Overview
This article explains the process for submitting your bank balances through Lumonic. As of September 30, 2024, we've made changes to the bank balance reporting process—read more about the product update here.
What are my options for reporting bank balances now that direct bank integration is no longer supported?
To help companies streamline the reporting process, we offer the following options:
1. Upload Bank Statements
Companies can upload their bank statements directly to our portal, and our system supports automatic balance extraction for English bank statements.
How It Works:
Upload your bank statements: Upload all relevant bank statements
Automatic account matching and balance extraction: Our system will automatically match the uploaded statements to your bank accounts and extract the bank balances where applicable.
2. Manual Bank Balance Entry
Companies can manually input bank balances directly into the portal.
How It Works:
Enter balance information: Enter your bank balances for the date shown above. Make sure to fill out every field.
What do the different statuses mean on my bank accounts page?
There are three statuses: Connected, Disconnected, and Archived.
1. Connected
Accounts connected before September 30, 2024: These accounts will remain connected and fully functional until the connection breaks. Please note that reconnecting these accounts is no longer supported due to recent updates.
If your lender has access to your banking credentials: The bank account is successfully linked, and balances are updated automatically.
2. Disconnected
Sometimes we run into issues while connecting to financial institutions, and your bank account becomes disconnected. When this happens, your bank balances might be out of date. Please note that reconnecting these accounts is no longer supported due to recent updates.
3. Archived
When bank accounts are no longer active or in use, you can archive them so they're not displayed in your reporting package. You'll still see them on the Bank Accounts page for record-keeping purposes.
Additional notes
Manually added accounts: If there's no status displayed, it means your account was added manually. Ensure your balances are up to date by regularly uploading statements or entering the information manually.