always hit undo.
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And then it will send it back to the for review tab.
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Now, if you have been entering values in your bank and then you come across something that shows that it's matched.
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Then you are able to just click on the matched button on the right hand side here.
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So I'm going to go find one real quick that has been matched.
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So we'll scroll down and you'll see here you have two records that are found for this $100 value that was matched.
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So you can click on that.
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And when you do, you will see two different types of transactions.
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So based on what this was for this actual transaction.
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You are able to select which transaction this $100 goes to.
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Once you do that, just hit save and close.
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And then this will reconcile that transaction that you matched automatically.
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So you don't have to reconcile it manually in the tab up here.
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Where we have the reconcile.
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So if you are going to be doing banking with Modisoft, we definitely recommend to do the online banking.
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Because as long as you keep a track of this every day and you are matching and keeping and actually doing the online banking here.
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Then you will always be able to reconcile your transactions.
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And you never have to have another page open with your bank account because we download your transactions here.
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We hope that you found this guide useful and better understanding your Modisoft back office.
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Please like, subscribe, and click on the notification bell so that you will always be up to date on your Modisoft back office.
Speaker A
Thank you and have a wonderful day.
Topics:Modisoftonline bankingbank account connectiontransaction reconciliationPlaid integrationbank registerfinancial softwarebank transactionsaccount matchingModisoft tutorial
