How to connect your Bank Account to the HOA Accounting Software?
In order to streamline the process of maintaining your HOA's books using our HOA Accounting Software, the first step you’ll need to do is synch your Association’s banking transactions. This will allow you to reconcile transactions that have cleared your HOAs bank with transactions that have been recorded on the HOA Messenger Platform. Synching your HOAs bank will also allow you to utilize the Bill Pay feature to process vendor invoices and pay bills.
Below is a step-by-step guide on how to link your Association’s Bank to HOA Messenger's Accounting Software.
Connecting your HOA’s Bank Accounts to HOA Messenger
Click on the “Connect your HOA’s Bank” button to get started.
HOA Messenger uses Plaid to link your HOA’s Accounts
HOA Messenger's Accounting Software uses Plaid to streamline the process of linking your HOA’s bank accounts to HOA Messenger’s Accounting Feature. Plaid is used by thousands of Apps and if you’re interested in understanding how Plaid works you can research more about Plaid HERE.
Plaid has partnered with 10,000+ Financial Institutions to enable simple Bank Linking using your HOA’s existing online banking credentials. Locate your bank by entering the name in Plaid’s search box.
Note: Multiple accounts may be associated with your online banking credentials so after successfully entering your banking credentials you'll have an opportunity to select the account you wish to link with HOA Messenger.
Categorize and Name your Accounts
Once your account has been linked to the Accounting Software, you'll need to categorize it as being either an Operating or Reserve account, give your Account an easily recognizable name (i.e. Operating Account, Wells Fargo-Checking, etc.), and choose how far back you want synch transactions. Operating Accounts are typically used for routine expenses such as an electric bill or monthly landscaping maintenance fees. Reserve accounts are typically used for long term savings to pay for capital improvements such as repaving the community's streets.
Once you've confirmed the account type, given the Account an easily recognizable name, and selected a Transaction Synch Date, go ahead and click "Yes, Proceed".
Success! You've connected your Bank Account
Note: The screen shot below is what a successful account link will look like. You may change the account category, re-name the account, change the synch date, or adjust the account notes by clicking on the edit icon. You can also connect another bank account using the same process over again. The Bank Balance is the amount of money currently in your account as of the most recent synch. The opening balance is the amount of money that was in this account on the day you selected to start synching. For example, if today is April 20 and you selected March 1st as your initial synch date, then the opening balance will reflect the amount of money that was in the bank on March 1st.
After your bank is synched, an opening balance journal entry debiting your bank account and crediting "Reserve Contingency" is automatically generated to record your opening balance on the day you selected as the initial synch date.
The Transaction section will reflect your bank's transaction from the day you link your account, back to the date you selected as the initial transaction synch date. Before you start coding transactions, you'll want to first set up your chart of accounts.
Still have questions? Schedule Zoom call 👩💻or a phone call 📞 with a member of our team to clarify any additional questions you have.
How does my HOA's Bank get synched to HOA Messenger? As long as you know your HOA's Bank login credentials, you can synch your Bank with HOA Messenger. We utilize a popular service called Plaid to sync HOA Banks; Plaid is is compatible with over 15,000 banks in the U.S. so more likely than not your HOA's Bank will be compatible.