Versa has partnered with Plaid.com to connect to your bank accounts and automatically import your transactions into Versa. Plaid is a platform that makes it easy for people to securely connect their financial accounts to the fintech services they choose. The platform supports over 12,000 financial institutions. This is an add-on to your existing subscription, please contact firstname.lastname@example.org to sign up.
First, you would need to connect your Versa GL account to your bank account. Go to General Ledger menu, Cash Accounts. Find the GL account you want to connect to and click on Connect to Online Account
Next, you will see a page from Plaid that will request your bank credentials. Please visit here to see how Plaid uses your information.
Search for your bank to find it, and then follow the instructions to connect. If you cannot find your bank on the list, contact us at support. Your user id and password are typically required. Depending on the bank, you might be asked to provide additional details such as the login code sent to your mobile phone. If your have multiple bank accounts with the institution, you can connect all the bank accounts to GL accounts in Versa with one connection.
Once the bank account is connected, Versa will ask you to select the date to use for import. This will be the date Versa imports the transactions from. The actual import can take a while. You can leave this page and come back to it (General Ledger menu, Cash Accounts).
Once the transactions are imported, you will see them under Imported Transactions and shows xx Unposted. Click on the word Unposted to view the transactions.
The system will show the details of the transactions imported, and you need to classify each transaction and post them to the GL. The system will remember a particular classification and automatically classify if similar transactions are found in the future. You just need to confirm and post.
For transactions that are not related to an invoice or a bill, you can post straight to the GL . Choose the GL account to post it to. If the transaction is related to a Project, choose the project as well. Click on Post to post the transaction. The system will allow you to unpost a transaction if you make a mistake.
For transactions that are a payment to a bill, you can check the "Payment to an existing Bill" to find a bill to apply the payment to or just post as a Misc Payment which means there is no bill to pay against. There is no need to choose a GL account if you are posting against a bill. If the bill is not entered into the system, create the bill first and then come back to this page to select it.
For transactions that are a payment you received for an invoice, check the option Post as Invoice Payment Receipt, then find the invoice to apply the payment to. If the invoice is not entered into the system, create it first and then return to this page to select it.
For transactions that are a transfer between your bank accounts, just choose the GL account you transferred to or transferred from and then post. If you transferred from a foreign currency bank account, enter the exchange rate for the transfer.
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