Introduction

LoftyWorks supports multiple types of financial transactions, and your Bank is your central hub. Whether reconciling, uploading, or importing transactions, LoftyWorks is designed to make bookkeeping and accounting a breeze for our users. Explore how you can effortlessly view bank statements and track all transactions related to your bank accounts within the LoftyWorks ecosystem.

Summary

• Add a Bank Account
• Receive Payment
• Reconcile Bank Account

Add a Bank Account

Whether you choose to integrate your bank account for automatic reconciliation, or manually reconcile your charges, you will need to add your bank account as an asset.

To enter a Bank, go to Accounting > Chart of Accounts > +Add Account.

There, you will enter:

• Type: Asset
• Sub Type: Bank

Then enter your Account Code, Account Number, Account Name, and Routing Number.

Connect your Bank Feed

Once you have added your Bank, you can connect your bank account with a live feed. This feed refreshes every 4 hours and ensures that you will save time when reconciling your account balances. 

To connect your Live Bank Feed, switch to the Bank tab, find the bank account you would like to integrate, and click on the three horizontal dots on the left-hand side of the screen to find Connect your Bank. 

This will take you to the sign-on window via Plaid. Search for your bank and enter your login details to complete the integration. 

Once the integration is successfully set up, you will see a Connected icon next to the bank and the Last Update Date + time on the right. 

Receive Payment

Before you can deposit money to a bank account, you must receive the payment. LoftyWorks has an integration with Stripe that will allow your tenants to seamlessly pay through their Tenant Portal. If you have this integration enabled and your tenants pay through the portal, your payments will automatically be received. 

If you are not taking advantage of the Stripe integration, you can still manually log received payments. Go to Accounting > Invoices > Receive Payment to manually log a payment. 

Reconcile Bank Account

Bank reconciliation is a process to confirm all transactions with your bank are recorded in LoftyWorks. We recommend you do the reconciliation regularly to keep every transaction on track. It is done by matching your bank statement lines with your transactions in LoftyWorks. Once the two balances are the same, you have successfully completed reconciliation for this period. 

To get started, find your bank in Accounting > Bank and click + Start Reconciliation

Import or Upload Bank Statement

Your first step is to bring your bank statement into LoftyWorks. You can either upload a PDF of your statement, or you can import a CSV of your statement. 

If you choose to import via CSV, a template is available for you to match your column headings to. 

Reconcile Tab

The Reconcile Tab is where you will complete the reconciliation. The left column holds your imported bank transactions, and the right column holds your LoftyWorks transactions. To successfully complete reconciliation, all transactions must be accounted for and the balances must match.

LoftyWorks will search your transactions and make suggested matches for you based on Date and Amount. If these transactions are a match, you can click the OK button to reconcile the charges. If they are not a match, you can create a new transaction or search for the proper match.

Reconcile Received Money

To reconcile money received, you can either mark a payment as received or create a new invoice. 

Reconcile Money Paid

To reconcile money you paid out, you can either make a payment or create a bill. 

Reconciliation Report

Click on Reconciliation Report to view a summary of all transactions. Once there, you can select a date range and the bank account you would like to view. This report can be exported or printed for your convenience.

Bank Statement Tab

The Bank Statement tab shows you all imported bank statements as well as their Status. You can select a line item to Undo the reconciliation or to delete the charge. 

LoftyWorks Transactions Tab

The Bank Statement tab shows you all LoftyWorks transactions for that account as well as their Status. You can select a line item to Undo the reconciliation. 

Questions?

If you have any questions regarding this topic or any others, please reach out to our Support Team via email at <support@loftyworks.com>.