Set up and process bank feeds
Sage Bank Feeds facilitate the automatic, secure transfer of reliable transaction data from leading banks to Sage One. Bank transaction data flows seamlessly each day from your bank into Sage One. By using Sage Bank Feeds, manual data entry processes are eliminated to give you time savings, error reduction, more accurate financials and a more up-to-date view of your cashflow.
Before you set up bank feeds, you should:
- Check your bank is compatible and have your online banking credentials to hand.
- 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.
- Go to Banking, then click Connect to Bank.
- In the Choose your bank section, select your bank, then in the What type of account do you have? section, select your account type.
Is your bank and account type listed?
Sage has a direct data connection with your bank and account type. To uphold the very best standards of security, your bank needs you to complete an authorisation form. To do this now:
- 1. Once you’ve selected your bank and account type, click Next.
- 2. Enter the requested bank account details.
- 3. Read the terms and conditions, then click Accept Terms and Conditions.
- 4. To authorise your bank to disclose your bank information to Sage, click Download the form and follow the instruction on the form.
- 5. Click All Done
To check the status of your bank feeds authorisation
Once the set up process is complete, the status of your direct bank feeds authorisation shows as Setting up Connection, this changes to new transactions once authorised.
Transactions start from the day the connection is authorised by your bank and can’t be backdated. Going forward however, any new transactions appear on the Banking tab.
If your bank or account type isn’t listed in the main list, you can still set up bank feeds in Sage One using the third party aggregation service, Yodlee Inc.
Banks have differing stances on using aggregation services like Yodlee. You should review the agreements you have with your bank to make an informed decision on whether bank feeds using Yodlee is right for you.
To set up bank feeds using Yodlee
- 1. In the Choose your bank section, select Another Bank.
- 2. Click Next.
- 3. To accept the terms and conditions, select the check box then click Continue.
- 4. Type the name of your bank, then click Search.
- 5. Select your bank, then 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.
- 6. Click Add, then click Close.
- 7. Select the account you want to connect to, then click Continue.
- 8. 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.
- 9. 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.
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.
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, 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 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.
* 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 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.
|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.
Bank feeds – Supported banks and credit card companies
Turn off bank feeds
Bank feeds – Frequently asked questions
Bank feeds – Common error codes
Bank feeds and Internet browsers
Bank feed status page