How to Use Online Banking
By connecting your bank accounts and credit cards through MonkeyPod's secure "Online Banking" option, you can easily match or create transactions in your MonkeyPod as they arrive in your bank account.
What is Online Banking in my MonkeyPod?
"Online Banking" is a feature in MonkeyPod that allows you to receive a read-only stream of transactions from your connected credit card or bank accounts. This setup lets you easily match or create transactions in your MonkeyPod to ensure that everything that is in your accounts has a matching transaction in MonkeyPod! This makes reconciliation at the end of the month easy because you know that the transactions in your bank account have been entered into your MonkeyPod as well.
Where do I connect my bank account in my MonkeyPod?
To connect an account to Online Banking, choose My MonkeyPod from the main menu, then, under MonkeyPod Setup, select Connect Online Banking.
MonkeyPod will display your eligible accounts (checking, savings, and credit card accounts). Click "Connect to Online Banking" and follow the on-screen instructions to connect to your account through the Plaid platform. (A Plaid account is not required, you can connect as a guest.)
Not seeing your accounts? Be sure to add them to your Chart of Accounts!
How do I match transactions in my MonkeyPod?
Once your accounts are connected, you can match transactions at any time by choosing Finance from the main menu, then selecting Online Banking (Match/Add).
Your connected accounts will display a count of the transactions that are ready to match!
Click the Review ## Transactions button to view the transactions that have yet to be matched. On the far right side you will see three icons that indicate what you can do with the transaction.
Review Match Candidates - If this option is available, it means MonkeyPod found one or more existing transactions that might correspond to this entry from your bank. Select the list icon to view potential matches:
Then confirm the match, if correct, by selecting the check mark.
Add Matching Transaction - If you have reviewed the match candidates and there are no corresponding transactions in MonkeyPod, select the + icon to record a new transaction here based on this entry from your financial institution.
Next, enter the details including the type of transaction and the payee. Once you select the type of transaction, other relevant fields (such as account, class, tag, and restricted funds options) will appear. You can even enter a memo or attach a file (e.g. a receipt) that is relevant to the transaction.
- Hide/Ignore - You shouldn't need this too often, but sometimes there will be a transaction from your bank that you want to ignore and not match to anything in MonkeyPod. Select the archive icon to clear this entry from the list of transactions to review. You can always view archived items later by selecting the Archive tab on this page.
Want to learn more about transactions? Check out our article on Accounts, Classes, and Tags.
Notifications to Review Transactions
When MonkeyPod is notified of a new transaction to be reviewed in "Online Banking", it sends a notification (either by email or in the notification center) to all users in your organization who have opted to receive those notices.
Example notification:
To update permissions for your User Roles see Overview of… User Roles and Permissions.
To turn off this specific notification for your account, choose My MonkeyPod from the main menu, and select Notification Preferences under "My Stuff". Look for the entry for "Transactions imported from online banking" under the "Bookkeeping" heading, and turn off the option to receive these messages by email and/or the notification center.
Frequently Asked Questions
I don't see my deposit listed as a potential match candidate, what do I need to do to fix this?
In order for your Online Banking to match to a deposit, you just need to enter the deposit.
How can I attach a receipt or other documentation when I'm adding a matching transaction?
When adding a new transaction for an online banking entry, look for the Attach File option at the bottom of the dialog. Select that to upload a file to save with the new transaction.
My bank keeps losing connection or isn't listed at all - is there something I can do?
Please send an email to support@monkeypod.io as well as to your bank. We'll see what we can do!
Want more amazing video content? Check out our YouTube channel!