Bank Feeds

How to set up and use bank feeds (open banking)

Written By Rebecca Plumb (Super Administrator)

Updated at February 1st, 2022

Introduction

AccountsIQ Bank Feeds allow you to automatically import bank statement lines from your bank or financial institution to AccountsIQ, removing the need to download and import statements manually. Once a bank feed connection (consent) has been made between your bank and AccountsIQ, bank statement lines are imported up to four times a day, ensuring that you will always have up-to-date bank information in AccountsIQ.

Bank Consents need to be renewed every 90 days to comply with Open Banking Standards.

It is easy to set up bank feeds, all you need is your internet banking details. 

If your bank does not currently have a feed, you can continue to download your statement and manually import this.


Setting up Bank Feeds

In order to automatically import bank statement lines to AccountsIQ, you need to create a consent with your bank and link this to one or more Bank Account codes in AIQ.

To create a new consent, go to Bank>Bank Feeds Setup>Connect Bank Feeds

 Click on Connect Feed and follow the onscreen instructions to securely connect to your bank using Plaid (see FAQ's for more information on data sharing and security with Plaid)
Once you have selected your institution, you will be directed to authenticate your credentials with your institution.

Finally, you will be redirected to AccountsIQ to link the bank accounts for this consent to Bank Accounts set up in AccountsIQ
Enter the synchronise from Date 
  • this should be the date that you want to start importing statement lines from
  • the date can be adjusted once the consent has been set up if needed
  • you can select a date up to 12 months ago

Bank Feeds must be renewed every 90 days to keep your data safe and to comply with Open Banking regulations.
You can view all of your consents and their status from Bank>Bank Feeds Setup
You will see a warning 1 week before a consent is due to expire, you can renew or revoke consents at anytime.
If you hold more than one bank account with a particular institution, you can create a single consent which will cover all accounts held with that institution (this will cut down on the amount of consents you need to renew).
  • You will only be able to create consents for accounts that you have online banking access to
  • Certain banks may have rules over the number of consents that can be created and /or the number of users who can create consents.

Using Bank Feeds

Once you have created a consent for a bank account, to view the imported statement lines, click on Import Bank Statement, and select the bank account from the dropdown list.

Bank feeds import all bank statement lines from linked accounts four times a day. You can also click on "Synchronise Transactions" at any point to refresh the feed (for example if you want to start using a feed straight away after creating the consent).

The feed will now refresh automatically until the consent expires or is revoked.
You can use Bank matching rules and suggested Auto postings to match all of your imported transaction lines to posted transactions and then Reconcile the bank as required.

See the linked articles for more information on bank matching and reconciliation.

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Revoking a Bank Feed

If you want to revoke a bank feed to stop importing transaction lines automatically, go to Bank>Bank Feeds Setup and find the relevant consent in the list and click on Actions>Revoke Consent 


Please note, that if the consent applies to more than one bank account, all bank feeds for the consent will be revoked. If you want to keep some bank feeds, you will need to recreate new consents for these accounts. 


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Renewing a Bank Feed

Consents for Bank Feeds expire every 90 days, this is to keep your data safe and to comply with Open Banking regulations.

You can check the status of all bank feeds from the Bank List or from the Bank Feeds Setup screen


You will see a warning when consents are due to expire in the next 7 days.
When a consent is due to expire, you can renew the consent by clicking Actions>Renew Consent.
You can also renew the consent at any time from Actions>Revoke Consent and creating a new consent from Connect Bank Feeds.
Al full history of all consents can be viewed from Bank>Bank Feeds Setup. A number of filters have been set up to help you view and manage your consents.

You can download a consent activity log, from Actions>Download Activity Log. This shows the details of the feed and also transactions imported.

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FAQ's

How do I know my bank account details are safe?

AccountsIQ have partnered with Plaid to provide the technology that enables consumers to connect payment accounts and other financial accounts to our accounting software. Plaid is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Reference Number: 804718) for the provision of payment services.  listed on the Open Banking directory. Find out more about Plaid and Account Information Services here