How do I set up a Bank Connection with Plaid?
Plaid, our third party connector, can help you get your expenses automatically imported from your bank accounts, credit cards, and PayPal accounts. All accounts you set up will appear in the Bank Connections section, and any newly imported expenses will appear in the Expenses section for you.
Add a Bank
Note: These steps must be completed on a web browser.
- Click on the gear icon in the top left corner
- Click on Bank Connections
- Click on the Connect My Bank button
- A pop-up will appear letting you know about Plaid linking to your bank, click Continue to confirm
- Select your bank or type in your bank’s name in the search bar
- Make sure the result matches the URL you normally log into your bank with online, and click on the result
- Enter your bank’s login credentials and click on Submit
- Plaid will send your credentials to the bank and authorize with their servers, this can take a few minutes
- Verify your identity if prompted to by answering any security questions - click on the Next or the Answer button as needed
- Once all verification is complete, Plaid will send this over to your bank, this can take a few minutes
- Next, scroll and click on the account(s) to highlight which ones to import into your Expenses
- Click Continue
Your account(s) will now be connected and import any new transactions from September 13, 2019 onwards into your Expenses section. The connection(s) will refresh every 10 minutes or so for new expenses.
To look for Expenses that have not been assigned a Category, you can click on the filter icon next to the search box, check off both Imported expenses and Uncategorized expenses boxes, and click on Apply.
We recommend checking your Bank Connections on a regular basis to ensure your Expenses are consistently importing with no errors or actions required by you.
Automatically Categorize Imported Expenses
To save you time, you can have Categories remembered for future Expenses that are imported in. To utilize this feature, simply edit one of your imported Expenses, and check off the box next to Apply to future imported expenses:
Once you enable this, FreshBooks will recognize imported Expenses from the same Vendor and will categorize them with the remembered Category moving forward. The Vendor field must be filled out in order for the auto-categorization to work.