Accounts and banking tool

Supported Coverage

Available across all European Economic Area countries subject to PSD2 regulation:

• 30+ Countries across the European Economic Area

• 3,000+ Banks supported via GoCardless/Nordigen integration

• Up to 24 months of historical transaction data (most banks support 90 days guaranteed)

• Automatic sync every 6 hours, fetching the last 5 days of transactions to ensure data consistency

Understanding Account Types

GoMonio supports different ways to add and manage your accounts, each designed for different needs and preferences.

Bank Connection (PSD2)

• Automatic daily sync

• Real-time balance updates

• Historical data import

• Secure bank-to-bank connection

• No manual data entry needed

Best for: Regular banking accounts you want to track automatically

Manual Entry

• Full control over data

• Add transactions yourself

• Track any type of account

• Works with any bank worldwide

• No bank connection required

• Bulk import via CSV upload

Best for: Cash accounts, foreign banks, historical data import, or when you prefer manual control

CSV/Excel Import

• Designed for bulk data imports

• Import billing & invoice lists

• Convert to forecast transactions

• Safe for daily re-imports

• Automatic duplicate prevention

Best for: Billing lists, invoice lists, leads lists, and any cash flow affecting data sources

CSV/Excel Import Account Use Cases

The CSV/Excel Import account type is specifically designed for importing data that affects your cash flow forecasting:

• Billing Lists: Import invoices you've sent to clients with due dates as forecast income

• Invoice Lists: Import supplier invoices with payment due dates as forecast expenses

• Leads & Opportunities: Import potential deals with expected close dates and amounts

• Subscription Management: Import recurring billing data from payment processors

• External Systems: Import data from QuickBooks, Xero, or other accounting software

Key Feature: When importing, map your "due date" or "payment date" column to the date field. GoMonio will automatically create forecast transactions with future dates, giving you accurate cash flow predictions. The duplication system ensures you can safely re-import daily without creating duplicate entries.

Getting Started with Bank Connection

1. Navigate to Bank Accounts: Go to Settings → Bank Accounts and click "Add Account"

2. Choose Connection Type: Select "Connect Bank (PSD2)" for automatic synchronization, or "Manual Entry" for basic tracking

3. Select Your Bank: Write it on the search or scroll down to find it.

4. Authorize Bank Connection: You'll be redirected to your bank's secure login portal to authorize the connection

Important: All Accounts Sync

Banking Authorization Scope: When you connect to certain banks through PSD2, the authorization may grant access to ALL bank accounts associated with your user credentials, not just specific accounts you want to connect.

• You cannot choose which specific accounts to sync — the bank determines the scope

• This may include personal accounts, business accounts, or accounts you have access to as an accountant/advisor

• All authorized accounts will be imported and synchronized automatically

• You can deactivate unwanted accounts after connection to stop their synchronization

What Happens When You Connect Your Bank

When you successfully connect your bank via PSD2, GoMonio automatically:

1. Creates accounts in your GoMonio profile for each bank account found

2. Imports account details like names, currencies, and account numbers

3. Sets up automatic daily synchronization

4. Enables historical transaction import (up to 24 months available)

5. Shows success message with number of accounts created

Your bank accounts immediately appear in your GoMonio dashboard, ready to use!

Smart Account Upgrade: Manual to PSD2

Already have a manual account? When you connect your bank via PSD2, GoMonio intelligently detects if you already have a manual account with the same IBAN/account number and automatically upgrades it instead of creating a duplicate.

What happens during upgrade:

• Your existing account is converted from Manual to PSD2

• All transaction history is preserved

• Starting balance and account name remain unchanged

• Automatic sync is enabled

• Account number is updated with full IBAN from bank

• No duplicate accounts are created

Example: You manually created "My Checking" with IBAN FI1234567890. When you connect that bank via PSD2, your "My Checking" account is automatically upgraded with PSD2 features — no action needed!

Quick Start: Your First Bank Connection

1. Connect Your Bank: Complete the PSD2 authorization flow with your bank. Your accounts will be created automatically in GoMonio. The last 5 days of transactions and your current balance are fetched automatically.

2. Import More History (Optional): Use the "Import history" button to fetch older transactions. Start with the default 90-day history sync. If the sync fails or takes too long, try a shorter time period (e.g., 30 or 60 days). Your balance is automatically updated after the import completes.

