Overview

The Open Banking integration feature allows you to securely connect your bank accounts to the system via the Basiq API. 

Both Client/Trust and Office bank accounts are supported, but all accounts must be set up before use.

Benefits:

• Automated import of bank statements
• Single source of truth for bank activity
• Reduces manual statement uploads 

What is Open Banking

Open Banking allows your accounting system to:

• Securely retrieve bank statements
• Store statements in the system for review
• Provide a starting point for manual reconciliation

Why it matters:

• Avoids manual statement entry
• Provides visibility of bank activity
• Prepares the data for reconciliation

Enabling Open Banking

Step 1: Bank Activation

Open Banking must be enabled at your bank before connecting. See your provider's instructions: Connecting Business Accounts via CDR

Step 2: Firm Entity Setup Requirements

Ensure the Firm Organisation entity is complete:

Open Banking cannot be configured until these details are complete.

Configuring Bank Accounts

1. Navigate: Banking → select your bank account
2. Click Update Account (top right)
3. In Bank Account Configuration, select Configure
4. Enter Bank Account details → Save
5. Reopen Bank Account Configuration → Open Banking option becomes available
6. Enter mobile number → click Connect to your bank
7. Enter verification code sent to your mobile
8. Select your Bank
9. Enter Banking login credentials
10. After successful login → click Done

Bank account is now connected to Open Banking.

Importing Bank Statements

Once connected, you can import statements: 

Notes:

• If the account has prior reconciliations → statements start from last reconciled date
• If no prior reconciliations → statements start from first day of previous month

Refresh regularly to keep your bank statement list up-to-date

Proceeding to  Reconciliation

1. Navigate to Reconciliation manually
2. Use imported bank statements to match transactions
3. Post transactions and reconcile as usual

Reminder: Imported statements do not create reconciled transactions automatically- manual reconciliation is required. 

Best Practices