How to Set Up and Use the Bank Stream

How to Set Up and Use the Bank Stream

What is the bank stream?

Companies can connect their banking and credit card information to the Banking section of darwin Cloud to see all debit transactions and daily balances. Only transactions that are not currently in darwin Cloud will be pulled into bank stream.

On the initial setup, companies can make rules to auto-classify each transaction. After that, transactions will automatically go into the approval section to be approved and posted at user's convenience.

Bank transactions are posted as Payables and Credit Card transactions are posted as Journal Entries.

In order to connect bank stream to darwin Cloud please email support@accounttech.com to schedule a one hour set-up consultation.

Before the initial set up, decide which accounts to connect.

Credit cards are the most common. Before credit card setup, make sure that any Credit Card you are connecting is set up as a Liability Account in the Chart of Accounts.

If the company commonly uses the bank account for debit charges (like automatic payments to a supplier), then it would be advantageous to connect the bank account as well. If the bank account is mostly used for commission checks or Accounts Payable checks written in darwin Cloud, then you will not see much of a benefit here.

It is not recommended to set up an Escrow Account for bank stream.

Initial Setup

First, connect the bank accounts and credit cards.

  1. Click on Banking
  2. Click on Balances
  3. Click on connect to add your bank and credit card information
  4. Choose Connect using Plaid or Connect using MX
  5. Click connect

NOTE: darwin Cloud uses Plaid and MX to connect to the accounts. Follow the instructions to link all the bank accounts and credit cards. After connecting, it may take up to 24 hours for the data to appear.

Finalize the setup

Finalize the setup by selecting the company and GL accounts

  1. Select and assign the company
  2. Select and assign the appropriate GL accounts
  3. Select the from date that the system needs to pull from the bank

NOTE: Bank Stream can pull up to 18 months of data

  1. Click save

How to classify line items and set up rules

  1. Go to Banking
  2. Go to Classify submenu
  3. Select a date type from the dropdown list
  4. Choose a bank account (optional)
  5. Choose a company (optional)
  6. Click search
  7. Click classify hyperlink

In the pop-up, choose:

  1. Choose gl account (click on the field to show list)
  2. Choose office (click on the field to show list)
  3. Choose division
  4. Choose person
    • This is not optional. This field ties the expense to the supplier so that reports and 1099's will be accurate
  5. If the user wants to categorize the expense into 2 line items, click "click here to add a new row"

If the user would like to create a rule:

  1. Check the "create as rule" box
  2. Highlight the portion of the description you want the rule to follow
  3. Click save

Approving & Posting

  1. Click Banking menu
  2. Click on Approve
  3. Choose a date range
  4. Choose a bank account (optional)
  5. Choose a company (optional)
  6. Choose a status (optional)
  7. Click search
  8. At this point user may reclassify the transaction if needed
  9. Click on the box to approve (if not approved) or post (if approved)
  10. Click on Approve or Post

Rules

If rules are set up they will automatically classify all incoming transactions and move them to the Approve section to be approved.

  1. To see all the current rules, go to the Rules submenu
  2. Rules are searchable by description
  3. If necessary, unapply or apply rules for transactions that have not yet been approved

To Delete an item from the bank stream

  1. Click Banking menu
  2. Click Classify submenu
  3. Click search button to show the list
    • Use filter field to narrow the search
  4. Click the row to delete
  5. Click the delete button

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