Banking Reconciliation using Veryfi Bank Feeds

A bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. This process aims to ascertain the differences between the two and book changes to the accounting records as appropriate.*

Assuming you have activity in your bank account, connecting and verifying transactions periodically will help to:

(a) ensure that your company’s cash records are correct,
(b) identify low cash balances (especially if your business runs on accrual accounting),
(c) find bounced checks or overdraft fees and
(d) detect some types of fraud (e.g., Highlight any ACH debits from the account that you did not authorize.

Daily.

However, Monthly is also ok, and often, the old practice of using old-school tools. In Veryfi, you can do this Daily, and with automation, that removes the burden and friction of individual manual labor.

Let’s get started!

1. Login to the web portal: https://app.veryfi.com/

2. Once logged in, open Bank Feeds in the left menu.
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3. Select the Link Bank/Credit Card

4. Start typing your bank/credit provider’s name, then select the appropriate option when it appears
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5. Follow the on-screen prompts to finish setting up the account.
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IMPORTANT NOTE: It may take up to 48 hours for your transactions to appear after the initial account set up. This is because the initial transaction download happens in 3rd party systems who provide transaction data to Veryfi. Typically the wait time is within 24 hours.
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1. Login to the web portal: https://app.veryfi.com/

2. Once logged in, open Bank Feeds on the left menu.

3. Click the Transactions button on the account you want to reconcile

4. Select the appropriate date filters you’re interested in. Also, choose between Reconciled, Unreconciled and Excluded transactions

5. Reconcile transactions using the buttons on the right of each transaction:
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6. To reconcile correctly matched transactions, click the Match button.

7. When a receipt isn’t available for a transaction, Veryfi can generate one for you. In the US, this would typically be used for transactions under $75 as the IRS doesn’t require vendor receipts for those expenses. To generate such an invoice, click the Add button, then select a Category and optionally enter Notes
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8. Where a receipt is not found but is available, click the search button to select the appropriate document manually
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9. For transactions that don’t have relevance, such as transfers between accounts (from checking account to savings, for instance), click the Exclude button.

And that’s it. Bank Reconciliation is done.

Q: How many banks do connect to in the US?
​A: A full list of institutions is provided here https://www.veryfi.com/howto/banks-support/

Q: Who provides your backend bank connection?
​A: Envestnet | Yodlee. The same company is used by Xero, and 90% of accounting products are in the US. Yodlee is the leader in providing bank feed data in the US.

Q: Do you store my logins / passwords?
​A: No. We only store a session key assigned to your account by Envestnet | Yodlee. This means your login credentials are super safe. Please make sure you enable 2 way-auth authentication to instil a good security practice.

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