AppFolio Sync Transaction feature allows you to link your bank accounts and make the bank reconciliations process fast and simple. Users with Bank reconciliation access can enable this feature. If all transactions are the same, you’ll be able to reconcile without checking off each one since AppFolio will do it automatically once the transactions are matched.
To set up the link, you must go to the “Link with Bank” task you find on your right when selecting a Bank account. Then, you need to follow these steps:
Step 1: Select the bank institution in the list of banks or type in the name.
Step 2: You will move forward to a second screen where you have to type in the credentials to access your account online; please note that if you have to enter a CAPTCHA CODE every time you log in, you won’t be able to link this bank account.
Step 3: AppFolio will try to establish the connection and retrieve the information based on the last four digits of the account number; this process may take a few minutes.
Ensure your team is logged out when this process is taking place since this may cause an error when trying to link the bank. After establishing the link, you can automatically match and select transactions in the selected date range. Sometimes you’ll get a warning message about the sync transactions at the top of your bank reconciliations, and these can be attributed to the following items:
-Date range history: Sync Transactions will only automatically match transactions up to 90 days in the past.
-Date and amount for deposits: The systems will only match deposits if the amounts and the dates match within three days.
-Check numbers and amounts: These will only be matched if they’re the same; dates are not taken into consideration for checks.
-Other transactions: Other payments and JE will not be matched as they are not transactions you would see on your bank statement.
-Credentials and log in: If there were any updates on the credentials information, this would cause an error, just as if someone logged into the bank account online while the syncing transactions took place.
When it comes to deposits and checks information, you only need to edit the transactions to be the same as in the bank account, you can then refresh the bank account reconciliation screen and the issue should go away. Whenever in doubt, you can reach out to an AppFolio accounting expert who can help you set the foundations for clean and accurate bookkeeping. If you have questions about this topic, do not hesitate to contact us.
