Migrate an existing Westpac bank account to Open Banking in QuickBooks Online

Open Banking is a secure way to share your financial data with trusted software, like QuickBooks. It improves speed, security, and automation by letting you control which apps access your account information.

This process will help you link a new Westpac Open Banking feed to a new chart of account code, then merge it with your existing account and chart of account code so that everything stays connected and up to date.

We’ll be guiding you through the following steps:

1. Before you start: Important things to prepare before migrating your account, including how to elect a data-sharing delegate/nominated representative
2. Step 1: Set up a new chart of account code
3. Step 2: Connect your Westpac bank accounts to Open Banking
4. Step 3: Refresh and review transactions
5. Step 4: Disconnect your existing bank feed
6. Step 5: Merge your bank feeds
7. Next steps: Renew your bank connection every year

Note: If you aren't a Westpac customer, you can refer to migrate an existing bank account to Open Banking in QuickBooks Online for your instructions.

Before you start

1. Enable pop-ups: Make sure pop-ups are turned on in your browser settings.
2. Have your ABN ready: You will need your Australian Business Number (ABN) for setup, as Open Banking is for business customers only. If you don’t have a trading entity but manage a rental property or a hobby business for example, you may be able to apply for an ABN. Check your eligibility at the ATO website. 
3. To help prevent duplicate transactions, post or categorise everything in QuickBooks Online before you connect to your Open Banking feed. Go to Bank transactions, pick your bank account, and categorise anything in the Pending tab.

Finally, check if you need to elect a data-sharing delegate/nominated representative

For certain bank accounts like partnerships, companies, and trusts, you will need to elect a data-sharing delegate. This is someone who is allowed to share data with trusted data providers like QuickBooks Online. 

A data-sharing delegate is different to an account signatory or an authorisation to operate the bank account. If you aren't appointed as a data-sharing delegate, your accounts won't appear in the Open Banking bank feed setup.

To check if you need to set up a data-sharing delegate for any of your accounts, go to the CDR Ready website and follow the prompts.If the CDR ready site states that you need to setup your Westpac data representation, refer to how to set up a nominated represetative for detailed guidance, or use the following steps:

Step 1: Set up a new chart of account code

As you are migrating to Open Banking and/or have previously connected your bank account for bank feeds, you will need to merge an old chart of account code with the new chart of account code in the process of establishing your new connection. 

Both accounts need to have the same account type and detail type, like Cash and Equivalents. So note down the details of the account you’re migrating from the chart of accounts section. 

1. In QuickBooks Online, select Accounting, then Chart of accounts (take me there).
2. Find the Chart of accounts code, Account Type, and Detail Type for your current bank feed.
3. Then select New account.
4. For the Account name, use a different name to your current bank feed but select the same Account type and Detail type.
5. Add any required details and use the date picker to select your time period.
   Note: The data picker default to the current financial year. Also we'll be merging this new account code with the existing account code, so we don’t need to input an opening balance or date.
6. Select Save.

Step 2: Connect your Westpac bank account to Open Banking

1. Follow this link to complete the steps in your product.
2. In the Business view, select Transactions then select Banking, or in the Accountant view, go to Banking and select the Banking tab.
3. Select Connect account or Link account and then search for Westpac.
4. If this is your first time connecting to Opening Banking, specify the business account and enter the relevant Australian Business Number (ABN) or Australian Company Number (ACN).
5. Review and agree to the consent details regarding shared data.
6. Continue by entering the customer ID and mobile number to receive a one-time password via SMS or the bank's app.
7. Input the one-time password.
8. Select the specific bank accounts to share with QuickBooks.
9. If not all accounts display, use the provided link to learn more.
10. Confirm the information being shared and that the connection is for 365 days.

Step 3: Refresh and review transactions

Once connected, QuickBooks imports your transactions daily. You can also refresh manually to get the latest data.

1. Follow this link to complete the steps in product.
2. Select Update.
3. Carefully review, categorise, or match transactions to the correct accounts.

Step 4: Disconnect your existing bank feed

After you connect your Open Banking feed to QuickBooks Online, you can disconnect your old feed. Make sure all your transactions in QuickBooks are posted or categorised before you connect to the new feed. Go to Bank transactions, select your bank account, and categorise any items in the Pending tab.

1. Follow this link to complete the steps in product. 
2. Find the account tile, then select the pencil icon.
3. Select Disconnect account.
4. Review the prompt, then select Disconnect to confirm your action.

Step 5: Merge your bank feeds  

Now that your new Open Banking feed is connected and the old one is disconnected, you can merge the two chart of accounts codes. All your past transactions will move to the new account, so your data stays intact.

1. Go to Accounting then Chart of accounts. 
2. Find the account you want to keep. Then, select the dropdown ▼ in the Action column and then Edit.
3. Note the Account Name, Account Type, and Detail Type of the account. These must be the same between the accounts you want to merge.
4. Check if the account is a subaccount or a parent account. The names of subaccounts are indented in the Name column of the Chart of accounts list. If it is, note the parent account it's tied to.
5. Go back to Chart of accounts.
6. Find the duplicate account (the one you won't keep). Then select the dropdown ▼ in the Action column and then Edit.
7. Change the Account name and Detail Type to that of the account you want to keep.
8. Change any details like the Account name, Account Type and Detail Type so that it’s identical to the account you want to keep. Select Save.
9. If you need to make this a subaccount, keep in mind:
   1. If you're merging two parent accounts, make sure they don’t have any subaccounts.
   2. If you're merging two subaccounts, make sure they both have the same parent account.
   3. If you’re merging a subaccount and a parent account, change the Account Type to exactly match the other parent account so it becomes a parent account.
10. You will be prompted that two accounts have the same name and would you like to merge them. Select Yes, merge accounts then Save.

QuickBooks will move your past transactions from the duplicate or old account to the new one you want to keep. Now’s a good time to reconcile your bank accounts in QuickBooks. If you spot any duplicate transactions, you can remove them by excluding them in the Bank transactions section.

Next steps 

To meet Open Banking regulations, you’ll need to renew your bank feed every 365 days. QuickBooks Online will notify you when it’s time to renew your consent with a banner at the top of the Open Banking page.

If you renewed your consent after it expired, you can select the required date to retrieve any missed transactions.

Manage all your connections from the Bank transactions screen:

1. Select the bank account tile.
2. Select the dropdown ▼ next to link account, and select Manage connections.
3. Select the Three dots.
4. Select Renew account.