What are bank feeds?
Bank feeds allow your accounting software to automatically import transactions from your bank accounts directly into your system for easy tracking and reconciliation.
How do bank feeds work in Lawsyst?
Lawsyst connects to your law firm’s bank or financial institution and automatically imports your transactions into its software. This data is then categorised, so you can review and reconcile it against your accounting records.
Is it safe to use bank feeds?
Yes, Lawsyst uses advanced encryption and security protocols to ensure that all of your financial data is protected during the import process.
How do I connect my bank account to Lawsyst?
You can securely connect your firm’s bank account to Lawsyst by providing your online banking credentials. The system will then sync your transactions automatically.
What types of accounts can I link to Lawsyst’s bank feeds?
You can link business accounts, savings accounts, credit card accounts, loan accounts, and other financial accounts to our legal software.
Does Lawsyst support international bank accounts?
Yes, Lawsyst supports bank feeds for international accounts, so you can manage legal transactions from different countries.
How often are transactions updated in Lawsyst?
Bank feeds update in real time or at regular intervals based on your bank’s processing schedule. Most banks offer daily or multiple updates per day.
Can I reconcile transactions automatically with bank feeds?
Yes, once transactions are imported, Lawsyst can automatically match them to your legal accounting records, simplifying the reconciliation process.
Can I categorise transactions automatically with bank feeds?
Yes, Lawsyst allows you to set up rules for the automatic categorisation of transactions, saving you time in differentiating between income and expenses.
What happens if a transaction does not match?
If there’s a discrepancy, Lawsyst will flag the transaction for review, allowing you to correct any errors manually.
How do bank feeds help with bank reconciliation?
Bank feeds simplify the reconciliation process by automatically importing and matching your bank transactions to your accounting records, reducing manual work and improving the accuracy of your financial reporting.
Can I import transactions from multiple bank accounts?
Yes, Lawsyst allows you to connect and import data from multiple bank accounts, credit cards, and other financial institutions into one central system.
Can I reconcile trust accounts using bank feeds?
Yes, you can reconcile trust accounts, client funds, and any other types of legal accounts using bank feeds in Lawsyst, ensuring compliance and accuracy.
Do I need to manually upload my bank statements?
No, with Lawsyst's bank feeds, the process is automated. You no longer need to download or upload bank statements manually.
Can I track foreign currency transactions with bank feeds?
Yes, Lawsyst supports multi-currency bank feeds, allowing you to track and reconcile transactions in foreign currencies accurately.
Can I edit or delete imported transactions?
Yes, after transactions are imported via bank feeds, you can edit or delete them to maintain accurate records.
How do bank feeds help with tax reporting?
Bank feeds make it easier to track expenses and income for accurate tax reporting. By categorising transactions properly and reconciling your bank accounts, you can ensure that your financial reports reflect the true state of your law firm for tax purposes.