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Open Banking - Manually enter and reconcile bank transactions

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Summary

How to manually enter and reconcile your bank transactions.

Description

The Payment Services Directive 2 (PSD2), often referred to as Open Banking, took effect on 14 September 2019 and is changing the way some banks connect with accounting software across the UK and Ireland.

There are a small number of banks and financial institutions that don’t yet have new Open Banking connections ready. To find out if your bank feed is available, visit www.sage.com/openbanking

If a bank feed isn't available for your bank by 5 March 2020, the existing Bank feed connection in Sage 50 Accounts will stop working.

Resolution

Manually enter bank transactions

Until a bank feed becomes available, we recommend you enter your bank transactions manually. It's easy to do and you can enter multiple transactions at the same time. You can find out more in the following articles:

Alternatively, if you can export bank transactions from your online banking as either a csv file or an Excel file, you can import them into Sage 50 Accounts as audit trail transactions. Read more >


Reconcile bank transactions

Once you've entered all your bank transactions for a period, to reconcile the transactions we recommend printing your bank statement from your online banking and then matching the transactions using the Reconcile option within Bank Accounts. Read more >