How to setup Bank Feeds for Australia and New Zealand

A guide on the setup process for bank feeds for bank account and credit card transactions in Australia and New Zealand

Introduction

Accountability has developed an integration with Basiq, an Open Banking API Platform, to automate the feed of bank and credit card transactions from Australian and New Zealand Banks.

The integration will allow clients to use two functions in the system that facilitate processing i.e.

• the Bank Reconciliation matching function, allowing the matching of bank entries processed in the system with direct feed of transactions from the bank; and
• Corporate Credit Card function, allowing Corporate Credit Card holders to process and submit their credit cards

Setting up the Bank Feeds

There are a couple of steps involved in setting up the bank feed i.e.

1. Creating the API integration via Basiq
2. Connecting your specific Bank/Credit Card accounts to the relevant bank feeds

Creating the API integration via Basiq

• Go to Setup Files/Setup Options and click on the link “API Integrations”

• In the next screen click on “Basiq Banking System Tokens”

• Click on CREATE A NEW TOKEN
• This will open up the Basiq integration screen
• NB Basiq will allow you to connect with any ANZ Bank or financial institution that allows Open Banking data feeds to be established

• Click Approve to consent to proceed
• The next screen will display the list of Australia and New Zealand Banks that are available to create integrations with

• Click on the relevant Bank/Financial Institution’s Logo
• In the example below I have clicked on the Westpac logo, which then opens up a portal to Westpac
• Enter the details as requested in this example my Customer ID and a mobile number for Westpac to send an SMS code
• Enter the SMS code after you receive it
• Click Next
• The next screen should then display your account profiles – see below
• Your banking credentials will govern which specific accounts and access rights you have.
• If you are not be able to view all your banking profiles then it likely means that there is an issue with your profile or access rights
• Your bank may separately require you to complete written authorization to establish bank feeds and even set the appropriate acknowledgement on your online banking site;
• If you have any issues with your profile or access rights we recommend you contact your bank representative

• Click on the relevant profile
• Nominate the specific accounts you wish to link for bank feed
• Click Next and a message should appear confirming that the link has been successfully created

Connecting your specific Bank/Credit Card accounts to the relevant bank feeds

Once you have successfully created the banking tokens you will need to connect the bank account/s and or credit cards to these account feeds

Bank Accounts

Open up the relevant GL account for the bank account from the Accounting/General Ledger/General Ledger Accounts menu

The next day you should see 2 text boxes appear i.e.

• INTEGRATION BANK ACCOUNT with a drop down menu displaying the various bank accounts you have linked; and
• INTEGRATION START DATE, where you can set the date for the data flow to commence

Once they do select the relevant Integration Bank Account and integration date from the drop down menus

• NB the actual bank feed will take a day or two to flow through

Credit Cards

• You will need to create a Credit Card Holder for each of the Credit Cards
• This is done from the Manage/Manage Credit Cards menu, by clicking on the link “Credit Card Holder” and then CREATE A NEW CREDIT CARD HOLDER
• Enter the relevant detail including the CARD HOLDER NAME, CARD HOLDER NUMBER (which you should mask), CARD TYPE, MASTER SUPPLIER, EMPLOYEE AND CURRENCY
• The next day you should see 3 text boxes appear i.e.
• INTEGRATION BANK ACCOUNT with a drop down menu displaying the various bank accounts you have linked and
• ACCOUNT OWNER with a drop down menu displaying the various credit cards you have linked
• INTEGRATION START DATE, where you can set the date for the data flow to commence

Once they do select the relevant Integration Bank Account, Account Owner and Integration Start Date from the drop down menus

• NB the actual bank feed will take a day or 2 to flow through

How do I know if the bank feed transactions are working?

For Bank Transactions

• Go to the Bank Rec screen i.e. Accounting/General Ledger/Bank Reconciliation
• Select a GL Bank Account that has direct feed set up
• Click on PRESENT
• If this takes you to a screen similar to below then you will know that the bank feed is working, unless you have previously imported bank statement transactions in which case the PRESENT screen will also display this way
• In any case you can check that bank transactions have been fed through as these will display on the right side of the screen
• On the left side, the transactions that you have processed through the GL Bank account i.e. Payments, Receipts and Journals will display
• This screen facilitates your bank reconciliation by allowing you to match items on the left against those on the right

For Credit Cards

There are 2 ways of checking

1. Go to the Manage/Credit Cards screen. Credit transactions fed into the system will appear on this screen – refer grab below
2. If the User, who is set as a Credit Card holder, logs in and navigates to their My Corporate Credit Card screen they will see credit Card transactions on this screen