Our LedgerDocs team is very excited to announce a major new feature to our document management platform: the ability to fetch statements from major banks.
This has been a popular request by LedgerDocs users, and it’s taken us a lot of work to reach this point. After much testing and tweaking, the bank fetching feature is now being used by existing LedgerDocs users.
Bank fetching is available for any LedgerDocs paid user with no minimum for a Company plan. There is no additional charge to your monthly LedgerDocs account, instead you will be billed on a per fetch basis. This allows both you and LedgerDocs to keep the price for bank pulls low, especially for our power users of Company 10 and higher plans that require many bank fetches each month.
How to Use LedgerDocs Bank Fetching
Simply log into your LedgerDocs account as you normally do:
Once you’re logged in, select a company from the Bookkeeping folder. Then, click on the Bank Fetching tab from the top navigation:
You’ll see a screen asking you to input your Invitation Code. If you haven’t received your code yet, contact our support team and request one. We’ll be happy to help!
Now that you’re inside the Bank Fetching section of LedgerDocs you will see a list of all the banks and credit unions that you can pull statements from. At the current moment (June 2018) we are supporting the major Canadian banks and credit unions. We have plans to roll out bank fetching to many more U.S. banks in the summer.
After selecting the bank or credit union you want to fetch a statement from, enter the card number and password. Please wait a moment for LedgerDocs to successfully make the connection to your bank – this process may take a minute or two.
The first few times that you try to connect with the bank, you will be asked security questions. This is standard procedure for all banks. Depending on the security policy of the bank, you may have to enter two or more answers to the security questions you or your client used to set up the bank account.
Once you have inputted the correct answers to the bank’s security questions you won’t be asked for them again. Make sure that you know the correct answer(s) to the security questions in order to connect your bank account to LedgerDocs!
Now select the account(s) that you need statements pulled. This is where you can filter out the accounts that aren’t necessary to do your bookkeeping or reconciliation work.
Again, give LedgerDocs a moment or two to send the request and complete it.
Once the document is pulled you can view it in the Dashboard underneath the Uploads tab. It will be the latest entry.
You can also automate the pulling of your bank statements. Now you don’t need to remember to pull your important documents! Simply select a date from the drop down menu and voila, you’re all set.
LedgerDocs will list all of the bank statements that you are fetching for this company in your Bank Fetching tab screen. You can choose to stop pulling statements at any time. Please note that unless you specifically stop pulling an automated request for a statement, LedgerDocs will believe that you want that statement fetched on the date that you assigned, every month, and ongoing. Remember to turn off your automated fetching of bank statements if you don’t want to be billed for them!
Bookkeepers Win with Bank Fetching
LedgerDocs’ bank fetching feature is a powerful tool that will help bookkeepers and accountants save time that they used to waste chasing after these important statements. Now you don’t need to hassle and nag your clients to send in their statements every month, and you don’t have to remind yourself to grab them manually. LedgerDocs can fetch the bank statements that you need while you’re out of your office, or even asleep at night, and have them ready for you the next morning.
If you would like to learn more about our bank fetching feature or try it out before committing to a full LedgerDocs account, contact our team and we’ll be happy to set you up with a complementary bank fetch!
