We're delighted to announce a new release of Access Expense Pro.
In the section below, we have described our new enhancement(s) in more detail.
Credit Cards - Automated Bank Feeds
We have implemented this feature to introduce seamless credit card bank account integration to automatically sync credit card transactions directly into our Expense solution.
This enhancement offers you several key benefits, such as:
Real-Time Visibility:
Transactions are updated automatically once processed by the retailer, giving you immediate insight into your spending without manual entry or delays.
Time Savings:
By eliminating the need to input or upload credit card statements manually, you can save valuable time and it reduces your administrative overhead.
Improved Accuracy:
Automated syncing minimises the risk of human error, ensuring that expense data is complete and accurate.
Faster Reconciliation:
With transactions readily available, reconciling expenses and generating reports becomes quicker and more efficient.
Better Compliance and Control:
Supports policy adherence and makes it easier to flag unapproved or unusual spending.
Set up a new Credit card Scheme with Plaid Integration
1. Click Settings, then Credit Card Schemes then click New Scheme.
2. In the Import Format drop-down, select Plaid Integration, the agent that will connect you to your bank account.
3. Enter a Name for your new Credit Card Scheme.
4. You can enter a description in the Description field which is optional.
5. The Enabled checkbox is selected by default, and if you don't want to activate your scheme yet, you need to untick this checkbox.
6. Select your Statement Day, the day that your bank issues credit card statements, for example, the 6th of each month.
Note: Selecting a statement day ensures that transactions are grouped into the correct monthly expense period. All synced transactions from this date forward will be automatically allocated to the appropriate expense month, aligning with your billing cycle for more accurate reporting and reconciliation.
7. Choose the Geographic Region of your credit card provider and click Connect to Plaid.
8. Once the Plaid connection screen appears for you, review the terms and click Continue.
Note: Plaid maintains a secure connection to your bank for 90 days. After that you'll need to reauthorise the connection.
9. You can use the Search field to find your financials institution and follow the prompts to login via QR code or your bank's website.
Note: Plaid supports many major UK banks and credit card providers, making it simple and secure to link your credit card accounts while continually working to expand support. You may find other regional or digital banks available.
If you are unsure whether our credit card provider is supported, just start the connection process and Plaid will guide you through the available options.
10. Once the connection is successful, click Save to finalise the setup.
Credit Card Matching
Our Smart CRedit Card Matching screen automatically predicts which credit card user is linked to your company credit card accounts. This is based on the credit card numbers already assigned to user profiles and their usernames.
To manually match accounts, you can use the filter on the right-hand side to display unmatched cards.
Match credit cards to users
1. Type in the username or click the spyglass icon to look up the correct user.
2. Click Save once you have matched all cards to the appropriate users.
Revisit or amend this screen at a later time
1. Click Settings then click Credit Card Schemes.
2. Find the Plaid Integration Scheme and click Actions, then select Edit Credit Card Matching.
Credit Card Bank Feed Transactions
Once your bank account is connected via Plaid, transactions will automatically appear in the Credit Card Import, Credit Card Expenses screens and our mobile app as soon as they clear with your retailer.
This could be instantly but may take up to 2 days depending on the retailers processing time.
Transactions are automatically categorised into the correct statement period based on your credit card’s billing cycle.
For example, if your statement date is the 25th and you make a purchase on November 26th, and that transaction will appear in your December statement for accurate reconciliation.
Credit Card Plaid Reauthentication
Plaid maintains a connection to your bank for 90 days, in accordance with their terms and conditions.
After this period, you will receive a feed notification and an email reminder to reauthenticate the connection. Additionally, the status pill on the Credit Card Scheme will change to orange to indicate that reauthentication is required.
Reauthenticate
1. Click on Settings then click Credit Card Schemes.
2. Locate the Plaid Integration Scheme, then click Actions and then select Reauthenticate from the list.
You will be guided through the reauthentication steps via the Plaid interface. Once complete, the status pill will update to Active and turn green. The credit card transactions will begin to sync from this point.