This article aims to provide a general explanation on how to activate, use, and deactivate Auto Bank Feeds on the Bank Reconciliation screen, including how transactions are downloaded, how statements are named, and how to refresh transactions.
When Auto Bank Feeds is enabled, your bank transactions are downloaded automatically to an open statement and matched where possible, so you only need to review the results. You can still pull transactions manually at any time using Refresh Transactions, as well as manually match transactions. Once Auto Bank Feeds is active, the Download Statement button is no longer displayed.
Activate Auto Bank Feeds
Click Financials then click Cash Book.
Note: All Bank and Petty Cash type nominal accounts are displayed for you. You can narrow down you search using advanced filters. You can also search on the columns directly by pointing the mouse to the name of the column and click on the 3 small horizontal lines icon and choose from the available filter list, then click OK.
Select the checkbox in front of a record you have set up Bank Feeds on.
Note: The Action Panel automatically opens from the right-hand side of the screen.
Click on the Bank Rec tab on the Action Panel and then click on Activate Auto Bank Feeds.
Note: The Activate Auto Bank Feeds button is only displayed when you have an active Bank Feed set up.
Enter a Start Date and an Opening Balance, they are both compulsory fields.
Click Save.
Note: After you have saved on the Bank Feeds screen, the Action Card under the bank Rec tab changes to Deactivate Auto Bank Feeds and the Download Statement Action Card is no longer visible as you have set up the Auto Bank Feeds.
Open Statement and Transaction Downloads
Click on Bank Reconciliation Action Card to open the Bank Reconciliation screen.
Note: You are taken into the Bank Reconciliation screen where the Bank Account prepopulated and the Statement field displays the Open Statement which is created for you by default.
All transactions from the Start Date that you set on the Bank Feeds screen up to the current date are downloaded to the Open Statement.
Click on the Unmatched tab to view the downloaded transactions.
From this point on until you deactivate the Auto Bank Feeds new transactions are downloaded to the Open Statement during the early hours of the morning, so the new bank statement entries are available when you start your day.
Each time you click Activate Auto Bank Feeds, a new default Open Statement is created for you.
Rename the default Open Statement
You cannot change the statement name while the statement is In Progress.
Click Financials then click Cash Book.
Select the checkbox in front of a record you want to deactivate the automatic bank feed for.
Note: The Action Panel automatically opens from the right-hand side of the screen.
Click on the Bank Rec tab on the Action Panel and then click on Deactivate Auto Bank Feeds.
Note: This action closes the statement.
Click on the Bank Reconciliation Action Card and once the screen loads, select the Open Statement from the Statements drop-down field.
Click on the edit button and this allows you to edit the statement.
We recommend tat you rename the the statement to suit your business's naming convention.
Last Updated and Refresh
The Last Updated field shows when the last download took place and you have the option to use the Refresh button with two options:
Option | Description |
Refresh All Transactions | Downloads the latest transactions at any time during the day, rather than waiting for the automatic early morning download. |
Refresh New transactions |
|
Deactivate Auto Bank Feeds
Click Financials then click Cash Book.
Select the checkbox in front of a record you have set up Auto Bank Feeds on.
Note: The Action Panel automatically opens from the right-hand side of the screen.
Click on the Bank Rec tab on the Action Panel and then click on Deactivate Auto Bank Feeds.
Note: The Deactivate Auto Bank Feeds button is only displayed when you have set up Activate Auto Bank Feeds.
A confirmation toast confirms that Auto Bank Feeds has been deactivated successfully.
Click on the Bank Reconciliation Action Card and on the Bank Reconciliation screen, the Open Statement is still displayed and you can rename it once the record is in edit mode.
The Last Updated field changes to Closing Date.
The Refresh button remains available so you can refresh transactions as needed, however the two refresh options are no longer displayed.
Notifications
When your transactions have been downloaded for a specific bank account, a notification shows the number of transactions downloaded and you can proceed to reconcile them.
While Auto Bank Feeds is active, you receive a feed each morning to confirm that transactions have been downloaded.
You can find your Feeds under the Access button.