You can import transactions from the bank and generate a bank statement file. You can then reconcile the statement as normal.
The first time the transaction sync is run it returns all cleared transactions that are available in Plaid and are later than the last day of the month of the latest Bank Statement on file for each relevant account.
To create a statement
Go to Import Bank Transactions from Plaid.
Select either:
ALL. This runs the process for ALL accounts that are shared by Plaid AND are mapped to a COINS Bank.
An individual bank.
Click Next (
).The first time you run this within a calendar month, it creates a new bank statement, with the Reference Number PLAID-YYYY-MM. If you run the process again in the same month, it adds any new transactions to the existing monthly statement.
The COINS Bank Statements will always be created with a statement date of the last day of the month.
You can run Import Bank Transactions from Plaid as often as you want, and the report can be scheduled.
The process is a synchronisation, so only transactions that were not imported already will be retrieved.
If one or more of the COINS bank statements created from Import Bank Transactions from Plaid is deleted, then the next time the report is run for that Plaid bank (Auth Group), it will be a re-initialise rather than a sync and many transactions potentially for several months will be retrieved. Any transactions already on file on a COINS bank statement will NOT be duplicated but will be listed on the report as a “Duplicate Transaction”.
When running Import Bank Transactions from Plaid the transactions are synchronised with Plaid at the Plaid bank (Auth Group) level and COINS retrieves transactions for all Plaid accounts for the “Auth Group” that are mapped to a COINS company (kco) and COINS bank (others will be discarded). Because this is done at the Plaid bank (Auth Group) level, you cannot select the import to be run for a selected group of COINS banks. If this is required, run a second instance of the “Link to Bank” process which will create a second “Auth Group” for the same Plaid bank. You can then map some of the accounts from each Auth Group to the appropriate COINS banks.
The first time Import Bank Transactions from Plaid is run for a Plaid Bank (Auth Group), the process will determine the last COINS bank statement on file for the COINS bank. The import creates COINS bank statements for each subsequent month using a date of the last day of the month as the statement date.
It is best practice to ensure that there is a COINS bank statement for the month prior to the desired first Plaid synchronised bank statement. If for instance you want to begin with August 2024 and there are no COINS bank statements for July 2024, then you should create a COINS bank statement for that COINS bank for July 31, 2024 with any reference you like that does NOT begin with “Plaid”. The bank statement does not need to have any transactions in it but it should have a Closing Amount that you want to use as the opening balance for August.