- 08 Nov 2023
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How to Set Up Bankfeed?
- Updated on 08 Nov 2023
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Bankfeed has an Assisted Setup, which will help users to make the main setup and to connect bank accounts by themselves. By using it, the user does not have to open several different BC setup pages, or create account in external webpages, everything can be done in one setup form.
If more complicated setup will be needed or some modifications after assisted setup, in this manual all setup pages will be explained in detail.
There is also part of the setup called recognition setup, which are used for identifying clients and documents, which have to be made manually.
How to Set up Bankfeed and Connect Bank Accounts?
Right after Bankfeed installation to Business Central you will be prompted to fill the Assisted Setup.
First you get a welcome message, click Next.
In this page you must select what journal you want to use for statement import in Journal Type field. Selections are General Journal, or Payment Reconciliation Journal.
If you select Payment Reconciliation, you do not need to select anything, click Next. If you select General Journal, you must select Journal Template Name too. Also select if you want to import all bank statement transaction, or do you want to Skip Vendor payments.
Click Next.
Bankfeed Setup is done and ready to use.
Click Finish.
After it, connection of Bank accounts starts.
Click Next.
If you are connecting for the first time, Do you have a login? Should remain unmarked.
Fill in the information in fields E-Mail, Password, First Name, Last Name.
- It is recommended to use general company email for account, as only one account per company can be created.
- Password must fit all the security requirements:
If you are connected for the second time, you should mark Do you have a login? And enter your E-Mail and Password you have entered for the first time.
When you have filled all the information click Next.
In this page you can see your company information from Company information page. If its empty, please fill and click Next.
In this step you have to select the bank you want to connect to. Open the bank list.
Select the Bank and click Ok.
Click Next.
If the connected bank accounts are multi-currency accounts, select Multi-currency Account.
If this setup is set for a bank account, the bank statements of this account containing transactions in different currencies will be split into separate statements, which means that for each currency, a separate bank account card in BC will be required. Therefore, accounts that are not multicurrency, but have the possibility to perform transactions in different currencies, do not need to have this setup set (e.g. a bank account with one IBAN and one base currency EUR).
Select bank statement Bank statement for. It means for which period you want to get bank statements from the bank (Yesterday, Last Month, Period, Today). If you select Period, additionally you have to enter Request Frequency and No. of Days (for how many days bank statement should be formed).
Click Next.
Further get through bank connection process, confirm, and agree to access bank information needed for connection.
When bank is connected, we get Well done! message. Click Finish.
If you want to connect one more bank account, please repeat the same steps.
If you couldn’t fill the Assisted setup immediately after installation, you can always open Assisted setup later.
It can be found in Accountant Role center Your Checklist area (if its visible).
Or it can be found using Search.
How to connect more bank accounts to Bankfeed or to reconnect it?
If you need to connect more banks or to reconnect existing connections, go to Search.
Enter "Assisted Setup".
Find Set up Bankfeed Connection assisted setup and run it.
If its not the first time you run assisted setup Set up Bankfeed Connection, you will skip Bankfeed setup part and will go directly to Bank accounts connection part.
Click Next.
Click Next.
Select the Country Code (if needed) and Bank Name. Click Next.
Select Bank Statement for and Mark Multi-currency Account if needed. Click Next.
Proceed with bank authorization and then it's Done click Finished.
How to make Recognition Set up?
For client and document identification Recognition set up is used. In this manual you will find all set up in detail which are used for recognition.
Document recognition setup (Bankfeed)
The system can extract and identify the specified document numbers from transaction "Message to recipient" field. But to do this, it is needed to describe document recognition rules. For this purpose, we use text recognition formulas described in Regex (Regular Expression Language).
After identifying the most frequent variants of document numbers in the field "Message to recipient", we use Regex templates in the Document Recognition Setup (Bankfeed).
More about Regex Regular Expression Language - Quick Reference | Microsoft Docs.
The fields Transaction domain code and Transaction subfamily code, Credit/debit indicator contain the values that are specified in the XML files of the bank statement for specific transactions. This allows us to describe different text recognition formulas for different transactions.
Field | Description |
---|---|
Document Type | Specify the type of document the system should search according to the recognized text. |
Gen.Jnl. – Doc.No.Field No.,Validate Gen.Jnl. Doc.No. | Fields are used for integration with other products |
Cust.L.E. – Doc.No. Field No. | Here you can select which document No. should be used for matching. Usually used 6 – Document No, 63 – External Document No.. If it’s 0, no documents will be searched in these entries. |
Vend.L.E. – Doc.No. Field No. | Here you can select which document No. should be used for matching. Usually used 6 – Document No, 63 – External Document No.. If it’s 0, no documents will be searched in these entries. |
If we are unsure whether we are using the correct text recognition formula, we can stand on a specific line and at the bottom field „Input“ enter the desired text and then see if we get the desired result in the "Result" field.
