Rootstock Bank Integration with Plaid

Overview

The Rootstock Bank Integration feature enables seamless integration with banks, allowing users to import financial transactions directly into Rootstock using Plaid. This integration facilitates the process of Bank Reconciliation by eliminating the manual process of downloading bank statements, creating a Bank Account Reconciliation upload file, and importing it into the system.
 

  NOTE  The Plaid integration supports banks in the US and Canada, and in the UK and EU countries. Rootstock enables the US and EU/UK separately in System Configuration.

  NOTE  Plaid has some specific requirements for testing in a sandbox versus a production org. Please see the Testing in Sandbox section of the Plaid article at this link Plaid Sandbox.

If you'd like some additional information ahead of that conversation, here are some helpful links that show how it works and how it can be configured:

• • Here is a short introduction video What’s New with Bank Integrations (Plaid) 

  • Advanced course for the key user Configuring Rootstock’s Bank Integration (Plaid) 

Additional configuration details

  NOTE  The System Configuration record is exclusively maintained by Rootstock personnel to manage functionality within the Rootstock application. The Rootstock team will update the 'Enable Bank Integration' setting and set the 'Plaid Client ID' and 'Plaid Secret Key' values to enable the integration.
 

Navigation

Classic UI: All tabs > Bank Integration.
Lightning UI: App Launcher> Bank Integration

Click the Activate button on the Bank Integration page. After clicking the Activate button, the system will update the Plaid-related fields under the Plaid Integration section in the System Defaults for both US and EU/UK connections. No manual changes to System Defaults are required.

Plaid

Financial Institutions grid

Fields
 

Financial Institution Name:  This field will store the Financial Institution Name sent by Plaid when a financial institution is successfully integrated with the system.

Financial Institution ID:  This field will store the Financial Institution ID sent by Plaid when a financial institution is successfully integrated with the system.

Last Transaction Sync Date:  This field will store the Financial Institution ID sent by Plaid when a financial institution is successfully integrated with the system.

Buttons
 

Add Financial Institution:  Click this button to open a pop-up to add a new financial institution using Plaid. Plaid is a secure bank verification system that connects over 12,000 financial institutions in the US, Canada, and Europe.

Add EU/UK Financial Institution:  Click this button to open a pop-up to add a UK or EU financial institution using Plaid. This button is displayed when EU/UK bank integration is enabled for the Org.

Delete Financial Institution:  Click this button to open a pop-up to delete the Financial Institution. The user cannot delete a Financial Institution if it is linked to a Bank Account.

Manage Financial Institution:  Click this button to open a pop-up to (1) fetch all or new Financial Institution Account Number(s) and (2) update the Financial Institution's credentials (if changed) in Plaid.

  NOTE  If the Org already uses the Bank Integration for US banks and EU/UK integration is enabled later, the user does not need to activate again. The first time the user clicks Add EU/UK Financial Institution, the system populates the EU/UK fields in System Defaults and opens the Plaid connection window. The same applies to the US fields in an Org that started with EU/UK.

Linked Bank Accounts grid

Fields
 

Financial Institution Name:  The Financial Institution Name provided by the Plaid Integration.

Company:  The Financial Company for which this Bank Account is associated/

Bank Account Name:  The Name of the Bank Account linked with the integration.

Financial Institution ID:  The Financial Institution ID is provided by Plaid Integration.

Financial Institution Account Number:  The Financial Institution Account Number provided by the Plaid Integration.

Last Transaction Sync Date:  This field will store the last time the transactions were synced with the system.

Buttons
 

Link Bank Account:  Click this button to open a popup to link the Rootstock Bank Account with the Financial Institution using Plaid.

Delink Bank Account:  Click this button to open a popup to delink the Rootstock Bank Account with the Financial Institution.

  IMPORTANT  The users can directly link a Rootstock Bank Account with the 'Reconciliation Method' set as Download. Or they can link a Rootstock Bank Account with a 'Reconciliation Method' set as Manual or Blank, allowing the system to automatically update the 'Reconciliation Method' to Download.

Bank Account

Before importing the Bank Statements from Plaid, values for the below fields on the Bank Account need to be set based on the 'transactions-personal-finance-category-taxonomy' sheet attached:

• AP Check

• AP ACH Payment

• AR Cash Deposit

• AP EFT Payment (General)

• AP ACH/EFT Fees

• AR ACH/EFT Deposit

Processing
 

1. To import the financial transactions, navigate to the Bank Accounts List View.

2. Select the Bank Account linked with the Financial Institution using Plaid and click the Import Statements button.

3. The Import Bank Statements pop-up will be opened, and the user can specify the 'Transaction From Date' and 'Transaction To Date' range for importing financial transactions using Plaid to Rootstock.

4. Click the Import button so that the system will import financial transactions by creating the BRATO records.

SEE ALSO
 

Bank Account
Bank Reconciliation