Syncing Bank Accounts Seamlessly with Plaid Integration

Guides & Tutorials
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Introduction

In the modern business landscape, keeping track of your finances is key. Empress offers a valuable feature that simplifies this process: Plaid Integration. This easy-to-use tool allows you to connect your bank accounts directly to the Empress platform, ensuring your financial data is always up-to-date. No more manual importing of CSV or XLSX files!

What is Plaid Integration?

Simply put, Plaid Integration is a feature that allows Empress to synchronize with your bank transactions. This means all your financial data is automatically updated in Empress, giving you a real-time overview of your business’s financial status.

Before you get started, make sure to check Plaid’s FAQ to confirm if your country is supported.

Setting Up Plaid Integration

Setting up Plaid Integration involves adding a few parameters to your Empress settings. Don’t worry, no technical jargon required!

Follow these steps:

  1. Log in to your Empress account.
  2. Go to your account settings.
  3. Look for the following three parameters:
    • plaid_env
    • plaid_public_key
    • plaid_secret
  4. Add the relevant information for each parameter.

Activating Plaid Integration

Once you’ve added the necessary parameters, it’s time to activate Plaid Integration. Here’s how:

  1. Navigate to the Plaid Settings section in Empress.
  2. Click on the “Enable” button to activate Plaid.

Now, you can start linking your bank accounts directly from the Bank Reconciliation dashboard.

Linking Your Bank Accounts

Linking your bank accounts is straightforward:

  1. Select “Link a new bank account”.
  2. Follow the prompts provided by Plaid to complete the linking process.

Synchronizing Your Bank Accounts

After linking your bank accounts, you can start the synchronization process:

  1. Choose an account you want to synchronize.
  2. Click on the “Action” button, then select “Synchronize this account”.

The synchronization process uses the “Last integration date” in the “Bank Account” document type. If you want to re-synchronize for any reason, you can change this date and re-synchronize. The process only updates new transactions, so you don’t have to worry about duplicate entries.

Setting Up Automatic Synchronization

For even more ease and accuracy, you can set up Plaid Integration to automatically synchronize your bank account every hour:

  1. Go to Plaid Settings.
  2. Select “Synchronize all accounts every hour”.

This keeps your financial data current, saves time, and reduces the risk of manual errors.

In conclusion, Plaid Integration is an invaluable tool that makes managing your business finances simpler and more efficient. For further assistance or more information, please refer to the Empress support resources or Plaid’s FAQ.