This video demonstrates how to reconcile credit card transactions using the Plaid integration. It walks through connecting a credit card account through Accounts Payable settings, including verification and syncing transactions, as well as ensuring the correct user permissions are enabled.
The video then shows how to perform credit card reconciliation by selecting accounts, defining date ranges, and pulling in real transaction data from the bank. Users can filter transactions, match them to system records, and complete the reconciliation process. Overall, the feature provides a more accurate and efficient way to manage credit card transactions by reducing manual entry and leveraging direct bank data.
SOP: Connect Plaid and Reconcile Credit Card Transactions
Objective
This SOP explains how to connect credit card accounts through Plaid and reconcile credit card transactions against AP records. It is designed to help a team member complete the setup, match transactions, and create AP invoices for unmatched items.
Key Steps
1. Connect Credit Card Accounts in Plaid 0:17
Navigate to Menu > Accounts Payable > Settings.
Open the Credit Card Accounts tab.
Click Add Credit Card Connection.
Select the appropriate vendor from the dropdown and click Connect.
Enter your phone number to receive a verification code.
Click Continue, then enter the verification code.
Select the bank linked to the credit card.
Enter the bank password and click Submit.
Select the credit card account(s) you want to connect and click Continue.
2. Confirm the Connection and Sync Transactions 1:16
After the credit card accounts are connected, verify the connection is successful.
If prompted, click Sync Transactions to pull in the latest credit card activity.
Confirm the transactions are syncing before moving to reconciliation.
3. Verify User Permissions for Credit Card Reconciliation 1:36
Go to Users and locate your user profile.
Search for credit to find the Plaid-related permissions.
Ensure all required Plaid/credit card permissions are checked.
Click Save to apply the permission changes.
If you cannot access Credit Cards under Accounts Payable, confirm permissions before proceeding.
4. Open the Credit Card Reconciliation Screen 2:02
Navigate to Menu > Accounts Payable > Credit Cards.
Select the credit card account you want to reconcile.
If starting fresh, choose Restart to clear the current session and begin a new reconciliation.
5. Set the Date Ranges and Load Transactions 2:10
Set the AP date range to the period you want to reconcile (for example, last month).
Set the Plaid date range to the specific transaction window you want to review.
Narrow the Plaid range if needed to focus on the most relevant weeks.
Click Apply.
Click Get Transactions to load both credit card and AP transactions.
6. Match Credit Card Transactions to AP Transactions 2:40
Review the credit card transactions shown on the right side of the screen.
Review the AP transactions shown on the left side of the screen.
For each matching pair:
Click the checkmark for the credit card transaction.
Click the checkmark for the matching AP transaction.
Click Complete Match.
Only complete matches can be reconciled successfully.
7. Create an AP Invoice for Unmatched Transactions 3:13
If a credit card transaction does not match an AP transaction, click the plus sign instead of the checkmark.
Search for the correct vendor.
Use the imported transaction details to begin the AP invoice.
Enter a reference number.
Select the appropriate AP trade account.
Review the posting details and apply the remaining balance if needed.
Click the checkmark and then Save.
Confirm the transaction is now matched.
8. Finalize and Confirm Reconciliation 4:00
After matching or creating invoices for all applicable transactions, confirm the reconciliation is complete.
Verify that each transaction has been properly matched or converted into an AP invoice.
Save any remaining changes before exiting the screen.
Cautionary Notes
Do not attempt reconciliation without the correct user permissions; the Credit Cards menu may be unavailable if Plaid permissions are not enabled.
Only complete matches can be reconciled; the system will prevent mismatched transactions from being finalized.
Use the correct date ranges to avoid loading too many transactions or missing relevant items.
Verify bank login and verification code entry carefully during Plaid setup to prevent connection failures.
Review imported invoice details before saving to ensure the vendor, reference number, and account are correct.
Tips for Efficiency
Use a narrow Plaid date range to reduce the number of transactions you need to review.
Click Sync Transactions immediately after connecting Plaid to ensure the latest data is available.
If you reconcile credit cards regularly, keep a consistent process for selecting date ranges each month.
When creating AP invoices from unmatched transactions, use the pre-filled transaction data to save time and reduce manual entry.
Start with Restart when beginning a new reconciliation cycle to avoid confusion from prior selections.