Understand and Manage the Bank Feed

Introduction

The Bank Feed allows you to automatically import and keep track of transactions, that have been cleared in your bank account, on a daily basis.

This makes automated bank reconciliation and importing of credit card transactions a seamless process for you and your firm. With the ease of transactions being fetched automatically and processed, you will be able to keep track of what’s happening at the bank on a daily basis as opposed to finding issues at the end of the month when it comes time to reconcile your bank accounts.

All Users are given one Cosmolex Bank Feed connection at no additional charge. If you wish to have bank feed connections for additional bank accounts, there will be an add-on charge.

This feature can be used for Trust, Operating, and/or Credit Card Accounts!

Enable Bank Feed

Before getting started, you’ll have to enable the Bank Feed in your CosmoLex account and connect to your bank account(s). See below for instructions.

Watch a Video

Rather watch a quick video? Watch below to learn how to enable your Bank Feed.

How to Enable Bank Feed

Only one bank account in CosmoLex can be connected at a time. If you need to connect more than one bank account, follow the instructions below for each account.

1. Click on Account Tab, then Click Add-Ons

2. Click the toggle button to turn Bank Feed ON. After your Bank Feed is turned on successfully, you will see the  bank icon appear at the top of your screen. 

3. Now that you’ve linked your bank, it’s time to link your bank accounts. Click the Accounting Tab

4. From the Bank Tab, select desired bank account, click  Action, then, click “Link Bank Feed”.

(Haven’t created your bank accounts? Learn more here.)

5. A pop-up screen will appear. Here, you can select the bank you want to link with. There are featured banks you can select while scrolling through the list, or you can search for a specific entity using the search bar.

6. After you have clicked on your bank to select it, you will need to log in with your bank account’s credentials. You may be asked security questions or be asked to type in a security code, according to your bank account’s login settings. Complete the security answers, and click Submit.

7. Next, select the bank account you would like to connect to. For example, your bank account login may be connected to a checking account, trust account, etc. Select here which particular account you are linking this time around. You can come back later to connect to more accounts. 

8. After selecting your bank account, it will appear highlighted on your screen. Click Continue to finish the process. 

Once it is successfully connected, you will see the same  bank icon appear next to the particular CosmoLex bank account you’ve just connected. This means it is now linked to the Bank Feed.

All set! You have linked your CosmoLex bank account with your actual bank account, using the Bank Feed.

Manage the Bank Feed

Watch a Video

Watch this video for a more in-depth look at how to manage your transactions once you have linked your bank account(s) through the Bank Feed.

Match your Transactions

After a period of 24 hours, your bank transactions will start to come through. You will see the green  bank icon turn orange  in order to alert you that there are unprocessed bank feed transactions.

To see the transactions that are ready to be processed:

1. Click the Accounting Tab

2. From the Bank tab, select the desired bank and click  Details or double-click the bank account

3. Click Bank Feed

Tour of Matching Screen

  • Add/ Confirm Match – used to add transactions and/ or match imported transactions to existing ones. Single or multiple transactions can be selected.
  • Delete – remove any unwanted transactions individually, or in bulk from the bank feed tab
  • Payee Mapping Rules – used to help auto-populate payee names and users’ choice of chart of accounts. Click here for detailed information on how Mapping Rules work.
  • Remove Transactions – remove all unprocessed bank feed transactions from the bank feed screen.

  • Status – This will appear as “matched” or “add” next to the transaction. When the status is “matched”, there is an existing transaction already listed in CosmoLex with the exact same information. When the status is “add”, the transaction is not listed and needs to be added. Both “Matched” and “Add” can be clicked. This will remove the transaction from the bank feed list, adding them to CosmoLex.
  • Statement Payee – the payee listed on the bank feed transaction
  • Payee – the name of the payee that will be used once the transaction is imported. This can be changed as per the user’s request before adding the transaction. If the transaction matches what’s listed in CosmoLex, the payee will display “match”.
  • Account (operating bank only) – the user selects the requested chart of account they want the transaction(s) to be mapped to for accounting purposes

  • Match Details (arrow icon on the right of transactions) – The screen shows the matching transactions based on date and amount of the imported transaction. If there are multiple matches, make sure to check the box next to the correct transaction. Click Save once finished.
  • Notes Tab – Notes associated with the transaction, if any. 

Auto-Reconciliation

If there are bank transactions already existing in CosmoLex, that match those coming through the Bank Feed, they will be automatically matched. When they are automatically matched, you can also choose that they be automatically cleared in the corresponding bank reconciliation statement. This makes things easier for your monthly reconciliations!

If you want to bring over matched transactions as ‘cleared’ in your reconciliation, make sure you check the box for “Mark bank imported transaction as Clear as well as preserve clear status of excel imported transactions if any” when creating a new reconciliation statement. Not sure how to reconcile your bank account? Learn to Reconcile Your Bank Account.

Match Invoice Payment Transactions

In Cosmolex, your invoiced payment transactions are recorded as you go. But when you start seeing those transactions in the bank feed, you will want to make sure those transactions are matching to your existing payment records for reconciliation purposes.

If you have happen to have a deposit transaction in your Bank Feed, that encompasses several transactions in your CosmoLex records, you will need to create a Deposit Slip. Not sure how? Learn more about Deposit Slips.

After you’ve created the needed deposit slips, you can go back to the Bank Feed tab and you will see the transaction in question as ‘matched’ and ready to be confirmed by you.

Learn More

Mapping Rules for Importing Bank Transactions

Reconcile Your Bank Account

Using Deposit Slips in CosmoLex

Updated on September 6, 2018

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