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Getting Ready to Connect: Two Steps to Prepare for Open Banking

Published on September 20, 2025

Ready to take your bookkeeping to the next level with a secure and reliable Open Banking bank feed? By connecting your business accounts through Open Banking (also known as the Consumer Data Right or CDR in Australia), you'll get more accurate data in real-time, saving you countless hours and providing instant insights.

The process to connect an Open Banking bank feed to QuickBooks is easy, but there are a couple of key steps you need to be aware of to ensure a smooth setup.

Here's what you need to know:

Step 1: Have your business identification number handy

Before you begin the setup process in QuickBooks, you’ll need to have one of the following ready:

Your Australian Business Number (ABN): This is the most common identification number for small businesses and sole traders.
Your Australian Company Number (ACN): If your business is a registered company, you will need to use your ACN.

This information is allows us to verify you qualify for our Open Banking service during the set up process. Go to ABN Lookup or ASIC’s Companies and Organisations search page to find yours.

Step 2: Check for a nominated representative on non-individual accounts

This is an important step for businesses that operate an account that is not in the name of an individual for e.g., a partnership, company, or trust. For these accounts, your bank requires that a nominated representative be appointed for Open Banking purposes. This is not the same as appointing an authorised person to access / manage the bank account.

Think of the nominated representative as the person authorized to make decisions on behalf of the business, about data sharing through Open Banking. If you are not set up as the nominated representative for Open Banking purposes with your bank, when you go to connect your Open Banking bank feed, the account won’t display as available to connect.

How to check if you need a nominated representative

The good news is there's a free and easy way to check if your business accounts are ready for Open Banking:

Head to "Am I CDR ready?" website: This free online service is designed to help businesses like yours prepare for Open Banking.
Follow the prompts: Clicking Get Started will initiate a three-step process to identify if any of your bank accounts need a nominated representative. If required, you will be redirected to the appropriate page or form on your bank's website to complete the process.

Once you’ve completed these two simple steps, you’re ready to connect an Open Banking bank feed to QuickBooks.

Should you require assistance connecting an Open Banking bank feed to QuickBooks, connect with our Customer Success team for guidance.

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