Sage have introduced Bank Feeds to Sage 50, with the feed data being provided by a third party, Yodlee Inc. This is the same company who provide bank feeds for Xero. To learn more about bank feeds then take a look at the Sage help page about Using the bank and online banking.
Setting Up Bank Feeds
Before you start to set up your bank feeds, make sure you have your Sage Account number, which appears on any invoices you may have had from Sage, and your software Serial Number, which you can find by clicking Help-> About in the software. You cannot access this screen once you have started the set up process without closing the window and re starting ( as I discovered when I tried it!)
To set up bank feeds for the first time first go to the Bank area of the software and click on the Bank Feeds icon, which is between the Activity and Reconcile Icons in the top menu bar. The following window will open.
When you click Let’s Get Started you will then need need to log into Sage with your Sage ID, which allows you to access all your Sage Services with a single username. If you have not yet set up a Sage ID then you may need to set one up.
You then need to give permission for the bank feeds to connect to your data to continue. The following screen asks for your Sage Account number and serial number, which you will hopefully have already made a note of before starting the proces. This allows you to register for Bank Feeds.
Select you Bank Account by choosing Add in the bank account window, and start to type your bank name. You should be able to choose your bank account from the list given. If your bank account doesn’t appear on the drop down list then click Search > select your bank from the Matching Results list.
Enter your bank login details then Add> Close.
Select the Bank account window, select the account you want to use then . OK > Close.
What Next ?
You should now be able to download your bank transactions into Sage 50 every 15 minutes. Go to Bank Accounts > select your bank account > Bank Feeds and download your transactions. You can enter the date of the earliest transaction you want to download , which we recommend to be the day after your last bank reconciliation completed in Sage.
The transactions will then download and appear in the Transactions from your bank pane. You can now see your live transactions alongside those you have posted in Sage 50 Accounts. You can match the existing transactions and if required create new ones.
Need more support?
Sage have a comprehensive online help file with more advice if you encounter problems, or you could arrange remote hand holding training with myself via Skype to help you make the most of this exciting new feature in Sage 50. Just get in touch for more details.