How does Bank Feeds with Automatic Reconciliation Work
The below diagram shows a list of the objects and processes that are used as part of the Bank Feed and Automatic Reconciliation Process.
An overview of the process is:
- In Salesforce, a user setups a Bank Feed record and then connects this securely with their internet banking (via Yodlee)
- After connecting with Yodlee, the select banks and related bank accounts are automatically populated
- Finance or Administrator can setup the criteria for which transactions are brought back into Salesforce. The criteria might include all Debits/Credits, and/or specific text in the statement lines.
- Finance or Administrator can setup the matching criteria for how bank statement lines are matched with Payment Txns. For example, any line with the text of "TELECOM" might be matched with Payment Txn that are linked to an account "TELECOM"
- The nightly recurring payment processor, when completed automatically starts the Yodlee Bank Feed Batch Processor. This processor will bring back all bank transactions that match the "Bank Feed Criteria" and will then automatically link those lines with a related Payment Txn based of the "Bank Account Matching Criteria"
- The "Bank Account Payment Txn" is a joiner object between the Payment Txn Object and the Bank Account Transaction Object. This enables one Payment Txn to be linked to multiple Bank Transactions and also for one Bank Transaction to be linked to multiple Payment Txns.