Data Connections - Bank

Data Connections - Bank

Connecting a bank feed

There are many ways to get data into your account, including bank feeds. The ‘Open Banking’ system, which is regulated by the Financial Conduct Authority, gives a secure way of connecting a wide range of banks to the your account. 

We will have read-only access, allowing you to oversee all transactions in one place. The software will not have permission to initiate a payment.

You can choose which bank(s) to connect to and which accounts to connect from each bank, e.g. current account, savings, credit card etc. 

TO MAKE A NEW CONNECTION

We will guide you through the steps or video below to make your connection. You’ll need to authorise the connection using your online banking credentials. For security reasons, we will ask you to reauthorise the connection periodically. You can terminate the bank connection at any time.

Pro tip: If you use a mobile device to connect to your bank, you may be able to authorise the connection quicker via your banking app. 

1. Go to Profile & Settings then select Data Connections
2. Under the Connect Accounts tab select + Connect new account
3. Confirm your personal details on screen and select Confirm
4. Use the search bar or select you bank from the list and select Connect
5. Read and approve access for our banking feed partner Moneyhub
6. Log in to your online banking and select the account/ accounts you wish to connect
7. Complete connection and when returned to the software select the date you wish your transactions to import from (Most people choose 6th April to match the tax year)

Please note the period of time your banking transaction history can be imported from is all dependant on your bank, this can range from 3 months to 2 years.



ONCE CONNECTED

New transactions will appear automatically. You can also import past transactions, usually from the last 12 months. We allow you to choose the start date of the import. Most users prefer the start of the tax year, i.e. 6 April.

If you have transactions that aren’t relevant for your tax return, you can delete them or categorise them as ‘Private’ within the Record Keeping section.

Pro tip: If you are a Sole Trader or a Landlord, you do not need a separate bank account for your business, though we highly recommend it. It is best practice not to mix business and personal banking transactions. Limited companies are required to have separate business bank accounts.











REMOVING A CONNECTED ACCOUNT


To remove an existing bank account or card connection you will need to do this directly with your bank or card provider, you should log into your online banking and find your banking connections/ open banking section within your settings and remove your connection to Moneyhub and this will stop the flow of transactions in to the software.


Watch our quick guide showing you how to set up your bank connection below.


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