Enabling Bank and Credit Card Feeds for Reconciliation

• September 29, 2020
• Ashley Klapperick

One year ago, in R3 of 2019, Sage Intacct released the ability to download bank transactions directly from your bank to Sage Intacct’s bank reconciliation. The goal being to allow for soft reconciliations throughout the month thus saving time on reconciling huge amounts of transactions at month end. Throughout the last year this feature has seen many enhancements each quarter. Just a year later with R3 of 2020 Intacct has announced the addition of credit card feeds. In this post we’ll walk through first how to set up the bank feed and second, in case you’ve already enabled the bank feed, how to set up the credit card feed in the US version of Sage Intacct.

Note: If bank feed have already been enabled in your environment, skip to step 4 to enable the credit card feed.

Step 1: Confirm Company Settings

• Navigate to your Company menu and select the Setup tab, click on Company

• Confirm the checkbox for Use ISO country codes is selected on the General Information tab. If not, click Edit and check the box and Save when done.

Step 2: Subscriptions

• Navigate to Company menu, click to open the Admin Tab then click on Subscriptions
• Locate Sage Cloud Services and click on the radio button to ‘Subscribe’.

• Click on the Subscribe button in the pop-up window

• Select Enable bank feeds checkbox in order to enable the bank feeds for checking accounts, saving accounts and credit cards.
• Enter an email address in the Contact for notifications field for the individual in charge of the configuration to receive notifications.

Step 3: Update User Permissions

• Review and update user permissions by navigating to the Company menu, select the Admin tab and click Roles.
• Select Role Assignment next to the role(s) you intend to assign access to bank feeds and review the list of users assigned to the role. This will ensure you’re only assigning access to the appropriate users
• Select Subscriptions next to the role(s) that require access to the bank feeds
• Click Permissions for the Cash Management application
  • Bank Transactions options allow users to receive customer payments and view bank transactions (select List and View)
  • Reconcile Bank options allow the user to match transactions
    • Delete should only be enabled for the administrative user(s)
  • Reconcile Bank options allow the user to complete the reconciliation
    • Select both Reconcile and Report permissions

Step 4: Connect your Checking account(s), Saving account(s) or Credit Card(s)

• Navigate to Cash Management, select the Setup tab and click Checking, Saving or Credit Card depending on which account you wish to connect to bank feeds

• From the list view click Edit next to the account which you would like to add bank feeds
• Select the Banking cloud tab and click Connect
  • If you are adding a new bank account you will need to save the account and edit in order for the Banking Cloud tab to appear

• Choose from one of the popular banks listed or search for your banking institution
• Select your bank institution once found

• Review the items needed in order to complete your connection and Agree to the Terms and Conditions then click Continue

• Enter your banking credentials used to sign in to your bank account online (user name and password)
• Once signed in select the bank account you want to connect
  • If you have multiple accounts at a bank make sure you select the appropriate account based on the account type you selected above
  • See Bank Specific Notes section below
• Enter the Start Date in which you would like to import transactions – this can only be chosen once
  • Intacct recommends importing within the last 30 days to guarantee all your transactions are successfully brought over
  • Check the date of your last reconciliation so you don’t bring over transactions which have already been reconciled in Sage Intacct.

• Click Finish
• You will return to the Banking Cloud tab. Ensure the account you are attempting to connect is correct, and click Confirm

• Note: The Status may display as Pending confirmation for a period of time until your bank confirms the connection

Bank Specific Notes:

• Some banks may require you to download a form granting permission to release banking information to Intacct
• Some banks require multi-factor authorization at each sign in, you will need to verify your credentials within the Banking cloud tab and sign into the account before downloading transactions
  • Your bank account will display a status of ‘Auth required’ if you need to verify credentials
• If your bank isn’t listed as one of the popular banks, and you are not able to locate it in a search, you can request that it be added.
  • Follow these steps to submit a request for your bank to be added
    • During the search if you receive a note stating no results were found in a dropdown menu
    • From that dropdown, click Tell us about it

• Enter in your Bank Name, Account Type (optional) and Bank URL (optional) then click Submit

In our next Sage Intacct Blog we will explain how to work with Bank Feeds now that you have them setup. If you have questions about this new feature, please contact us or reach out to our support team and intacct@claconnect.com

Tags: Bank Feed, Credit Card Feed, Sage Cloud Services, Cash Management, Integrations, New Releases and Updates | 1 Comment »