Bank Charge Recognition Setup (Bankfeed)
This setup table is used for bank transaction where we receive the amount with the bank charges deducted instead of the full amount, or pay to vendors and bank transfers amount which is increased in bank charges amount. Using this setup Bankfeed is be able to automatically deduct/increase the amount of bank charges and redirect it to the specified G/L account and apply the full amount of customer‘s/vendor's debt.
Regex templates are used to describe the setup, similarly to the Document Recognition settings (Bankfeed).
Field | Description |
---|---|
Transaction Domain Code | Specify the domain code of the statement line. You can also leave it blank, in which case it will be applied to all possible domain codes. |
Transaction Subfamily Code | Specify the subfamily code of the statement line. You can also leave it blank, in which case it will be applied to all possible subfamily codes. |
Credit/Debit Indicator | Specify the Credit/Debit indicator for the statement lines. |
Amount Pattern/Amount Format | Specify the Regex template of a specific line to parse the text and deduct the charges amount |
Recognized Amount Type | Choose the amount which is included in the "Message to recipient" line. The options are: |
• Amount including Charge – is used when the amount which is transferred is visible in the "Message to recipient" text before the charges are deducted. | |
• Charge Only – used when the amount of deducted charges from the transfer amount is visible in the "Message to recipient". | |
• Amount excluding Charge - is used when in "Message to recipient" text is seen the transfer after deduction of charges. | |
Recognized Account Type | Specify the type of account to which the amount of bank charges should be directed. |
Below are some examples of what settings could be made for which operations and how the system would process such records:
a) Bank collects charges when transfer payment for card payments.
In Bank Charge Recognition Setup (Bankfeed) specify the marked formula:
In the setup described above, the bank charges specified in the "Message to recipient" text is deducted and directed to the specified G/L account. The incoming revenue is then increased by the amount of charges.
b) Customer transfers payment for the invoice to a foreign currency bank account and the bank deducts a transfer charges and company gets lower transfer amount.
In this case, the bank charges amount and original amount paid is visible in the "Message to recipient" field. After making setup for this line, the bank charges are directed to the G/L account which is specified in the ** Bank Charges Recognition Setup**.
Two lines are created in the journal, one for bank charges and one for the customer‘s debt, which is increased by the amount of the bank charges. In this case there is no need to create an additional line for taxes.
c) The foreign customer pays for the invoice and the bank deducts charges, so company gets lower transfer amount.
In the "Message to recipient" field bank charges are not excluded. After making setup for this line, the bank charges are directed to the G/L account which is specified in the **Bank Charges Recognition Setup. **
Two lines are created in the journal, one for bank charges and one for the customer‘s debt, which is increased by the amount of the bank charges. In this case there is no need to create an additional line for taxes.
d) We pay to vendor (70USD) and bank transfer amount which is increased (72.6USD) in bank charges amount (2.6USD). In "Message to recipient" field we see original amount and bank charges.
Formula to use:
Result in journal:
How to setup recognition based on repeated texts?
There are often bank transactions that cannot be identified according to any other criteria except Text. Repeated texts can be filled in setup table Text-to-Account Mapping (Bankfeed).
This window can be found either using Search or in the payment journal by selecting Process > Text-to-Account Mapping.
Field | Description |
---|---|
Mapping Text | Specify the text that should appear in field "Message to the recipient". This can be a fragment of text. |
Account Type | Specify which account type should be assigned in the lines where this mapping text is found. |
Account No. | Specify which account number should be assigned in the lines where this mapping text is found. |
After completing this table, this new setup will apply to new lines. If you want to apply it to existing lines, you need to use function Refresh Recognition in the Statement Lines (Bankfeed) page.
What information must be filled in in the customer/vendor cards?
When uploading bank statements to the system, customers/vendors are identified by:
• Posted documents and the name of the customer/vendor.
• The company code in the customer ‘s/vendor ‘s card (field Registration No.).
• The bank account information (IBAN field) in the customer ‘s/vendor ‘s card.
Firstly, recognition is processed searching and matching identified document numbers, clients name. If no recognition by documents is made, then recognition by customer id and bank account is processed.
As bank statements often do not show the company code (NOTPROVIDED), it is recommended that customers, as well as vendors, would have bank account cards filled to have more reliable data to identify customers.
Account Recognition Type (Bankfeed) are visible in the journal:
• Identified by the customer‘s/vendor‘s company code (field Registration No.)
• Identified by customer‘s/vendor‘s bank account. (field IBAN)
• Identified by customer/vendor name and document no.
• Identified by document no.
There is also recognition based on described texts, but more on this in the other section.
Detailed description of Bankfeed' s Set Up
As you already know almost all set up is done using Assisted setup, but in case you need more advanced set up, or to change something in this manual part you will find detailed description of Bankfeed' s set up pages.
