Banking Feeds in Tagrit ERP Accounting and Bookkeeping Module

Accounting and Bookkeeping - Banking Feeds

This section covers how to set up, verify, and manage bank feeds in Tagrit ERP, enabling automated bank transactions import via Plaid integration.

Step 1: Configuring the Plaid Environment

1. Access the Plaid Setup: In your ERP system, navigate to Settings and select the Plaid Environment menu.
2. Verify Bank Account: In the Plaid environment menu, select Banking, then Setup Bank Account. Choose an unverified bank account and follow the verification steps.

Step 2: Sandbox vs. Live Mode

• Live Mode: Connects to real bank data and requires production access from Plaid.

• Sandbox Mode: A testing mode for development, providing simulated data without connecting to real accounts.

• Plaid Account Keys:

  • Client ID: Unique identifier provided by Plaid.
  • Secret Key: Separate keys for sandbox and live environments are used to ensure security and operational integrity.

Step 3: Linking Bank Accounts

• Plaid Account Creation: Sign up on the Plaid website to obtain keys and configure the Plaid environment settings in Tagrit ERP.
• Sandbox Testing: To use test data, enter your Client ID and Sandbox Secret Key from the Plaid developer portal. For real data, switch to live mode and request production access from Plaid.

Step 4: Transaction Import and Account Verification

1. Select Bank Account: Go to the Banking menu, then Bank Feeds to connect a bank account.
2. Verify Account: Choose the relevant bank account, select Verify Account for Transaction Import, and follow the prompts to log in.
3. Mobile Code Verification: Depending on the security setup, enter a verification code received on your mobile device.
4. Account Connection: Confirm terms and conditions and connect the account.

Step 5: Download Transactions

• Access the transactions import option by selecting the gear icon and choosing Download Transactions. Define the starting date for transaction import and download.

• Manual Import Option: If the bank connection fails, download the sample file, copy data from your bank, and import it manually.

Step 6: Transaction Matching and Management

• Matched Transactions: Once imported, transactions matching existing banking rules display a green Matched icon.

  • Edit: Modify transaction details.
  • Unmatch: Remove a match.
  • Delete: Remove a transaction.

• Add Unmatched Transactions: For unmatched transactions, use Add Transaction to create a double-entry.

• Manual Matching: Use Match to Existing Transaction to select a transaction within Tagrit ERP that corresponds to the imported bank entry.

Step 7: Handling Ignored Transactions

• Mark transactions as Ignore to exclude them from matching.
• Revisit and Unclear ignored transactions if they need to be processed later.

Step 8: Correcting and Deleting Transactions

• Incorrect imported transactions can be modified with Edit or removed entirely with Delete.

Step 9: Reconciliation Reporting

• After matching transactions, access Reports to view reconciliation summaries and reconciliation detail reports. This helps ensure your bank data aligns with recorded transactions in your ERP.

This setup and management process ensures secure, reliable, and accurate handling of your financial transactions within the ERP, making it easy to monitor bank transactions and maintain up-to-date financial records.