Most banks offer bank feeds to established cloud accounting software providers. The only ones that don’t are ING and Suncorp – at the moment.
Setting up Bank Feeds
Setting up bank feeds usually happens in two steps: You first tell your accounting software what bank feeds you need. And then you tell your bank.
Each bank follows a different procedure. ANZ does it this way. Westpac this way. And so on. But the process always include these two steps.
Step # 1 Tell Your Accounting Software
You give your accounting software provider the BSB and account number for each bank account you want a bank feed for.
You usually get an authorisation form that you need to sign, scan and email back. or upload That’s the first step.
Step # 2 Tell Your Bank
Now you need to tell your bank that you need a feed. That usually involves logging into your account. And then indicating from what bank account you want a feed to which software provider. That’s the second step.
Step # 3 Authorise the Feed
Sometimes there is a third step. For some banks you need to log into your bank account again and authorise the feeds, once your bank has processed the request submitted by your software provider.
And then voila – usually a couple of days later – all your bank transactions appear in your accounting system.
Banks
The confusing part sits in the detail. Where exactly in your bank account is the button to request the bank feeds? Is there a form? And do you need to email or upload the form? Each bank does this slightly different but the same concept applies.
Please email or call if you get stuck.
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