Heard is excited to introduce auto-reconciliation, which means no more monthly statement uploads for supported connected accounts! Instead, we now automatically reconcile your books using your secure bank connections with Plaid, where possible.
What is Auto-reconciliation?
Auto-reconciliation is a bookkeeping process utilized by Heard that ensures your month-start and month-end balances match. When you connect an eligible account to Heard, we receive both your transaction data and account balance data at the same time. We then automatically reconcile your accounts by ensuring that the sum of your transactions match your bank account balance.
What do I need to do to enable auto reconciliation?
With auto reconciliation, It is important that your bank account remains connected to Heard. This is an important step, as syncing your transactions via Plaid enables your bookkeeping. No additional actions are required on your part.
If there is a break in your bank connection to Heard, a member of our team will reach out to notify you of the steps needed to reconnect.
Checks and balances
Your dedicated bookkeeping team will continue to review your monthly books in order to complete reconciliations. You can rest assured that your bookkeeper is reviewing and categorizing transactions and will reach out to you as usual when transactions Need Review.
Why do I still need to manually upload statements for some of my accounts?
Unfortunately, some financial institutions - especially smaller banks and credit unions - have irregular connections that cause technical issues when automatically reconciling. To ensure your reconciliations are accurate, we ask that you continue to upload statements for these institutions at this time. We’ll let you know if they gain support for automatic reconciliation in the future.
When will my bank support auto-reconciliation?
The availability of this service really depends on your financial institution. We will continue to monitor and update you as soon as more banks become accessible, and we can help you retrieve your statements. If your bank begins to support the auto-reconciliation feature, you will be notified in the monthly bookkeeping email.
Is this secure?
Yes, we use bank-level encryption to protect your data via Plaid. Plaid is a third-party app integration that helps link your financial institution(s) to apps that provide services to you. It is used by many popular financial and banking services, such as Venmo and Stripe.
Heard uses Plaid to connect financial data from your bank account directly to your Heard account, allowing our team to review and categorize your transactions monthly. Plaid's security practices include data encryption, multi-factor authentication, secure cloud technology, and strong security testing and monitoring. You can learn more about Plaid's safety and security features here.