What you need to know
Connecting your business bank accounts to Collective Accounting is a crucial step to syncing your transactions with Collective so they can be categorized for tax estimates and filings, as well as included in financial reports for your business.
How to connect your accounts
To navigate to the Bank accounts page click Profile (top right) and select Settings.
From the Settings page you will click on Bank accounts.
Once you are in the Bank Account page, you have a variety of options to choose from but first you will need to add your bank.
Adding a bank:
- Click Connect account on the right-hand side to add a bank.
- Select the relevant bank.
- You'll be redirected to a secure Plaid screen.
- Follow your bank’s connection flow, which might require you to enter a username and password. Your bank may require additional verification, such as a text message code, email code, or security questions.
- Note: Plaid will securely connect to your bank using your credentials. We never store your login information.
- Select the bank accounts you would like to connect.
Deleting a bank
- Navigate to the bank you would like to remove. From the menu on the right-hand side, click Delete this bank for the bank institution.
- Confirm you want to delete the bank.
Note: Deleting this connection will stop transactions from importing automatically. Existing transactions won’t be affected.
Adding additional accounts:
- If you want to add an additional account (e.g., a new business checking account with your current bank), click Add an account next to the bank.
- Follow the Plaid connection flow.
Removing specific accounts:
- Click Remove this account to remove a specific account (e.g., a business checking account that you have closed).
- Confirm the removal.
Note: Removing this account will stop transactions from importing automatically. Existing transactions won’t be affected.
Restoring specific accounts:
- Click Restore this account to resume the syncing of transactions.
- Confirm.
Note: Restoring this account will resume transaction syncing starting from Invalid Date.
Troubleshooting tips
Connection troubleshooting:
- Verify credentials: Changes to online banking passwords often require you to re-authenticate with the new password.
- Check Multi-Factor Authentication (MFA) requirements: Banks frequently update their MFA methods (e.g., new types of security questions, requiring SMS codes, email codes, or biometric verification). These changes can sometimes cause a connection to fail, and require you to re-authenticate your credentials.
Bank institution troubleshooting
- Check for bank notifications: Look for alerts, messages, or new terms/conditions on the bank's online portal. Banks frequently update their online banking platforms, website structures, or security protocols. These changes can disrupt your Plaid connection.
- Required action by bank: Sometimes, a bank might require a user to log in directly to their website to accept new terms and conditions, update contact details, or complete other administrative tasks before third-party access is restored.
If you still need help, send us a message in the message center and your Collective team can assist you further.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.