Bank Feeds in Engage Accounts - FAQs

TABLE OF CONTENTS

• What does the new functionality do? 
• Who is able to use this feature?
• Why can Engage Accounts access my bank account information?
• How do I authorize EA to access my bank accounts?
• Is my information safe?
• What changes will I see in Engage Accounts?
• How does the automated bank reconciliation work?
• What if I have multiple transactions with the same date, amount and description?
• What about transactions that cannot be auto matched?
• What if I think the auto matching process is incorrect, or I make a mistake? 
• What if the Bank Feed includes a transaction that isn’t in Engage Accounts?
• I have just started using the new style Bank Reconciliation screen. I have a Bank transaction that has previously been reconciled on the old style screen, so I cannot match it off against an EA transaction.  What do I do?
• Does the Bank Feed link through to Engage Fees?
• How often do I have to renew the bank feed link?
• What if I connect my Bank Feed to the wrong Cash Book in Engage Accounts?
• Do I have to use Bank Feeds?
• Do I need to link all of my EA banks to a Bank Feed?
• Is there an additional charge to use this functionality?
• What information is displayed from my Bank Account?
• Will I be able to trigger bank payments from Engage Accounts?
• Can I limit who has access to this functionality?
• Are there any plans to make this functionality available in different countries? 

What does the new functionality do? 

Bank Feeds enable users to import transactions directly from their bank account into Engage Accounts. Once the data is imported it is used to automate the Bank Reconciliation process, create new EA transactions, and display up to date bank balances. 

Who is able to use this feature? 

The functionality will be available to all UK schools using Engage Accounts. It will be available in the 23.09 release. 

Why can Engage Accounts access my bank account information? 

The functionality is available due to a process called Open Banking. This requires banks to make data available to regulated providers. The process is regulated in the UK by the Financial Conduct Authority (FCA) and we have successfully registered as an AISP (Account Information Services Provider). This enables Engage Accounts to access transaction data from bank accounts that you have authorized. 

How do I authorize EA to access my bank accounts? 

The process is initiated within the Engage Accounts software, from where the user will be taken online to select the relevant bank. You are then directed to their banks’ website to complete the authorization process using your existing online banking credentials. We work with a third party called TrueLayer, which allows us to access data from 90% of UK banks via a single API connection. Once you have authorised a Bank Feed for one or more of your accounts you just need to link it to the relevant Cash Book in Engage Accounts and you are ready to go.   

Is my information safe? 

Yes. The tokens used by EA to access the authorized Bank Feeds are encrypted and securely stored within the database. We are only authorized to retrieve transaction data – we cannot trigger payments or make changes to your bank account in any way. 

What changes will I see in Engage Accounts? 

We have created a new Banking menu item to keep all the bank functions in Engage Accounts in one place, including the Cash Book functions previously shown in the Nominal menu. Those using Bank Feeds will notice a change in the format of the Bank Reconciliation screen – the screen will be split in two with Bank Feed transactions on the left and EA transactions on the right. 

How does the automated bank reconciliation work? 

When transactions are brought in via the Bank Feed, EA will try to match them off against existing transactions in the system. This process is known as auto matching. This is done where the date and the amount of the transactions are a unique match. Where there are multiple transactions with the same date and amount, the auto match will look at the description field to try and find a match. 

What if I have multiple transactions with the same date, amount and description? 

As we cannot be sure which transaction is supposed to match with which, these will not be auto matched.   

What about transactions that cannot be auto matched? 

Remaining transactions must be manually matched. Users can match Bank transactions to Engage Accounts transactions by dragging and dropping them against each other. There is also a Suggested Match option that lists all unmatched transactions of the same value, with any on the same date shown at the top of the list. 

What if I think the auto matching process is incorrect, or I make a mistake? 

Transactions can be unmatched from each other at any point before the reconciliation is finalised. 

What if the Bank Feed includes a transaction that isn’t in Engage Accounts? 

The transaction can be created in EA via the Bank Reconciliation screen. The user double clicks on the relevant transaction and is taken to the Cash Book Receipt/Payment screen (depending on whether the transaction is a debit or credit). From here the transaction can be created against the Nominal, Sales, or Purchase ledger. Once posted the Bank Reconciliation screen will be updated to show the new transaction matched off against the Bank transaction. 

I have just started using the new style Bank Reconciliation screen. I have a Bank transaction that has previously been reconciled on the old style screen, so I cannot match it off against an EA transaction.  What do I do? 

It is possible to delete Bank transactions from the new style Bank Reconciliation screen if required. 

Does the Bank Feed link through to Engage Fees? 

At the moment it is not possible to create new receipts in Engage Fees via the Engage Accounts Bank Feed. Any receipts shown in your bank account will need to be posted in Fees as they do now. These will then feed through to EA and be displayed in the Bank Reconciliation screen. 

How often do I have to renew the bank feed link? 

All links expire every 90 days, so will need to be renewed at that point. Links will also expire if nobody logs into Engage Accounts for more than 30 days. 

What if I connect my Bank Feed to the wrong Cash Book in Engage Accounts? 

You are able to link Bank Feeds to different Cash Book codes in the Manage Bank Feeds Screen at any point.  When you do this, any unmatched Bank transactions will be removed from the Bank Reconciliation screen for the original Cash Book. If the Bank Feed has been linked to a different Cash Book they will appear on the Bank Rec screen for that one instead. 

Do I have to use Bank Feeds? 

No, although we hope customers will find the functionality useful, the system will continue to work as it does now if it is not used. 

Do I need to link all of my EA banks to a Bank Feed? 

You can choose to link as many or as few of your Engage Accounts banks to a Bank Feed. 

Is there an additional charge to use this functionality? 

No, this functionality is included in your existing EA subscription price. 

What information is displayed from my Bank Account? 

Transactions brought in from your bank account will display the date, payer/payee (if available), description and debit/credit amount. 

Will I be able to trigger bank payments from Engage Accounts? 

No, users will still need to log into their banking software to make payments from their account. 

Can I limit who has access to this functionality? 

Yes. New security options have been added to allow schools to block individual users from accessing the Bank Reconciliation screen completely, importing or deleting bank feed transactions or connecting EA to bank accounts. 

Are there any plans to make this functionality available in different countries? 

We hope to get authorisation to access Bank Feeds for Australian customers in 2024. At the moment there are no plans to add this functionality to GCC or South African databases.