3. Check for Duplicates: Look for notifications in the Inbox (app sidebar). The system will alert you if it detects potential duplicate transactions.

Banking Features & Capabilities

• Automatic Transaction Sync: Transactions are automatically synced every 6 hours, fetching the last 5 days of transactions for maximum accuracy and data consistency. Balance information is also synced automatically.

  • Detects potential duplicates between manual imports and the 5-day window

  • Notifies you about duplicates in the Inbox (app sidebar) for review

  • Updates account balances automatically

• Historical Data Import: Import up to 24 months of transaction history with user-selectable date ranges (most banks support 90 days guaranteed), automatically chunked into optimized batches to respect API rate limits

• Sync App and Account Balance: Synchronizes your app's balance with your bank's available balance by calculating a new starting balance

• Enhanced Transaction Data: Rich transaction information including counterparty names, IBANs, payment references, transaction codes, and remittance information

• Consent Management: 90-day consent periods with automatic renewal prompts and consent status tracking

Understanding Your Balances

GoMonio displays two different types of balances for PSD2-connected accounts:

• Bank's Live Balance: The actual current balance from your bank account (synced automatically). This is what your bank shows you right now.

• App's Calculated Balance: Your starting balance + all transactions recorded in GoMonio. This helps you track your budget and see the effect of all your transactions.

Why might they differ?

• The app's balance includes pending/planned transactions you've added manually

• Recent bank transactions that haven't been imported yet

• Different starting dates (bank shows today, app calculates from your starting balance)

• You can sync them anytime using the "Sync Balance" button (happens automatically after imports)

How Balance Sync Works

The sync balance feature (automatic after imports) ensures your app's calculated balance matches your bank's available balance:

• Uses your current available balance from your bank

• Calculates the sum of all your past transactions up to yesterday

• Works backwards: Available Balance - Past Transactions = New Starting Balance

• The calculated starting balance may appear "wrong" but ensures accurate current totals

• This method preserves all your transaction history while syncing with bank reality

• Happens automatically after initial connection and history imports

Managing Connected Accounts

PSD2 Connected Accounts

• Toggle automatic sync on/off per account

• Import historical transactions (up to 24 months)

• Sync balance to match bank's available balance

• View detailed sync history and logs

• Reconnect if bank authorization expires

• Deactivate accounts you don't want to track

Manual Accounts

• Add transactions manually anytime

• Edit account details (name, currency, etc.)

• Set starting balance to match bank statement

• Import transactions via CSV upload

• Automatically upgraded to PSD2 when connecting matching bank

• Delete accounts if no longer needed

Credit Account Management (credits and loans)

Credit cards and loan accounts work differently from regular checking/savings accounts:

• Credit Cards: Set credit limits and current available balance to track spending

• Starting Balance: For credit cards, enter the current available balance (amount you can spend)

• Balance Display: Shows current available balance (positive = credit available)

• Payment Tracking: Payments increase available balance, purchases decrease it

• Loans: Track payment progress and remaining balance (negative balances normal)

Account Organization Tips

• Set a Default Account: Mark your primary checking account as default for quick transaction entry

• Use Descriptive Names: Rename accounts to be clear (e.g., "Main Checking", "Emergency Savings", "Business Credit Card")

• Deactivate Unused Accounts: Keep your account list clean by deactivating accounts you no longer use

• Regular Balance Sync: For PSD2 accounts, use the balance sync feature monthly to ensure accuracy

Troubleshooting & Support

• Connection Issues: Use the reconnect feature if sync stops working

• Missing Transactions: Try historical import for specific date ranges

• Consent Expiration: Renew bank authorization when prompted (every 90 days)

• Rate Limit Errors: Wait a few minutes and try again — the system automatically manages limits

• Duplicate Transactions: The system prevents duplicates, but verify if you see any

If you have any issue you can always reach support via chat or the support page.

Security & Compliance

GoMonio uses PSD2-regulated Open Banking technology through GoCardless/Nordigen, ensuring:

• Bank-grade security and encryption

• Regulatory compliance across all EEA countries

• No storage of banking credentials — token-based access only

• Transparent consent management with clear expiration tracking

• Read-only access — no ability to initiate payments