How to switch the ownership of a bank feed

Legacy KB ID: 5664

Question

My accountant helped me set up my book and bank feeds. Bank accounts have been requested and I have been advised there are transactions to download. When I go to Bank Connections to link my bank feeds to a ledger account, there are no feeds for linking. My Accountant can see the bank feeds for linking.

Applies to.

Reckon One Users who want to switch the ownership and control of a direct bank feed from one user to the owner of the bank accounts.

Answer

When you request a connection to bank accounts, a BankData record is created in the name of the logged on user. That user is the owner of the BankData record that will contain the bank feeds for the bank accounts, and only they can link the bank feeds of this BankData record to bank ledger accounts in a Book.

Owners of the bank accounts should make the request to connect these accounts to BankData so a BankData record is created in their username and that they maintain control of how their bank account information is used.

Transfer the direct bank feed from the first requestor of the bank accounts to the true owner.

Detailed Steps:
  1. Current owner of the bank feeds to unlink the bank feeds from their ledger accounts in Banking > Bank Connections.

    If transactions have been downloaded to Transactions from Bank, then process them before unlinking.
  2. Current owner to instruct bankdata@reckon.com by email from their registered email address, to transfer the bank accounts to the true owner’s Reckon Account (sign-in email address, username or Reckon Customer ID (0123456-1)).
  3. The true owner of the bank accounts to log into their book;
    • Go to Banking > Bank Connections > Connect an Account
    • Click Add Feed and request the same bank accounts
    • Ignore directions to download a bank authority form
      (ANZ and WBC accounts – ignore directions to go to the website)
    • Let bankdata@reckon.com know these steps have been completed.
  4. Reckon to switch the bank feeds from the current owner to the true owner and will inform both parties when complete.
  5. True owner can now link the bank feeds to bank ledger accounts in Banking > Bank Connections.
  6. Go to cogwheel > Settings > General > Book Settings, and in the BankData retrieve last field, adjust the number of days not to exceed the day of the last downloaded transaction by the original owner
  7. Original owner can cancel the bank accounts in their Bankdata record:
    • Go to Banking > Bank Connections > Connect an Account
    • On the bank account line, click the Trash Can at the end of the line
    • Repeat for each bank account involved.
Additional Information:
For Yodlee feeds the true owner can create a new Yodlee connection. The original owner unlinks their feed and the true owner can then link to their Yodlee feed. As the new connection will give you 3 months of past transactions, adjust the Bankdata retrieve last field to capture only from the date of the last reconciliation to avoid duplication.

Need more help?
Ask the Reckon Community at: https://community.reckon.com/reckon.

How did we do?

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