Integration Setup (Bankfeed)
In this setup page basic product settings are stored.
Description of the most important fields:
Field | Description |
---|---|
Fastab Journals. Setup in this fastab is related to journal lines. | |
Use Payment Reconc.Journal | Select if you want statement to be imported to Payment Reconciliation Journal instead of Payment journal. Importing bank statement to Payment reconciliation journal Bankfeed does not apply any recognition or application. It is done by standard BC functionality. |
Journal templates name | Specifies the payment journal template to which transactions should be imported. |
Not Recognized Pmt. Acc. Type | Specifies the type of account which must be assigned in rows where the customer is not identified. Default value is G/L Account. |
Not Recognized Pmt. Acc. No. | Specifies the account number to be assigned to the line where the customer is not identified. It is also possible to leave the field blank if you want to see an empty value in the Account No. field in unrecognized rows. Default value is Blank. |
Include Vendor Payments | Tick this box if you want to import vendor entries into the payment journal when importing bank statements. If the box is unchecked, only customer payments, transfers between bank accounts, bank commissions will be imported, but rows where the account type is Vendor will be skipped. |
Description in Journal from | Select what you want to fill in journal field Description. Available values: Default (account name) - it is used the standard BC journal field Description. The account name is filled in according to the assigned Account No. in the journal line. For example, if you assign Customer No. P0003, the description will contain its name. Payer Information - in this case the information from the Payer Information field will be filled in the Description. If you change the Account No. in journal line, the Description will remain the same. Message to Recipient - in this case, the information from the Message to Recipient field will be filled in the Description. If you change the Account No. in the line, the Description will remain the same. |
Gen.Jnl. – E2E ID Field No. | Specify the field number in the general journal to which the information from the EndtoEnd ID field should be uploaded. Is used only together with the ECOM or other products. |
Cust. Ledger Entry – E2E ID Field No. | Specify the field number in the customer ‘s ledger entries where the value of the EndToEnd ID field should be stored after posting. Is used only together with the ECOM or other products. |
Fastab Parsing. Setup in this related to statement lines parsing. | |
Always Create lines | This setup is used for managing duplicates. By default, it is blank. If it is blank – bank statement lines won’t be created if the entry with this document no. will be found in posted bank statement entries. If it is not blank – bank statement lines will be created even if the entry with this document no. will be found in posted bank statement entries. No matter if this selection will be set to True or False, dublicated bank transaction lines won't be transfered to journal. |
Include Pending Operations | Specifies whether statement lines should be created for pending operations, such as Credit card payment and etc. It is recommended not to include by default, as it may result duplicated transactions. |
Operation Date Source | Specify which date from bank transaction should be filled to Statement lines "Book date" or "Value date". Default value is Booking. |
Fastab Bank Charges. This setup is used only in cases when bank charges can be identified by different tags (FMLY and SUBFMLY) in statement lines. | |
Bank Charges Transaction SUBFMLY Code | Specify statement lines field SUBFMLY value. Transactions identified by this value will be redirected to the G/L account specified in the field "Bank Charges Account No. “. |
Bank Charges Account No. | Indicate the G/L account to which the bank charges will be directed (indicated in field Bank Charges Transaction SUBFMLY Code. |
Bank Charges Transaction Charges FMLY Code (2) | Specify statement lines field FMLY value. Transactions identified by this value will be redirected to the G/L account specified in the field "Bank Charges Account No.(2) “. |
Bank Charges Transaction SUBFMLY Code (2) | Specify statement lines field SUBFMLY value. Transactions identified by this value will be redirected to the G/L account specified in the field "Bank Charges Account No. (2) “. |
Bank Charges Account No.(2) | Indicate the G/L account to which the bank charges will be directed (indicated in fields Bank Charges Transaction Charges FMLY Code (2) and Bank Charges Transaction SUBFMLY Code (2)). |
Bank Charges Transaction Charges FMLY Code (3) | Specify statement lines field FMLY value. Transactions identified by this value will be redirected to the G/L account specified in the field "Bank Charges Account No.(3) “. |
Bank Charges Transaction SUBFMLY Code (3) | Specify statement lines field SUBFMLY value. Transactions identified by this value will be redirected to the G/L account specified in the field "Bank Charges Account No. (3) “. |
Bank Charges Account No.(3) | Indicate the G/L account to which the bank charges will be directed (indicated in fields Bank Charges Transaction Charges FMLY Code (3) and Bank Charges Transaction SUBFMLY Code (3)). |
Fastab Other Functionality. | |
Create Customer Bank Accounts | Select if you want to create new customer bank account cards while recognizing customers if they do not yet exist in BC. |
Create Vendor Bank Accounts | Select if you want to create new vendor bank account cards while recognizing vendors if they do not yet exist in BC. |
Max. No of days between payment initiation and finalization | Number of days tolerated between payment made in BC and the same transaction in Bank statement. Default value is 5days. |
Customer – registration No. field No. | This field specifies which field in the system is used for the Customer ‘s company code. It can be standart BC field or custom field value. |
Vendor – registration No. field No. | This field indicates which field is used in the system for the Vendor ‘s company code. It can be standart BC field or custom field value. |
Change Cust.Adv.Post.Group | Select if you want to change customer posting group in journal lines which are not applied. |
Cust.Advance Posting group | Select Customer posting group to which not posted lines should be changed. |
Change Vend.Adv.Post.Group | Select if you want to change vendor posting group in journal lines which are not applied. |
Vend.Advance Posting group | Select Vendor posting group to which not posted lines should be changed. |
Fastab Integration. | |
Isolated Storage API key | In this field, we specify the API key, through which BC will connect directly and receive bank statements. |
Fastab No. Series. | |
Exceeding Document Nos. | In this field default No. series for exceeding maximum length Transaction ID is set. If the Transaction ID is too long, this no series will be used. |
Bank Account Nos. | If it is selected Create Customer Bank Accounts and/or Create vendor Bank Accounts, new created bank account cards fill be using this number series. It can be changed if needed. |
How to see connected Bank Accounts and connected Organization?
