How to connect a RA company File to Bankdata feeds

Legacy KB ID: 5697

Question

How do setup a Bankdata feed and update my company file with my latest bank transactions?

Applies to:

Reckon Accounts Hosted and Desktop.

Answer

Getting your bank transactions into your company file has a number of steps

1.    Purchase a Bankdata licence on Bankdata.reckon.com

2.    Add bank and credit card accounts on Bankdata.reckon.com

3.    Configuring your company file to accept Bankdata transactions

4.    Download transactions through the Online Banking Centre

5.    Process downloaded Bankdata transactions.  

Detailed Instructions

https://community.reckon.com/reckon/topics/setting-up-reckon-bankdata-for-accounts-business-and-accountshosted-go9vtqeslaki0

 

1.    Apply for BankData Feeds with your Financial Institution

a. https://bankdata.au.reckon.com/BankData/RABankDataSignup.aspx

 

 

b. DO NOT tick that you have purchased Reckon Accounts 2014 or later and don’t have an ID;

c. Enter your Reckon ID:

i.      Hosted users enter your existing Hosted Username and Password;

ii.      Desktop users enter your Reckon customer ID and PIN

d. You can use the one BankData licence to provide bank transactions to more than one company file

e. Transactions can only be downloaded once; and a bank feed can only be linked to  one bank ledger account in whatever company file.

f. Click on Choose Reckon Bank Data Plan:

i.      Lite - up to 100 transactions/month: $3/month

ii.      Medium - up to 250 transactions/month: $5/month

iii.      Advanced -up to 500 transactions/month: $7/month

iv.      Custom - Advanced + $3/month/per 250 transactions

g. Confirm your details and tick the Terms & Conditions

h. Complete the purchase on the online shop. 

 i. You will receive an email with your UserID, username and password.  Hosted users will use their Hosted credentials as all Reckon Online products use the same credentials.

 

 

2.       Nominate bank and credit card accounts to access

a. Login to Bankdata.reckon.com to open the Bank Feed Management screen.

 

  

b. Click on Add Feed and enter basic bank/credit card information from the dropdown options.

c. Choose your Bank from the Direct list, and if your bank is not listed there, find it in the Yodlee list

 

For Direct Feeds

a.  Enter your bank account details and follow the directions to print out a bank authority form.

b.  Sign this form in accordance with your signing authority with bank and send to Reckon at bankdata@reckon.com. (ANZ and Westpace customers will be directed to complete the process on the banks’ websites)

c.  Allow 8 business days to process your application. You’ll get an email from us once we havereceived the first transaction for your account.

d.  Please note that credit card accounts are not accessible by direct feeds (exceptions:  ANZ Business One; Kiwibank)

 

For Yodlee Feeds

a.  Enter your financial institution internet bank login details.  If your institution uses additional security for logins (multi-factor authentication), answer YES in the MFA field

b.  Wait a few minutes as Yodlee verifies your details – and with MFAs, requests entry of the security code

c.  Wait a few more minutes while Yodlee prepares initial transactions information for you – this will be up to 3 months’ worth of transactions

d.  Please note that Yodlee will access all bank accounts or all credit card accounts available on this login.  You only need one Yodlee connection per bank, although you will need separate Yodlee connections for bank accounts and credit card accounts.

e.  Once confirmed you will be able to download and work with your bank transactions immediately.

f.   You will also receive an email confirming this entry and the YodleeID that pertains to this entry which you will use in configuring your company file.

g.  You can view the contents of your BankData Record and their operational status on the Bank Feed Management screen:

i.      Saved – bank or credit card details have been entered;

ii.      Form with Bank –a form has been received and passed onto the bank

iii.      Active – transactions are being received for this account

iv.      Authentication Required:

1.       Either, your password to the bank website has recently been changed and not yet advised to Yodlee;

2.       Or, MFA is in use and needs entry of a security code;

click on the link to re-enter your bank login credentials

v.      Yodlee Error – a technical error has been encountered.  You will not be able to access your accounts until Yodlee has corrected the error.  Try again later.  See the Reckon Community for a status on Interruptions to Yoldee Service:  https://community.reckon.com/reckon/topics/bank-feed-alert

  

3.    Configure the Reckon Accounts hosted data file for BankData Feeds

a.  More details and further explanation can be found on the Reckon Community: https://community.reckon.com/reckon/topics/setting-up-reckon-bankdata-for-accounts-business-and-accounts-hosted-go9vtqeslaki0;

And in this video guide on Youtube ReckonHQ:  https://www.youtube.com/watch?v=3HEF3EfJPVc

b.  Edit > Preferences > Banking > Company Preferences, and tick the box Enable Reckon Bank Data

c.  Enter the BankData User ID (in the format 0123456-1) and BankData Password


 

d.  Update the Online Banking Details of your bank ledger account – Lists > Chart of Accounts > right click to edit account > Online Bank Details TAB. Tick Online Account Access and complete the details from your bank statement (you should use digits only):

For Direct Feeds:

i.      Branch code:  your BSB (digits only

ii.      Account Number:  your bank account number

iii.      APCA:  111111

iv.      Yodlee ID:  leave blank

 

 

For Yodlee Feeds

i.     Branch code:  your BSB or default 012345 even for credit cards

ii.     Account Number:  your credit card number (for corporate accounts this will be your credit card account number)

iii.     APCA:  111111

iv.     Yodlee ID:  8 digit YodleeID quoted on the Bank Feed Management screen

Please refer for the KB5470:  Unique displays for some Bank Account and Credit Card numbers accessed by Yodlee Feeds for exceptions to these rules due to bank preferences for number displays and masking for privacy.


       

 

4.    After configuring Company file Import Bank Data Into Reckon Accounts

a.  More details and further explanation can be found on the Reckon Community: https://community.reckon.com/reckon/topics/setting-up-reckon-bankdata-for-accounts-business-and-accounts-hosted-go9vtqeslaki0;

And in this video guide on Youtube ReckonHQ: https://www.youtube.com/watch?v=Eot49-gg6go

b.  To import Bankdata transactions:

i.      Click on Banking > Online Banking menu > Import BankData

ii.      Select the bank account required

iii.      Enter the date range of transactions required

iv.      Click OK and then on the Transactions Summary screen, Continue

v.      Follow the Reckon Accounts import module prompts

vi.      You will see the downloaded file in the from Bank section.

c.  Highlight the file in the from Bank section and click on View to open the Downloaded Transactions section from where you can add the transactions to your ledger accounts. 

d.  Matched transactions screen now opens for you to Match transactions or Set Transaction Rules

 

5. Reckon Accounts Hosted - Create Transaction Rules

The video below explains how to create transaction rules

https://www.youtube.com/watch?v=cnT1fWxWTxc

Need more help?

Ask the Reckon Community at: https://community.reckon.com/reckon.

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