Plaid Integration in Mewayz

Plaid is a financial technology service that connects users’ financial accounts with apps and services through secure API integrations.

Demo URL

Introduction

The Plaid Add-On is a financial technology integration that connects your bank account directly to your accounting system through a secure API. It simplifies financial management by automatically syncing and matching bank transactions with your existing accounting records, eliminating manual data entry. Transactions can be categorized under Bank Transfer, Expense, or Revenue for accurate financial tracking. In summary, the Plaid Add-On streamlines bank reconciliation and provides a centralized view of all your banking activity within the system.

Note: This Add-On is dependent on the Accounting Add-On, so you need to purchase it first

How to Install the Add-On?

To Set Up the Plaid Add-On, you can follow this link: Setup Add-On.

How To Use The Plaid Add-On?

Settings

To begin using the Plaid Add-On, you first need to configure it within the system settings:

• Go to the Company login page.
• Scroll down to the Settings section.
• Click on Plaid Add-On to open the configuration panel.

In the configuration form, you will be required to enter:

• Plaid Mode – Select the radio button for your preferred mode:

• Sandbox – For testing and development purposes.
• Live – For using Plaid with real banking data.

• Client ID – Your unique Client ID, provided by Plaid.
• Secret Key – Your Secret Key, available from your Plaid account dashboard.
• Select Country – Choose the country where the bank account is located.
• Select Language – Choose your preferred language for the interface.
• User Name – The name you want to associate with this Plaid configuration.
• User ID – A unique identifier assigned to the user.
• Once all fields are filled out, click Save Changes to apply your configuration.

Managing Plaid Transactions

• Once the Plaid Add-On is configured, you can connect your bank account and start syncing transactions. To access this, navigate to Accounting from the left sidebar, then click on Plaid Transaction.

Connecting Your Bank Account

• When you open the Plaid Transaction page for the first time, you will see a message saying “No bank transactions found.” To begin, follow these steps:
• Click the “Connect Bank” button in the center of the page.
• A Synchronize with Plaid pop-up will appear. Select a Start Date and an End Date using the calendar fields.
• Click the “Plaid Sync” button to proceed.
• A Connect Bank Account pop-up will appear. Click the Authenticate with Plaid button to begin the authentication process
• A Plaid pop-up will open, displaying a list of supported banking institutions such as Chase, Bank of America, Wells Fargo, Citibank, and others. Select your bank from the list, or use the search bar to find it.
• Enter your phone number in the provided field and click Continue to proceed. If you prefer, click Continue without a phone number to skip this step.
• Complete the remaining authentication steps as prompted by Plaid to authorize access to your bank account.
• Once authenticated, your transactions will automatically sync and appear in the Manage Plaid Transactions list page, displayed as a table with the Date, Transaction Name, Amount, Account, Status, and Action.
• In the Action column, you can use Add Detail to the transaction that was not linked, and a manual action is needed. Synchronized to the transaction has been automatically linked with your accounting records.
• Paid transactions can be recorded in three categories: Bank Transfer, Expense, and Revenue. Each category ensures that transactions are accurately tracked and properly organized for effective financial management.