Note: This feature can be used for the Trust, Operating, and Credit Card Account.
To Enable Bank Feed:
- Go to Account Management > Add-Ons > Turn ON Bank Feed
- Once turned on, you are going to see a bank icon at the top of the page.
- Click on the bank icon, and it will take you to Accounting > Banks tab where your bank/s are shown.
- Select a bank > Click Action > Link Bank Feed
- You will be brought to a page, where you will be selecting the bank you want to link with.
- You will notice as you scroll down, you will see more bank options:
If you don't see your bank in the window, type in your bank in the search bar and you should see it appear as shown below. When ready, select the bank.
If you need to go back to the main window, click Cancel.
- Once you have your bank selected, log in to your account and click Submit.
- If you need to go back to the main window with all the bank selections, click the back arrow
- You also have the option to reset your password from this window as shown below:
- You may be asked security questions or be asked to type in a security code if this was set up with your bank account as shown below:
- Please type in an answer, or the code and click Continue.
- Once done, you will see the accounts you have available for that bank. Choose the bank account that you want to link with.
- Once the account is chosen, you will see the account highlighted. When ready, click Continue
- Once it is linked, you will see a icon appear next to the bank, letting you know the bank feed is linked with the account.
- Once the transactions start to come through, you will see change to . This means there are unprocessed bank feed transactions. You can click on this icon, to view those transactions.
Add/ Confirm Match - used to add transactions and/ or match imported transactions to existing ones. Single or multiple transactions can be selected.
Delete - remove any unwanted transactions individually, or in bulk from the bank feed tab
Payee Mapping Rules - used to help auto-populate payee names and users' choice of chart of accounts. Click HERE for detailed information on how Mapping Rules work.
Remove Transactions - remove all unprocessed bank feed transactions from the bank feed screen.
Status - This will appear as "matched" or "add" next to the transaction. When the status is "matched", there is an existing transaction already listed in CosmoLex with the exact same information. When the status is "add", the transaction is not listed and needs to be added. Both "Matched" and "Add" can be clicked. This will remove the transaction from the bank feed list, adding them to CosmoLex.
Statement Payee - the payee listed on the bank feed transaction
Payee - the name of the payee that will be used once the transaction is imported. This can be changed as per the user's request before adding the transaction. If the transaction matches what's listed in CosmoLex, the payee will display "match".
Account (operating bank only) - the user selects the requested chart of account they want the transaction(s) to be mapped to for accounting purposes
Match Details (arrow icon on the right of transactions) - The screen shows the matching transactions based on date and amount of the imported transaction. If there are multiple matches, make sure to check the box next to the correct transaction. Click "Save" once finished.
Notes Tab - Notes associated with the transaction, if any.
- Any bank transactions that are cleared from your bank that come into Cosmolex as a matched transaction in the bank feed tab, will automatically be cleared in a reconciliation statement. When adding a new reconciliation statement make sure "Mark bank imported transaction as Clear as well as preserve clear status of excel imported transactions if any." is checked. Click Save.
- Click on the reconciliation Statement once > click details or double click on the reconciliation statement. You will then be brought to the reconciliation details screen.
- On the reconciliation details screen, you will see a green bar to the left of the transaction that says, "cleared". If you don't want the transaction to come over as cleared automatically in the reconciliation statement when adding a new reconciliation statement, make sure to uncheck where it says, "Mark bank imported transaction as Clear as well as preserve clear status of excel imported transactions if any."