why Cloud now: bankstream

key takeaways

• bankstream automates expense entry by pulling transactions directly from bank/credit card accounts
• classification rules can be set up to auto-categorize recurring expenses
• proper supplier entry enables better reporting and potential 1099 tracking
• two-step approval process available: classify → approve → post to bank reconciliation
• bank reconciliation process is streamlined with auto-reconcile feature when using bankstream

topics

bankstream overview

• connects darwin to bank accounts and credit cards
• pulls in expenses directly, reducing manual entry
• allows classification of single items, multi-line expenses, and by billing groups
• enables setting up recurring rules for auto-deletion (e.g., checks, forte batches)
• significantly reduces manual bill entry once rules are established

classification process

• access via banking menu → classify
• select date range and bank account
• click 'search' to populate transactions
• choose classification type: single line, multi-line, or billing group
• enter gl account, office, and supplier for each transaction
• option to create recurring rules for future auto-classification

approval and posting

• access via banking menu → approve
• review classified items, focusing on 'not approved' status
• option to reclassify if needed
• check items to approve, then click 'approve and post'
• posting is crucial to move items to bank reconciliation

communication feature

• chat icon allows sending messages about specific transactions
• useful for querying unusual expenses or getting clarification
• responses are saved in darwin for audit trail

bank reconciliation integration

• bankstream provides comprehensive transaction data, including checks and deposits
• auto-reconcile feature can handle 80-90% of reconciliation process
• streamlines reconciliation by having all data readily available

vendor tracking for credit card expenses

• challenge: credit card charges don't appear under vendor records like checks do
• current workaround: use 'approve' screen in bankstream, filter by year and credit card, then search for vendor name
• potential feature request: add vendor filter in inquiry screen for easier tracking across gl accounts

next steps

• attend tomorrow's q&a session for step-by-step guidance on bankstream setup and classification rules
• consider feature request for vendor filtering in inquiry screen to improve expense tracking by vendor
• schedule one-on-one session for lyndsey to address budget setup and overall darwin accounting implementation
• explore potential enhancement to add vendor filtering in inquiry screen without gl account restriction