To see connected bank accounts and connected Organization (important only for those who have more than one company connected with the same user account):
- Open Integration Setup (Bankfeed) page.
- In action page select Connected Bank Accounts.
If necessary, you can also disconnect the accounts in the Edit - Bankfeed connected bank accounts window by clicking Disconnect.
If you want to switch companies just select other by clicking three point button. (Company name here must match company name in BC):
How to change/delete API key?
To change API key:
- Open Integration Setup (Bankfeed) page.
- In Actions pane select Change API Key.
- Enter the API key.
- Click OK.
To Delete API key:
- Open Integration Setup (Bankfeed) page.
- In Actions panel select Delete API Key.
- In the message confirm that you want to Delete, by clicking Yes.
How to set up bank account cards?
Field | Description |
---|---|
IBAN | All BC bank account cards must have the IBAN code filled, as it is used to identify the bank accounts whose data are being uploaded. Even if the accountable persons are accounted as bank cards and money transfers are made to them, the IBAN needs to be provided so that the system can identify the correct bank card. |
Bank Data Provider Code (Bankfeed) | Always select Docura. |
Provider Bank Account ID (Bankfeed) | Specify the bank account ID when there is no standard IBAN code (e.g. in the case of Stripe Bank). This allows integration with banks that do not use or specify IBAN codes. |
Skip document recognition (Bankfeed) | It is possible to set certain bank accounts not to use the Document Recognition setup (Bankfeed). This means that for some bank accounts the recognition and processing would be performed, while for others don't. This setup is useful if the client's who uses more than one product for document recognition and matching. Then Bankfeed only performs the automatic statement upload function and no recognition and application. |
How to setup automatic import of bank statements to BC?
The import of bank statements to the system can be done manually, but much more relevant and useful is the automatic import of files to the system, which is implemented by using job queues.
For uploading and processing files in BC, there is a function Process Statement Batches (Bankfeed), which must be set up in the job queue entries.
When assisted set up Set up Bankfeed Integration is filled, it automatically creates 4 Job Queue Entries which run function Process Statement Batches (Bankfeed) 4 times per day.
But if needed Job Queue Entries can be set manually. Sometimes you may also need to adjust function running times.
- In Search, open the Job Queue Entries and click +New
- Fill in the information in the page that opens:
Field | Desription |
---|---|
Object Type to run | Select a Report |
Object ID to run | Specify 70656779 |
Earliest start date/time | Specify the Date and Time when it is planned the first import of bank statements. |
Report request page options | Enable this option. Once ticked, the report options window opens immediately, where you fill in the options according to your needs and click OK. For more details on the options for this report, see Function Process Statement Batches (Bankfeed). |
Recurring job/Run on Mondays/../Run on Sundays | Tick days on which the bank statements should be imported. |
Starting Time | Set the time at which we want to receive bank statements on previously scheduled days. |
Ending Time | Set a time one minute later than the time we specified in the Starting time field (like in example) |
No. of Minutes between Runs | Set number of minutes between the runs |
Inactivity Timeout period | Set number 5 |
Sometimes, when the number of bank statement files is very large, it is recommended to set the job queue to run several times because the number of files in one upload cannot exceed 100.
- Once the job queue entries card has been filled in, in the action bar click Process -> Set status to Ready.
The status of the job queue entry is then changed to Ready, and it is ready for use. If corrections need to be made, the status needs to be changed to Hold, which is done in Process > Set on Hold.