Set up and process bank feeds
You can use bank feeds to securely connect Sage to your online bank account or PayPal account, so you’ll always have an accurate overview of your business finances.
Once you’ve got the bank feeds service up and running, you’ll no longer need to download and import bank statements manually. Your bank transaction data flows seamlessly each day from your bank directly into Sage, giving you more time to manage and grow your business.
Before you set up bank feeds, you should:
- Check your bank is compatible and have your online banking credentials to hand.
- Complete your bank reconciliation if you’re part-way though one.
If you’re in the middle of importing a bank statement, to avoid duplicating bank transactions you must complete the import process before you set up bank feeds.
- 1. Banking > click the required bank account.
- 2. Manage Bank Account > Connect to Bank.
- 3. Read the terms and conditions > to accept them, select the check box > Continue.
- 4. 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.
- 5. Add > Close > select the account you want to connect to > Continue.
- 6. 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.
- 7. Click Finish.
Your live bank transactions download and appear in Accounting ready for you to process. The process may take several minutes to complete.
Your bank feeds normally refresh once every 24 hours, depending on your bank account. New transactions automatically appear in the Bank account > Manage Bank Account > New Transactions.
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.
When new transactions appear, you can do the following:
|Match||Automatically matches any invoices and existing payments or receipts recorded with the same date and value as the imported transaction.
If the match found is correct, click 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 a match is not found, you can search for any transactions 14 days prior to the date of the imported transaction and 7 days in advance.
* Click Match, then Find a match. Select the transaction you want to match it to, then click Confirm Match and Confirm Match again.
|Create||Use this option to create a new transaction.
If you need to, change the following details, then click Create:
|Transfer||Use this option to transfer the value from or to the selected bank account.
Enter the following details, then click Transfer:
|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 then click Yes when prompted.|
Once you’ve processed all of your transactions, click Return to banking.