Set up Sage bank feeds

Sage bank feeds is a free secure service that you can use to download your bank transactions to Sage 200cloud, to help you reconcile your bank account.

This reduces the time that you spend reconciling your bank transactions, and ensures your accounts are up to date and accurate.

How it works

Sage bank feeds connects to your bank and downloads details of the transactions from your bank account into Sage 200cloud.

Once downloaded, you can match them to the existing transactions in Sage 200cloud, or create new transactions in Sage 200cloud if something is missing. This means that transactions in your live bank account are reflected in Sage 200cloud. Sage 200cloud will remember which transactions you have matched, ready for your next bank reconciliation.

Changes for Open Banking

Open Banking (PSD2) is a new secure way for you to share financial information from your bank with companies like Sage that offer banking and payment apps, and is designed to give you greater control over your financial data.

These changes come into effect on 5 March 2020 and to comply with the new standards, connections between some banks and Sage will change.

To check how this affects your bank, see Open Banking (PSD2) checker.

Before you start

It's easy to set up Sage bank feeds, but before you start there are a few things you will need to do.

Enable Sage bank feeds

You can't set up Sage bank feeds for a cash book account if:

  • The cash book account already uses Supplier Payments (Sage Salary and Supplier Payments).

  • The cash book account is set up for reconciliation using e-Banking, with E-Banking functions set to either Bank reconciliation only or Both payments and bank reconciliation.

    You can still use e-Banking to generate payments for suppliers, if E-Banking functions is set to Payments.

  1. Choose the cash book account that you want to set up for Sage bank feeds.

    Open Cash Book > Create & Amend Accounts > Amend Bank Account Details, or select the account from the Bank Account List and click Amend Account.

    Note: To enable Sage bank feeds, you must have user access to amend the cash book account. See User access for Sage bank feeds.

  2. Move to the E-Banking tab.
  3. In the Sage Bank Feeds section, select Enable.

    Note: You can't set up Sage bank feeds for a cash book account that already uses Supplier Payments (Sage Salary and Supplier Payments).

  4. Follow the steps in the wizard. This is where you enter the details of your bank account.

  5. When you've finished, you will need to download a form to print and complete. This authorises Sage Bank feeds to connect with your bank account. You can either:

    • Post the form to the address listed in the form, which may be to your bank or Sage.
    • Fax the form to the number provided in the form, which is a secure electronic fax mailbox.

    Tip: If you forget where you saved the form, the PDF file is saved in the Attachments tab for this cash book account.

  6. Wait a few days for your bank to receive and process your request, then come back to check the status of your bank account.

    Once your bank has authorised your application, the status will change from Pending to Active and you can start using Sage bank feeds to download transactions.

User access for Sage bank feeds

You may want to control user access for who can set up a bank account, and who can reconcile transactions.

Note: If the user is an Administrator, they will already have access to all features.

Open: Settings > Organisational and Financial > User Access.

  1. Select the user that you want to give access.

  2. To allow a user to enable Sage bank feeds, ensure that they have access to:

    Cash Book > Advanced > Amend Cash Book Account Details

  3. To allow a user to download and reconcile transactions, ensure that they have access to:

    Cash Book > Advanced > Amend Cash Book Account Details

    Cash Book > Advanced > Bank Feeds Download Transactions

    Cash Book > Advanced > Bank Feeds Reconciliation

Set up bank feeds rules

Bank feeds rules help make data entry and bank reconciliation even easier.

When you reconcile your bank transactions, if the downloaded bank transaction is missing from Sage 200cloud, you have to create these transactions in Sage 200cloud.

You can use bank feeds rules to automatically create transactions in Sage 200cloud for your bank transactions that you download from Sage bank feeds. This saves you time entering transactions, and helps you reconcile your bank accounts more efficiently and reduce errors.

Bank feeds rules look for certain details in the downloaded bank transaction, and then create the matching transaction in Sage 200cloud. For example, if you make regular payments to a particular supplier, you could set up a rule to that matches that supplier's name as it appears in your bank transactions, and then create a corresponding payment to that supplier account in Sage 200cloud.

When you download bank transactions from Sage bank feeds, your bank feeds rules check all the bank transactions, and then create any corresponding transactions in Sage 200cloud.

Bank feeds rules can be set up to create customer receipts and payments, supplier payments and receipts, and nominal transactions.

See Bank feeds rules.

Troubleshooting

Migrate Sage bank feeds from Sage 50cloud Accounts

If you have previously used Sage bank feeds in Sage 50cloud Accounts, you can migrate your account to Sage 200cloud.

Note: If you have already set up bank feeds Sage 200cloud, this will be replaced with the account details that you used for Sage 50cloud Accounts.

  1. When you migrate bank feeds from Sage 50cloud Accounts:

    • You will download and save a migration key file (*.json).
    • You will choose a password for the migration key.
  2. In Sage 200cloud:

    Open: Settings > Cash Book / Nominal Ledger > Cash Book Settings.

    1. In the Migrate Sage Bank Feeds section, enter your migration key Password.

    2. Select Migrate, and browse to the migration key file (*.json) that you created from Sage 50cloud Accounts.