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Manage bank accounts

Learn how to add, edit, view, archive & delete bank accounts.

Overview

In this article:

Add a bank account

Connect your trust bank account to VRPlatform to record and reconcile deposits and withdrawals.

Connect directly to your bank via Plaid

Connecting to your bank account directly via Plaid allows VRPlatform to automatically fetch new bank records from your bank as they occur, streamlining the bank reconciliation process.

Plaid lets you connect your financial institution accounts to apps and services. This is a service provided by Plaid, a third-party service provider. VRPlatform is not affiliated with Plaid. The connection Plaid provides to your financial account(s) does not imply affiliation with any financial institution.

  1. From the Bank Reconciliation page, click Add account to open the Add your bank account modal.

  2. Search for and select your bank. If your bank is not supported, click Import bank records with CSV, and jump to the guidance in the next section.

  3. When prompted, log in using your online banking credentials.

  4. Follow the on-screen instructions to verify your identity, if prompted.

  5. If prompted, select the accounts at your bank that you wish to connect to VRPlatform. While VRPlatform supports both trust and operating accounts, each functions differently.

  6. (Optional) Save and associate your bank connection with your phone number by entering it when and if you are prompted.

  7. Complete the Configure your bank accounts modal:

    1. Import account?

      1. Yes. The account will be connected.

      2. No. The account will not be connected.

    2. Account name. Display name for the account in VRPlatform.

    3. Is this a trust account?

      1. Yes. An account is created in the chart of accounts and a bank ledger is created that can be reconciled against the bank statement.

      2. No. An account is not created in the chart of accounts, a bank ledger is not created, and the account cannot be reconciled. Imported debit transactions can instead be recorded as expense reimbursements.

    4. Bank Feed Start Date. Enter the date from which to import bank records from the financial institution. Generally, this is the start date of your VRPlatform subscription. To select a date that precedes your subscription start date, please contact support.

    5. Balance as of MM/DD/YYY. Enter the end-of-day account balance, according to your bank, as of the date displayed (i.e. the date preceding the Bank Feed Start Date). An entry will be made in the general ledger to record this opening bank balance.

  8. Repeat the configuration steps for each additional bank account you selected to connect to VRPlatform.

  9. Click Submit.

Your bank accounts now appear as cards on the Bank Reconciliation page.

Follow the same steps to connect a credit card account. A credit card account will be created as a liability account in your chart of accounts, while a bank account will be created as an asset account.

Add a bank account via CSV

If your bank is not supported by Plaid, or you otherwise do not wish to connect directly to your bank account, you have the option to add a bank account via CSV import instead.

  1. From the Bank Reconciliation page, click Add account to open the Add your bank account modal.

  2. Click Import bank records with CSV.

  3. Complete the Configure your bank account modal:

    1. Account type

      1. Bank Account. Creates a bank (asset) account in your chart of accounts.

      2. Credit Card. Creates a credit card (liability) account in your chart of accounts.

    2. Last 4 account digits. Enter the last four digits of your bank account number for purposes of identification and to allow VRPlatform to automatically map deposits imported from Stripe and Airbnb to the appropriate bank account.

    3. Currency. Select the currency in which the bank account is denominated.

    4. Is this a trust account?

      1. Yes. An account is created in the chart of accounts and a bank ledger is created that can be reconciled against the bank statement.

      2. No. An account is not created in the chart of accounts, a bank ledger is not created, and the account cannot be reconciled. Imported debit transactions can instead be recorded as expense reimbursements.

    5. Bank Feed Start Date. Enter the date from which to import bank records from the financial institution. Generally, this is the start date of your VRPlatform subscription. To select a date that precedes your subscription start date, please contact support.

    6. Balance as of MM/DD/YYY. Enter the end-of-day account balance, according to your bank, as of the date displayed (i.e. the date preceding the Bank Feed Start Date). An entry will be made in the general ledger to record this opening bank balance.

  4. Click Submit.

Edit a bank account

  1. From the Bank Reconciliation page, click the ellipses icon on the card for the bank account you wish to edit.

  2. Click Edit to open the Configure your bank account modal.

  3. Edit the settings you wish to update.

  4. Click Save changes.

Once at least one bank record has been matched against a VRPlatform transaction, you can no longer edit the following settings:

  • Account type

  • Last 4 account digits

  • Currency

  • Is this a trust account?

To edit these settings, first unmatch all matched bank records.

View a bank account

Your bank accounts appear as cards on the Bank Reconciliation page.

Example

Description

My Trust Account

Display name for the bank account. To edit the display name, click the ellipses icon in the top-right of the card.

Trust account

Account classification (Trust versus Operating). To edit the account classification, click the ellipses icon in the top-right of the card.

0372

Last four digits of the bank account number. To edit the last four digits, click the ellipses icon in the top-right of the card.

Status icon

A green checkmark indicates an active bank connection. A red X indicates an broken or inactive connection.

To fix a broken connection, click the ellipses icon in the top-right of the card, then click Reconnect.

Ellipses icon

Menu provides the ability to Edit, Archive and Delete the bank account, as well as Add bank records via CSV.

Bank account balance ($6,032.81)

Ending bank balance as of today's date. This represents the balance against which you reconcile your Ending VRP balance.

Unmatched bank records (3)

Number of imported bank records that have not been matched against a VRP transaction. All bank records must be matched to one or more VRP transactions before the bank account can be reconciled. To view the unmatched bank records, click Reconcile # items.

Updated an hour ago

The last time the bank account was updated via fetch (for Plaid connected accounts) or a manual import of bank records.

Reconcile 3 items

Click this button to open the Reconciliation page for this bank account and begin reconciling bank records against VRP transactions.

Archive a bank account

Archiving a bank account will:

  • Disable the bank account from bank reconciliation

Archiving a bank account will not:

  • Disable the use of the bank account to record deposits, expenses and transfers

  • Archive the linked account in your chart of accounts

  • Remove or change any transactions that are already recorded to the bank account in the general ledger

  • Create any adjusting entries in your general ledger

  1. From the Bank Reconciliation page, click the ellipses icon on the card for the bank account you wish to archive.

  2. Click Archive.

  3. Review the prompt.

  4. Click Archive.

Unarchive a bank account

  1. From the Bank Reconciliation page, change the status filter to Archived.

  2. Click the ellipses icon on the card for the bank account you wish to unarchive.

  3. Click Enable.

  4. Review the prompt.

  5. Click Enable.

Delete a bank account

A bank account cannot be deleted if there are any bank records in the bank feed or VRP transactions recorded to the GL account to which the bank account is linked.

Deleting a bank account will completely and irreversibly remove the account from the system, therefore:

  • Disable the bank account from bank reconciliation

Deleting a bank account will not:

  • Disable the use of the bank account to record deposits, expenses and transfers

  • Delete the linked account in your chart of accounts

  • Remove or change any transactions that are already recorded to the bank account in the general ledger

  • Create any adjusting entries in your general ledger

From the Bank Reconciliation page, click the ellipses icon on the card for the bank account you wish to delete.

  1. Click Delete.

  2. Review the prompt.

  3. Click Delete.

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