Set up and process bank feeds
You can use bank feeds to securely connect Sage to your online bank 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. Go to Banking, then click on the bank account you want to set up feeds for.
- 2. Click Connect to Bank.
- 3. Read the full terms and conditions, then click Accept Terms and Continue.
- 4. In the Choose your bank section, select your bank, then in the What type of account do you have? section, select your account type.
(Please note – when adding a UK American Express bank account the UK country doesn’t appear in brackets at the end of the account name like other country accounts have. Please hover the mouse over the account named ‘American Express Card’ to confirm the URL has GB at the end of it, this is the correct UK account to select.)
If you’re a Lloyds Bank customer and your sort code begins with 77, please click No below.
Is your bank and account type listed?
To complete the set up process using Sage Direct Bank Feeds
- 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 then follow the instructions on the form. Read more >>
- 5. Click All Done.
To check the status of your bank feeds authorisation
Once the set up process is complete, the status of your bank feeds authorisation shows as Setting up Connection. This changes to new transactions once authorised by your bank.
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.
To complete the set up process using Yodlee Bank Feeds
Banks have differing stances on using the third party aggregation service, Yodlee Inc. 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.
- 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 log in credentials.
If your bank uses multi-factor authentication, you’re asked to enter further security details.
If you’re using Safari or Internet Explorer and can’t see the drop down menu and the list of banks, we recommend setting up bank feeds using Google Chrome or Mozilla Firefox. Once you’ve completed the initial set up, you’ll be able to process bank feeds using your normal browser.
- 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 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 Banking tab for the relevant bank account.
To manually check for new transactions, 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||We automatically match 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 a match can’t be found, you can search for any transactions before or after the date of the imported transaction. To do this, click Match then click Find a match.
A listing of all potential Sage transactions you can match the bank transaction against now appears on-screen. These transactions include bank payments or receipts that are not marked as cleared/reconciled and outstanding invoices and credit notes. The oldest transactions appear first and the list is filtered by your financial year (or the calendar year where no financial year is set).
To help you find a match, you can use the Filter option to filter the list by either date or transaction type to remove unwanted transactions from the on-screen listing. You can also search for an individual transaction, by contact, reference, invoice number or amount. To do this, simply enter the information you want to search for in the Type to search box.
You can select one or several transactions across multiple contacts to match against a single bank transaction. Selecting a transaction in the first list moves the transaction to the Review the chosen transactions section.
If the matched transaction is an invoice or credit note, you must also select the payment method for the receipt/refund that will be created on Match. You can also amend the value to pay for an invoice.
If you need to, you can remove a matched transaction, by clicking the discard button .
If the value of your chosen transactions is less than the value of the bank transaction you can add a new Bank Transfer, Payment on Account or Other Payment/Other Receipt transaction in the Match window, by clicking New Transaction, to clear the balance.
To complete the matching process, first check the Review the chosen transactions section is correct, then click Match. The total amount of the matched transactions must be equal to the total amount of the bank transaction to confirm the match.
If you match a bank transaction to an invoice or credit note, this marks them as paid and the matched transactions are flagged as cleared and bank reconciled in your bank account.
|Create||Use this option to create a new transaction.
Enter 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