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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

1. 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

2. 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

3. Navigate to SET UP FILES > Company Settings

4. Click the "API Integrations" hyperlink

5. Select "Basiq Banking System" from the list of integrations

6. Click New Token. This will open up the Basiq integration screen.

7. 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.

8. 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.

9. In this example, NAB was chosen, which then opens up a portal to NAB.

10. - Enter the details as requested. In this example, the NAB ID is used to send a security code to your phone number.

  • Enter the security code after you receive it.
  • Click Next.
  • The next screen should then display your account profiles.
  • Your banking credentials will govern which specific accounts and access rights you have.
  • If you are not 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 acknowledgment 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.

11. 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

12. Open up the relevant GL account for the bank account by navigating to 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

13. 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.

14. Click the Credit Card Holder hyperlink

15. Click New Credit Card Holder

16. Enter the relevant detail including the CARD HOLDER NAME, CARD HOLDER NUMBER (which you should mask), CARD TYPE, MASTER SUPPLIER, EMPLOYEE AND CURRENCY

17. The next day you should see 3 text boxes appear:

  • 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

Tip: 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.

Tip: 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