How to Set Up Bankfeed?

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.

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.

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.

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.

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).

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.

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:

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):

1. Open Integration Setup (Bankfeed) page.
2. 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:

1. Open Integration Setup (Bankfeed) page.
2. In Actions pane select Change API Key.
3. Enter the API key.
4. Click OK.

To Delete API key:

1. Open Integration Setup (Bankfeed) page.
2. In Actions panel select Delete API Key.
3. In the message confirm that you want to Delete, by clicking Yes.

How to set up bank account cards?

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.

1. In Search, open the Job Queue Entries and click +New

2. Fill in the information in the page that opens:

3. 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.