Setting up bank feeds means that all your banking transactions will be automatically pulled over to Farmplan Business Cloud on a daily basis. Once set up, all you'll need to do is categorise the transactions.
The advantages of automatic bank feeds
You will save time from entering transactions manually or importing them
There is less chance of making mistakes due to human error/overlapping transactions.
How to activate feeds in Farmplan Business Cloud
Go to Banking > Bank Accounts
Change the entry method for the bank account you want automatic feeds to apply to.
This can be done by clicking the link next to the bank account ‘Select entry method’. If you already have a method chosen you can change this with the 'Edit' button (shown below):
Select bank feeds as the entry method then click ‘Connect Bank Account’
NB Plaid is a 3rd party application that retrieves your bank transactions into Farmplan Business Cloud. Your details are not visible to anyone apart from yourself. See https://my.plaid.com/ for more details.
Start to type the name of your bank and then select it.
Please note - selecting one of the banks from the tabs may connect you to a personal account for this bank, rather than a business account.
If you're struggling to connect to a business account try searching for the bank using the search bar.
You will be temporarily redirected to your bank so that you can enter authentication details.
Once this is complete you should notice the entry method has been changed next to your bank account. You can then click the blue arrow next to the bank account or the ‘Enter Transactions’ button in order to start your first bank feed.
The first time you load your feeds you will be asked for the date you would like to start the feeds from. It is very important to ensure that you get this right so that you do not overlap previously entered transactions. If applicable, Farmplan Business Cloud will look at the dates of the transactions already entered into your bank account and will suggest a start date for you (which can be overwritten). Your start date can be a maximum of 365 days in the past.
Transactions you want to include in Farmplan Business Cloud before this should be either entered manually or via a file import.
Once you have clicked on ‘Retrieve Data’ it may take a few minutes depending on the volume of transactions Farmplan Business Cloud is fetching. Once the status shows as complete you can check and confirm the transactions by clicking the 'actions' button (shown below).
When checking and confirming your banking transactions you may notice that the transactions for the past few days may not be present. This is likely be due to your bank having a pending status on them. Your pending transactions can be viewed in the pending tab. We do not allow these transactions to be confirmed until they bank tells us they are no longer pending.
To learn more about checking and confirming transactions from your bank feed please click here.
Users with multi-factor authentication
For users with banks that use multi-factor authentication (such as Barclays and HSBC), you will be required to refresh your connection sometimes. You do not have to input all of the login details again but instead just the code generated from your card reader/fob. You can refresh your bank account by clicking 'Refresh Bank Feed' at any time:
That’s it! From now on your bank feeds will be automatic, simply check and confirm them at your convenience when they come into Farmplan Business Cloud.
If you are experiencing problems with the bank feed check the status of your bank use this button at the top of the screen to see if it is undergoing temporary maintenance.
To learn how to check and confirm your bank transactions in Farmplan Business Cloud click here.
Farmplan provides you with regulated account information services as a PSD agent of Plaid Financial Ltd., an authorised payment institution regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Registration Number: 804718) for the provision of payment services, including account information services.