Envestnet Bank Integration Overview

Certinia has partnered with Envestnet to enable you to connect your bank account in Accounting to the physical accounts held at your financial institution.

The Envestnet bank integration process enables Certinia to import bank account transactions from your bank or other financial institution on demand, using permission-based, secure authentication.

This enables you to import bank statements for reconciliation directly from your bank account, without having to extract, store, and upload a CSV file.

The Envestnet bank integration process enables you to:

• Create connections to external banks or other financial institutions
• Link bank connections to bank accounts in Accounting
• Import your bank statement transactions using Envestnet

The integration currently supports all US, Canadian, and Australian banks and financial institutions that Envestnet supports.

For a visual representation of the Envestnet bank integration dataflow, see Envestnet Bank Integration Dataflow.

Tip:

If you are currently using the Plaid bank integration, you can set up the Envestnet bank integration to either use it alongside the Plaid integration, or switch to the Envestnet integration completely.

Bank Connections

Bank connections store the details of each bank account to which you have connected using Envestnet FastLink. These details, along with the related security credentials, are used to make authenticated calls to the Envestnet API in order to retrieve your bank account transactions.

To create a connection to an external bank you must log in as the dedicated Envestnet integration user.

When the Envestnet integration user has successfully connected to the external bank, we recommend logging out as the dedicated Envestnet integration user to prevent any accidental errors. You must then link the bank account connection to one or more bank accounts in Accounting. To perform this task you can log in as a standard Accounting user. For more information, see Linking a Bank Connection to a Bank Account.

Note:

Bank connections are an org-level object and do not belong to a company. The association with the company is established through the linked bank account.

Bank Connection Logs

Each time you use Envestnet FastLink to attempt a connection to a bank or other financial institution, a connection log is generated. This provides an audit trail for tracking the process and resolving any errors that occur. There is one bank connection log per Envestnet Item. An Envestnet Item represents the login criteria for a connected institution.

Bank Reconciliation and Importing Bank Statements with Envestnet

The Envestnet bank integration process imports your bank account transactions on demand. Transactions are grouped by bank account to create the bank statements and bank statement line items with a status of "Imported", ready for you to perform your bank reconciliations.

If there are too many transactions for a single bank statement, they are split into multiple statements. You might do this manually if you are importing CSV files. For more information, see Importing Bank Statement Details Using a CSV File.

For more information about importing your bank statements, see Importing Envestnet Bank Statement Details.

Dedicated Envestnet Bank Integration User

To use the Envestnet bank integration you need a dedicated user with an Accounting license and access to all companies. This user is also used to connect your bank accounts through Envestnet and must not be used for anything other than integrations. For more information, see Setting up the Envestnet Bank Integration.