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Sage Bank Feeds

One of the amazing new features of Sage 50c accounts is the Sage Bank Feeds functionality.

Those of you who are long terms users of Sage 50 will be aware that a few years ago, Sage aligned themselves with Yodlee to bring in external bank feeds, but this has not been used by many customers.  Making the functionality internal to the Sage 50 software makes this a much more streamline solution that we want to sing about.

Sage have announced that Lloyds TSB are now part of the new scheme – joining RBS, Nat West and Cashplus.  Other banks are expected to join in the near future, and the interfaces to the banks are being filtered through by Sage as they are released.

There is a registration process to go through before you can use them, but simply click on the Bank Feeds wizard to begin the routine.

Simply put, once set up, when you press the Bank Feeds button, you get a screen similar to a Bank Reconciliation screen.  On the left side of the screen there are new transactions in your actual bank account and on the right side the transactions already in your Sage bank account.  If there are transactions on both sides that match you can select them and match them off.  Similarly, if there are transactions from the bank that are not yet in your Sage, you can choose to create them.

Once you are happy, you can confirm the matches, knowing your Bank Reconciliation will be a doddle!

STOP PRESS!!!

New to Version 24: Bank Feed Rules.

Set up rules to automate the process of creating new transactions. For example, if a transaction with a certain reference for a certain amount comes in, you can configure it to allocate the it to a specific customer, add custom text to the transaction, put it to a specific project; that kind of thing.  Next time a transaction matching your criteria comes into the system, this rule will be applied.  You can choose to review the transaction before it is posted if you wish, and rules can easily be deleted should you no longer need them.

Bank Feeds will be covered in more detail AT OUR WORKSHOP on 27th September, so come along or contact us to find out more…

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