Open Banking is Australia's new standard for sharing financial data securely, and is mandated by the Australian Competition and Consumer Commission (ACCC) as part of the Consumer Data Right (CDR). Banks are phasing out older bank feed types in favour of this more reliable, next-generation connection.
In plain terms, it means your bank transactions flow directly into QuickBooks—faster, more securely, and with greater bank coverage than the current bank feed methods.
Work through the checklist below before connecting your bank feed. This will ensure you have everything you need for a smooth setup process.
As required by the ACCC, some bank account types—including companies, partnerships, and trusts—require you to nominate a “data sharing delegate” before you can connect the bank account to QuickBooks or any other accounting software. This step specifically authorises someone to share data for that bank account. Think of it as a data-access permission rather than a banking permission. Importantly, a data sharing delegate is different to the account’s signatories or who's authorised to operate the account. For more detail, refer to the Nominating a Representative factsheet from the Consumer Data Right website.
Important — CDR Ready website: This free, independent website is provided by SISS Data Services Pty Ltd who is an Accredited Data Recipient (ADR), approved by the ACCC.
This site is available to the Australian public to check if a bank account is ready to connect to Open Banking or whether a data sharing delegate needs to be assigned.
If you prefer to not use the CDR Ready website, contact your bank directly for assistance.
To check if you need to appoint a data sharing delegate for any of your bank accounts:
1. Go to the CDR Ready website.
2. Select Get Started.
3. Follow the prompts to verify your details and to consent to temporarily sharing your data so the site can check if your account(s) is ready to connect to QuickBooks.
4. Follow the prompts to access your bank.
5. Select the bank account(s) you want to connect to QuickBooks. These are the accounts the site will check to confirm if ready to connect to QuickBooks.
6. Select Confirm to proceed.
7. Next, the accounts that are ready to connect to QuickBooks are displayed.
8. Once the account(s) you want to connect to QuickBooks is displayed, proceed to Step 2.
Tip: Like to see the CDR Ready process in action? See the demo.
Please note: For some banks, it can take up to 1 business day for the data sharing delegate to be reflected in the bank’s system.
Important: Should you need help assigning a data sharing delegate to a bank account, please contact your bank directly. As this is bank related, our Customer Success team is unable to help.
If you’re connecting a new bank account to QuickBooks, head to Step 2b.
Now that Step 1 is finished and your accounts have been assigned a data sharing delegate where required, you can proceed to QuickBooks to disconnect your current bank feed and connect your Open Banking feed.
Disconnect your current bank feed
1. Go to All apps, select Accounting, then Bank transactions.
2. Select the relevant bank account tile, then select the pencil icon.
3. Select Disconnect account.
4. Confirm your selection by selecting Disconnect.
Connect your Open Banking feed
1. Go to All apps, select Accounting, then select Bank transactions.
2. Select Link account.
3. Search for your bank by URL or name, or select a bank from the list.
4. Select Yes, this is for business purposes.
5. If this is your first time connecting to Open Banking, enter your Australian Business Number (ABN) or Australian Company Number (ACN).
6. Review the consent details and select Agree.
7. Sign in with your online banking credentials and follow any required security steps.
Please note: you may see both a personal and a business profile. You would typically select the business profile. If you only see personal accounts, go back and switch to the business profile. This is the single most common reason business accounts don't appear in the setup process.
8. Select the account(s) you want to connect to QuickBooks Online. You can select more than one.
If an account is missing or not displaying, check if these apply:
9. Connect the feed to the required Chart of Account code or Account name in the picklist. Do this for each bank account you want to connect to QuickBooks. If you’re connecting a bank account to QuickBooks for the first time, you can also create a new Chart of Account code here if required by selecting Add New.
10. Select the date you would like the transactions to import from. This will be the date of the last transaction posted in QuickBooks. If you’re unsure, we recommend selecting today’s date to avoid duplicate transactions.
11. Select Connect and you’re done!
In the Bank transaction screen, you’ll see the new bank account tile along with any newly imported transactions. At any stage, you can select Update and any new transactions will be imported.
Open Banking regulations give you complete control over your data. You can revoke your data sharing consent at any time as well as renew your data sharing consent which is required every 365 days. QuickBooks Online will notify you when it’s time to renew your consent.
Renew Consent
If you renew your consent after it has expired, you can select the required date to retrieve any missed transactions.
Revoke Consent
Should you require support at any stage, our Customer Success team is ready to help on 1800 046 038.
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