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TrulySmall Accounting: Connecting Bank Accounts
TrulySmall Accounting: Connecting Bank Accounts

The key to automated bookkeeping

Kashoo avatar
Written by Kashoo
Updated over a week ago

Connecting your bank accounts to TrulySmall Accounting removes the risk of input errors and increases accuracy. By using standardized bank codes you will categorize and properly account for your expenses and types of income.

If you didn't connect bank accounts to feed transactions into TrulySmall Accounting during business creation, or if you have additional accounts you need to connect, you can link them at any time.

If no bank accounts were connected, you will see a link to Connect Your Bank Now at the top of your Smart Inbox. Click it to launch a window that will walk you through the process.

If you have already connected bank accounts, from the Smart Inbox click on the dropdown arrow then click on the + Connect a bank account link.

You can also connect banks from the Accounts screen. Click on the + icon above the accounts list and select the Add Account from Bank Feed option to access the connection screens.

Pro Tip: Before starting the Bank Feed Connection process, check your TrulySmall Accounting Opening Balance Date in Settings. If they are available from your bank, TrulySmall Accounting will import transactions back to this date.

Related Article: Settings

Add New Banks

The Connect Your Bank Accounts window will list all financial institutions that are connected to your business, even if none of your accounts within that bank have been linked.

To add a new bank to your business, click on the + Add another bank account link below the list.

In most of the world, TrulySmall Accounting's secure banking interface is a streamlined experience that lets you either select from a list of the most popular banks in your country, or use the search to locate your financial institution.

In Canada and the US, TrulySmall Accounting uses Plaid to help you connect your financial accounts to their businesses. Once you agree to their user privacy policy, Plaid will get you going quickly.

Regardless of the interface, TrulySmall Accounting will securely connect with your bank. Your bank will require you to verify your access by using your account credentials. Depending on the financial institution, you may be asked for secondary authentication.

Once the connection is made, you will choose the individual accounts you would like to connect and import. Click on the name field to change the display name if you like. If there are accounts that you would prefer not to link to your business, click on the Connect toggle to inactivate that connection. When you click on the Finish button, TrulySmall Accounting will import transactions as far back as your bank will provide, back to your business’ TrulySmall Accounting Transaction Start Date.

If your bank does not provide transactions that far back, you can backfill transactions using your transaction files downloaded from your bank.

Related Article: Transactions

Add New Accounts from Connected Banks

If you have a previously connected bank but an account in that bank is not yet linked to your business, click on the Connect a bank account link to see the bank list, then expand the relevant bank to see the list of accounts you have. Any account that is not currently linked will have the toggle in the off position. Click on the toggle to select it for inclusion, then click on the Finish button to begin importing those transactions.

When your transactions have been imported from your bank accounts, they will appear in your Inbox and you are ready to review and post them.

Related Article: The Smart Inbox

Bank Account Needs Attention

If TrulySmall Accounting cannot connect to your bank account, you will see a message above the bank accounts pane along with a red or grey symbol next to each account name that has a problem connecting. There could be several reasons such as outdated banking credentials or the institution requires you to re-authenticate periodically.

Click on the message link to correct the issue. The Plaid window will launch and walk you through reconnecting your bank account to TrulySmall Accounting.

Once successful, the icon will return to green and your account balance and transactions will be up-to-date.


Start Up Guide     Smart Inbox       Importing Data        Accounts        Dashboard Transactions        Contacts        Invoices    Bills to Pay Reports       Settings      Taxes 

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