About bank feeds
Bank feeds are connections that automatically download transactions from your bank account to Accounting. You can then work with the data by creating new transactions as needed or match bank transactions to your Accounting transactions. Using bank feeds greatly reduces the need to create manual entries, which simplifies bank reconciliation, ensures your accounts are up-to-date and accurate, and saves you time. You can have an unlimited number of bank feeds.
Before setting up bank feeds
You can link a bank feed to chequing, Savings, and Credit Card accounts. However, you cannot link to a Loan, Cash, or other account types.
You can download transactions from the last 90 days. If you need transactions that are more than 90 days old, you can import your bank statement or enter the transactions manually before connecting a bank feed.
Bank statement import
If you are partially through importing a bank statement, complete the import to avoid duplicate transactions. If you are partially through reconciling your bank account, settle differences before creating a new bank feed. It is important to consider the date you want to start using bank feeds and import transactions from. Ideally, you should choose the day after the date of your last bank reconciliation. If you enter a date before this, the transactions are included in the import, but you can discard them.
Create a new bank feed connection
To get started, please select the relevant option below:
- Option 1 - If your bank is HSBC.
- Option 2 – All other banks.
- Go to Banking, and then select Actions, Connect to bank in the lower right-hand corner of the relevant bank account.
- Within the Connect your Bank window, click HSBC or, enter HSBC in the search box provided and then select it.
- In the Choose your account section, select the account type.
- Click Continue.
- Enter your Branch Transit Number, Account Number and Account Name in the boxes provided.
- Read the terms and conditions, then click Continue.
- To authorize your bank to disclose your bank information to Sage, follow the on-screen instructions.
- Once complete, click Continue to Accounting then go to Banking.
- The bank feed connection shows as Connection Pending on the account tile in Banking until it is authorized by your bank. Once authorized, the account tile will indicate that there are new incoming transactions. The transactions are downloaded from the date of authorization going forward. The bank feed connection cannot download transactions before that date.
While awaiting bank authorization, you can manually import a bank statement to get transactions. However, as soon as the connection is authorized, the statement will be overwritten, and any pending transactions will be replaced with the connected bank feed.
- Go to Banking, and then select Actions, Connect to bank in the lower right-hand corner of the relevant bank account. Within the Connect your Bank window, click the required bank. Or, type your bank's name in the search box provided. Then select your bank when it appears.
- Read the terms and conditions, then click Accept Terms & Conditions.
- When prompted, enter your online banking login credentials, then click OK.
- If your bank uses multi-factor authentication, you may be asked to enter further security details.
- Select the account you want to connect to, then click OK.
- Enter the Start Date you want to download transactions from and click All done!.
- You can normally download transactions from the last 90 days, but this depends on your bank. We’ll attempt to get transactions from the date requested but this is dependent on what your bank allows.
- The process may take several minutes to complete, the tile on the Banking tab will show the current status of the connection. Once connected, your live bank transactions download and appear in Accounting ready for you to process.
Check for new transactions
New transactions are normally downloaded every 24 hours, depending on your bank and will automatically display in the bank account. However, you can also initiate a transaction download for any connected account.
- Go to Banking.
- Locate the tile of the bank account for which you want to download transactions.
- Select <n> Transactions in the lower left-hand corner. If your online banking service uses multi-factor authentication security, you are asked to enter your security details.
- The transactions are downloaded from your bank.
- Match, create, transfer, or discard transactions as needed.
See Working with incoming bank transactions for information on how to match, create, transfer, or discard incoming transactions.
Disconnect a bank feed
- Go to Banking.
- Select Actions, Disconnect bank in the lower right-hand corner of the relevant bank account.
Note: Disconnecting a bank feed does not remove transactions from the bank account.
Reconnect a bank feed
If you disconnected a bank feed and want to reconnect it, follow the steps above. When you reconnect the account, you can choose the previously connected bank from the Existing bank list, or select a different bank.
Sage bank feeds are powered by Yodlee, a certified Payment Cards Industry (PCI) Level 1 Service Provider and a certified EU Privacy Safe Harbor. Yodlee creates the connection between Accounting and your bank account. When creating a new bank feed connection, your online banking credentials are stored in Yodlee, never in Accounting (or Accounting ). For more information, see Yodlee Security.
Banks have different rules regarding the use of third-party aggregation services such as 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.