What is a Bank Feed & How to Set Up for Every Bank Account
The Complete Guide to Automating Your Financial Data
A bank feed automatically imports your bank transactions into accounting software, saving 5-10 hours per month on manual data entry while reducing errors by up to 90%.
What is a Bank Feed?
A bank feed is a secure connection between your bank account and accounting software that automatically imports and categorizes transactions in real-time.
Key Benefits:
- Time savings: Eliminates manual data entry
- Accuracy: Reduces human error in transaction recording
- Real-time data: Always see your current financial position
- Reconciliation: Automatically matches transactions
- Fraud detection: Spot unusual activity immediately
Types of Bank Feeds
1. Direct Feeds (Open Banking)
- Secure API connection through Open Banking
- Transactions update multiple times daily
- No need to share login credentials
- Available for most major UK banks
2. Manual File Uploads
- Download statements as CSV/QIF/OFX files
- Upload to your accounting software
- Useful for banks without direct feeds
3. Screen Scraping (Legacy)
- Software logs into online banking
- Scrapes transaction data
- Being phased out due to security concerns
How to Set Up Bank Feeds
Before You Start: Ensure you have online banking set up and admin access to your accounting software.
Step-by-Step Setup Guide
- Log in to your accounting software (Xero, QuickBooks, etc.)
- Navigate to the bank feeds section
- Select your bank from the list
- Authenticate through Open Banking or enter credentials
- Choose which accounts to connect
- Set your preferred sync frequency
- Review and confirm permissions
Bank-Specific Setup Instructions
Uses Open Banking. Requires mobile app authentication during setup.
Direct feed available. May require one-time passcode from your mobile device.
Full Open Banking support. Setup takes under 2 minutes.
Requires enrollment in Connected Services before connecting.
Uses Open Banking with 90-day reauthentication required.
Direct feed available through most accounting platforms.
Troubleshooting Common Issues
Feed Not Updating
- Check your bank’s outage notifications
- Reauthenticate the connection
- Verify your accounting software is up-to-date
Missing Transactions
- Confirm the date range in your settings
- Check for duplicate transactions
- Verify the account was properly linked
Connection Errors
- Clear your browser cache and cookies
- Try a different browser
- Contact your bank’s technical support
Need Help Setting Up Your Bank Feeds?
Our accounting experts can configure all your bank connections and train your team on best practices.
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