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Basic logic of accounts and cards & security notes

Manage bank connections & link accounts securely

Basic logic

This area is used to manage all bank connections of a company that are integrated in COMMITLY. COMMITLY supports more than 98 % of German and Austrian banks, including all Sparkassen, Volksbanken and Raiffeisenbanken, Postbank, Commerzbank, Deutsche Bank, ING-DiBa, DKB and many more. In addition, approx. 14 further countries in the EU are supported. The connection to bank accounts in COMMITLY is primarily used for securely retrieving and reconciling transactions. For questions about connecting a bank or a country, Support can be contacted.

The connection process in COMMITLY has two steps:

  1. First, the bank is connected to COMMITLY.

  2. Then the connected accounts are linked to the company.

This approach ensures the highest level of security. It ensures that only account data that has been actively assigned to the company appears in a company.

Note on secure bank connection

  1. This process ensures that COMMITLY has no access to the account credentials.

  2. Outside the connection process, COMMITLY never asks for the account credentials.

  3. The connection to the bank accounts is read-only and is used for synchronizing and reconciling transactions.

  4. COMMITLY can never execute transactions, so it cannot, for example, initiate any payments.

  5. A highly secure SHA-256-bit encryption with RSA is used for all connections to protect your data.

Further information on security can be found in our General Terms and Conditions (AGB), and we are of course always available at support@commitly.com.

Options for connecting a credit card

There are 3 options for taking credit cards / credit card transactions into account:

  1. Connect the credit card online

  2. Credit card as a separate offline account

  3. Split the credit card statement on the bank account (from statement to statement)

Connect the credit card online or keep it as a separate offline account

For options 1 and 2, the only difference is that the transactions are loaded manually. The processing logic is identical to connecting a bank account. That is, the current balance is always taken and the current transactions are loaded.

Effects:

  • The company's account balance (i.e. its liquidity) consists of the balance of the bank accounts plus the balance of the credit card on the current day

  • The credit card transactions are recorded as transactions with the date of the original charge on the credit card

How to create an offline account is described here.

Split the credit card statement on the bank account

Option 3 takes the credit card statement on the bank account and splits it based on the detailed transactions of the statement.

Effects:

  • The company's account balance consists only of the balance of the bank accounts

  • The credit card statement reduces the bank balance once a month

  • The credit card statement is split based on the detailed transactions

  • The detailed transactions are recorded as a transaction with the date of the credit card statement, NOT with the original date of the charge on the credit card

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