Set up and process bank feeds

Using bank feeds, you can save time by downloading your bank transactions straight from your bank account. You no longer need to spend time manually entering transactions or importing bank statements. Bank feeds is a secure service that connects to your bank account then displays the transactions in Sage One. You can then choose what to do with these transactions.

Watch how easy it is to connect to an online bank account and download transactions

How bank feeds work

Bank feeds is a safe and secure service provided by Yodlee. Yodlee is certified as a Payment Cards Industry (PCI) Level 1 Service Provider and have EU Privacy Safe Harbor certification. For more information about data security, please visit Yodlee connects to your online account and retrieves statement and account transaction information, which then appears in Sage One.

We recommend you confirm with your online banking provider if using bank feeds compromises the terms and conditions of their service.

Sage One automatically matches transactions to any invoices, credit notes, payments or receipts you’ve already entered in Sage One with the same date and value. If it can’t find a transaction to match, you can manually match it, create a new transaction, transfer it to another account or discard it. Any transactions you download are automatically flagged as cleared and bank reconciled and the corresponding invoice or credit note as paid.

Before you set up bank feeds

Before you set up bank feeds you should:

  • Check your bank is compatible and you have your online banking credentials to hand.
  • Pick a date you want to use bank feeds from.
  • If you’re in the middle of importing a bank statement, complete this to avoid duplicating transactions.
    * Complete your bank reconciliation if you’re part-way though one.

Set up bank feeds

  • 1. Banking > click Connect to Bank.
  • 2. Read the terms and conditions > to accept them, select the check box > Continue.
  • 3. Enter the name of your bank > Search > select your bank > enter your online banking credentials.

The credentials are the same details you use to log in to your online banking website. If your bank uses multi-factor authentication, you’re asked to enter further security details.

  • 4. Add > Close > select the account you want to connect to > Continue.
  • 5. Enter the date you want to download transactions from.

You can normally download transactions from the last 90 days but this depends on your bank. If today’s date appears, it means it can’t retrieve transactions before today. Going forward however, you’re able to download transactions from this date and any new transactions appear on the Banking tab.

  • 6. Click Finish.

Your live bank transactions download and appear in Sage One ready for you to process. The process may take several minutes to complete.

Check for new transactions

Your bank feeds normally refresh once every 24 hours, depending on your bank account. New transactions automatically appear in the Banking tab for the relevant bank account. Simply click the new transactions link.

You can refresh your bank feeds manually once every 15 minutes by clicking the refresh button for that bank account.

If you use multi-factor authentication, you’re prompted to enter your security details before you can check your new transactions.

Process your downloaded transactions

When new transactions appear, you can do the following:

Match Sage One automatically matches any invoices, credit notes and existing payments or receipts recorded with the same date and value as the imported transaction.

If the match found is correct > Match.

If you match it to an invoice or credit note, this flags them as paid and the payment or receipt is flagged as cleared and bank reconciled.

If the match isn’t correct, you can choose to create a new transaction, transfer it to another account, or discard it.
Find a match If Sage One doesn’t find a match you can search for any transactions 14 days prior to the date of the imported transaction and 7 days in advance.

Match > Find a match > select the transaction you want to match it to > Confirm Match > Confirm Match again.
Create Use this option to create a new transaction in Sage One.

If you need to, change the following details, then click Create:

Tip: You can also split the transaction and allocate it to different ledger accounts.

  • For – If applicable, choose a contact.

  • What – Choose the ledger account you want to record this payment or receipt against, or choose to record a payment on account. You can then allocate this to an invoice at a later date.

  • Reference – This is the same as the reference on your statement, however, you can change this if you want to.

  • Tax code – If applicable, choose the relevant VAT rate. This option only appears if you’re registered for VAT.

Transfer Use this option to transfer the value from or to the selected bank account.

Enter the following details, then click Transfer:

  • Transfer From or Transfer To – Choose the relevant bank account.

  • Reference – This is the same as the reference on your statements, however you can change this.

Discard If you don’t want to import a transaction, for example because you’ve already entered and bank reconciled it > click the discard button > Yes.

Once you’ve processed all of your transactions, click Return to banking.

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