No more waiting for customers to find their bank statements and scan or fax them to you. Enable your SMSF to send bank data overnight to Simple Fund 360. Reliable data from trusted sources enables you to make smarter decisions and reduce manual data entry.
Bank data imported from bankstatements.com.au can only be produced when a valid user ID and password (online internet banking credentials which are issued by the financial institution) has been entered into Simple Fund 360. Once you have gone through the setup process you will have access to a daily ongoing feed.
Depending on the financial institution BanksStatements allows your clients to retrieve up to 90, 180 or 365 days of bank statement data.
BankStatements powered by ILLION will be available to all clients that have an active subscription for the BGL Bank Data Service. if you would like more information about your subscription to Simple Fund 360 please contact your Account Manager on 1300 654 401.
- For a list of currently supported Financial Institutions, please see: Supported Banks - BankStatements Powered by ILLION.
Step 1: Add the Fund's Bank Account to Simple Fund 360
To add a bank account to the fund's chart of accounts, refer to the Bank Accounts page for help.
Once you have added the bank account, it will appear in the Bank Feeds screen.
|From the Main Toolbar, go to Connect.|
|Select Feed Management from the list.||
Select the Entity Summary tab
Within the Entity Summary tab, you can view the bank account details.
*When adding Heritage Bank Limited under the Bank Feed Management Screen the Account Type will need to be included at the end of the Account Number for the feed to operate.
Example: Account number is 12345678 and the Account Type is S1.
In the Bank Feed Management screen, when recording the Account Number input 12345678S1.
Step 2: Set up Bank Feeds in Simple Fund 360
- Within the Entity Summary tab, select (+) Setup next to the appropriate Bank Account.
- Ensure the Account Name, BSB and Bank Account Number details are correct.
Under Automated Data Feed, BankStatements.com.au will be selected as the Feed Provider, Click Connect to Bankstatements.com.au
Step 3: Input your valid user ID and password used by the Financial Institution
For the feed to operate you will be required to enter a valid user ID and password which will be the same credentials used by the Financial Institution.
(online internet banking credentials which are issued by the financial institution)
Your clients should not share their password with you. They should either have a log in for SF360 and enter the details themselves or enter the details when they are in your office.
These details are not stored by BGL.
Step 4: Confirm data feed
Once you have entered the fund member's banking credentials, you will see all available bank accounts that are connected with that particular login account. Simple Fund 360 will automatically match the bank accounts against the Chart of Accounts. Simply select the accounts you wish to connect to a data feed.
Simple fund 360 will also show other bank accounts that are active with that financial institution but have not been set up in the Chart of Accounts. If you wish to import Bank Data from those accounts please refer to step 1 and setup the Bank Accounts in the Chart of Accounts.
Frequently Asked Questions
What security measures are in place?
Security is our highest priority. BGL does not store your banking credentials. All data sent via BankStatements.com.au server which is encrypted with 256-bit encryption, secured by 2048-bit keys. This is the same level of encryption that the banks use. For more further information click here.
How much does this service cost?
BankStatements powered by ILLION subscription is combined with the BGL Bank Data Service (please see BGL Bank Data Service pricing). If you would like more information about your subscription to Simple Fund 360 please contact your Account Manager on 1300 654 401.
Who authorises BankStatement to collect Bank Data?
You do. The authorisation process is online where you will need to enter the fund member's banking credentials.
Can I get historical bank data?
Depending on the financial institution BanksStatements.com.au allows up to 90, 180 or 365 days of bank statement data.
I have set up my data feed when will it become active?
Please allow 24 - 48 hours for the data feed to become active.
On the initial request what bank data will be imported?
This depends on the financial institution, any data that is available in the current financial period.
I have manually input transactions and now wish to utilise this data feed will transactions duplicate?
Unfortunately yes there is a possibility of transaction duplication. To avoid this from happening before activating the feed input a DO Not Import Before Date.
How often does the bank data import into Simple Fund 360?
Once the initial connection has been established Bank Data will flow into the ledger automatically overnight.
How do I disconnect the feed?
From the Feed Management console you will be able to revoke access. Alternatively, by changing your banking password, this will also disconnect the data feed.
I use a security Token (dongle) for my login, can I still activate the data feed?
At this stage, you are unable to activate feeds on accounts where multi-factor authentication (MFA) is active. This is also known as two-step, or two-factor authentication depending on the financial institution.