Lili Premium and Smart customers can connect up to 6 business credit cards and external bank accounts to their Lili account and sync their credit card and external bank account transactions, categorize them and have them included in all of their Lili accounting reports and insight widgets that appear on their dashboard.
The transactions on each of the business credit cards and external bank accounts will be imported at least once a day. Customers can see the actual timestamp of the last update by clicking the “Manage” option found at the top right of the “Synced Cards & Bank Accounts” tab located in the Transactions screen. From this same tab, customers can also add an additional credit card or bank account to their Lili account, if they haven’t already added six (combined total).
How do I add a business credit card / external bank account and sync it to my Lili account?
To add a business credit card or external bank account and sync it to your Lili account, do the following using Lili's Web App:
- Open your Lili Transactions dashboard
- On the right, select ‘Sync External Cards & Accounts’ (screenshot 1)
- Choose ‘Credit Card’ or ‘Business Bank Account’ depending on your needs (screenshot 2)
Note: the connection with your Lili account will be made using the 3rd party integration platform called Plaid - see disclaimer - Once you choose an option, a Plaid window will open (screenshot 3); follow the steps including choosing your external bank, entering credentials and selecting the credit card account
- Transactions Dashboard: ‘Sync External Cards & Accounts’ Link
- Sync External Cards & Accounts: Credit Card and Business Bank Account Options
- Plaid Window (3rd party integration platform)
Once connected, transactions from the beginning of the current year will be imported automatically. Your synchronized transactions will show in a new dedicated tab on the Transactions page, called “Synced Cards & Bank Accounts” and will also appear in your reports.
Each imported transaction can then be categorized via the "Synced Cards & Bank Accounts" tab. Please go here to find a list of the available income and expense categories.
How do I update my business credit card / external bank account credentials when they expire / change?
When your linked credit card credentials expire / change, you will be notified with a message that appears on the specific account/card, visible at the top of the “Synced Cards & Bank Accounts” tab. To resolve the issue, open your account using Lili's Web App, click on the “Manage” option and to the right of the relevant account/card, click on the three dots, choose “Reconnect” and enter the new/valid account/card credentials.
Will the synched credit card / external bank account transactions be automatically included in my accounting reports?
Yes. Once you confirm or edit the category of a transaction, it will automatically be included in your financial and tax reports, in the same way that your categorized Lili debit card and Lili bank account transactions are included.
How do I disconnect a linked credit card or external bank account?
If you wish to disconnect a linked credit card/account, using the Web App, go to the Transactions > Synced Cards & Bank Accounts > “Manage” option, and click on the symbol to the right of the card/account. You will receive a popup asking if you are sure about unlinking the card/account and deleting all the synced transactions. Click on “Remove” to complete the process.
Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC. The Lili Visa® Debit Card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Visa U.S.A., Inc. The Card may be used everywhere Visa debit cards are accepted.
Wire Transfer services are provided by Column Bank N.A., Member FDIC. All wires are subject to acceptance criteria and risk-based review and may be rejected at the sole discretion of Column Bank N. A. or Lili App Inc.