Bank Feeds

Accounting and Accounting Partner Edition could automatically import transactions from bank accounts. There are two ways to link bank accounts with Accounting:

1. Yodlee Bank Feeds (No extra charge)
Transactional data may be automatically sync into your company file by linking your internet banking details.

2. SISS Direct Bank Feeds ($7 per month per entity)
Using direct feeds require signed authority forms to allow banks to directly send transactions through to Sage Accounting (not via internet banking).

Differences between SISS and Yodlee bank feeds:

SISS Yodlee
Costs $7 per month per entity, no transaction limit No extra charge, already included in subscription charge
Method Used Data file import - The banks provide SISS with the list of transactions, SISS validates the file and our program uploads the file every midnight. Screen scrapping – Clients provide Yodlee their internet banking credentials. Yodlee then logs into the client’s internet banking, take a screenshot and convert the image to transaction data.
Refresh Frequency 24 hours (transactions processed over the weekend will not be available until the following Monday) 3 – 5 business days (transactions will be refreshed when you and any invited user log in each day and once per day)
Accounts not supported Credit Cards, Loan/Mortgages, Trusts Loan/Mortgages
How to Set Up Bank feed starts when the bank approves the application so it cannot back date transaction imports. Users can backdate to the most recent 90 days from the activation date.
Restrictions Must allocate SISS module licenses before proceeding to the bank feed set up the process. Users need log in at least once every 30 days to trigger auto-refresh.

To set up Yodlee bank feeds:

  • 1. Go to Banking … Transactions … Manage Bank Feeds.
  • 2. Select or search for your bank, and click Next:
  • 3. Choose Bank Feed – Free Services and click Next:
  • 4. Select the relevant account type (Cheque/Savings or Credit Card), enter your internet banking login credentials, and accept Terms and Conditions. Please note that the labels and login details required vary from bank to bank. The example above does not apply to other banks.)
  • 5. Click Next

The first connection may take up to 5 minutes to connect, depending on the numbers of accounts available under this internet banking login.

You will be prompted to link your internet banking accounts to the relevant bank accounts.

You could either create a new bank account or link it to the existing account.
Only link the bank accounts you wish to sync. You do not need to link every single account that has shown up.

  • 6. Click Next.
  • 7. Enter the date you wish to start the transactions import and hit Next to complete the setup.

Sage can import up to 90 days of historical bank transactions during your first setup. Each consecutive refresh can go back 30 days.

As mentioned above, it’s recommended to log into your company file at least once every 30 days to trigger the auto-refresh.

To set up SISS bank feeds:

  • 1. Go to Banking … Transactions … Manage Bank Feeds.
  • 2. Select or search for your bank, and click Next:
  • 3. Select SISS Bank Feeds – Paid for Service and hit Next.
  • 4. To continue setting up a direct feed, you must sign and submit a General Data Authority form.

This downloaded form and the Bank Authority form in step 8 will need to be completed and signed. Both original copies must be sent directly to SISS Data Services (address on form).

  • 5. After you have downloaded the form, click Next.
  • 6. Click Next.
  • 7. Enter the information to set up your direct feed in the sequence shown the following screen:

1. In the Account Holder field, enter the business name of the account holder.
2. In the Account Name field enter bank account name as you would like to see it on Balance Sheet, or select an existing bank account from the general ledger by selecting ‘Choose an existing Bank account.’
3. Click on the Add Bank Account button, enter your account details and click Save.

Please do not leave spaces and dash lines between the account number and BSB.

  • 8. Click on the Submit Bank Authority Form button to download the form:

Please fill out the form and return the signed Bank Authority Form, along with the General Data Authorisation form in Step 4, to SISS Data Services.

ANZ and Westpac users are not required to print and sign the paper Bank Authority Form for SISS bank feed activation, as the authorisation process needs to be completed via Internet Banking platform.

Detail instructions for online authorisation will be automatically downloaded in a PDF format when you hit Submit Bank Authority Form button.

However, if you don’t use Internet Banking, please contact support support@accounting.sageone.com.au and request a Bank Authority form.

  • 9. Click on Complete Setup to complete the set-up process. Failure to do so will result in delays due to an incomplete setup.

The set-up process is completed only after you get to the Step 5 screen below:

What Now?

  • Your first bank feed refresh could take between 7-10 business working days from the date you submit your Bank Feeds Authority Forms to SISS Data Services
  • Before your bank feed starts you can manually import your bank statement transactions, note that direct bank feeds will not import historical bank statement transactions
  • Once your bank feeds are authorized and available they will automatically refresh every day (no login required)
  • To view the status of your bank feeds, view the Banking widget or add the Banks and Credit Cards widget to your Dashboard
  • To manage your bank feeds go to Banking … Transactions and choose Manage Bank Feeds

Tracking the progress for your SISS Bank Feeds:

Status Progress Action Required
Awaiting Signed Bank Authority Form Direct Feeds has been set up and awaiting SISS to receive the application forms. N/A
Authorization in Progress SISS has received the authority forms and authorisation in progress. N/A
Active Your feeds are now active. Transactions will be automatically updated on a daily basis. N/A
Authority Form Rejected The bank has rejected your authority form. Please check if your account is active and if the signature is matching. Contact support via support@accounting.sageone.com.au or call on 02 8115 6300