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Connect a new Commonwealth Bank account to Open Banking in QuickBooks Online

by Intuit• Updated 1 week ago

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

Follow this process if you're setting up a brand new Commonwealth Bank (CommBank) bank feed connection in QuickBooks Online for the first time.

We’ll be guiding you through the following steps:

Before you start: Important things to prepare before connecting your account, including how to elect a data-sharing delegate
Step 1: Connect your new Commonwealth Bank account to Open Banking
Step 2: Refresh and review transactions
Next steps: Renew your bank connection every year
Additional information: Trust structures in NetBank

Note: If you aren't a Commonwealth Bank customer, you can refer to connect a new bank account to Open Banking in QuickBooks Online for relevant instructions.

Before you start

Enable pop-ups: Make sure pop-ups are turned on in your browser settings.
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, you may be able to apply for an ABN. Check your eligibility at the ATO website.

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

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 Commonwealth Bank data representation, refer to set up a data-sharing delegate for detailed guidance.

Step 1: Connect your new Commonwealth Bank account to Open Banking

Follow this link to complete the steps in your product.
Head to Accounting, then select Bank transactions.
Select Connect account or Link account and then search for Commonwealth Bank.
Tick the box to confirm you are linking the account for business purposes.
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).
Provide consent information, which outlines the data that'll be shared, the duration of sharing, how your data is stored, and how you can revoke access.
Click Agree to consent to sharing this information with Intuit.
Click Continue to sign in to your bank‌ account. Note: The prompts for accessing your bank account will vary, but you will be asked for verification information. This can include your mobile number and customer number details. You will then receive a one-time password on your ‌mobile device or the bank's app.
The accounts available to connect to QuickBooks are displayed. If an account isn't displaying, you likely don't have data sharing access, and you should check at cdrready.com.au or call your bank.
Confirm the information you are sharing with Intuit QuickBooks.
Once approved, the secure connection between QuickBooks and your bank is set up.
Allocate the account in QuickBooks you want this feed connected to by selecting from the available options in the pick list. If it's a new account, you can select Add New and add the required details.
Select the date you want transactions to import from. You can pick up to 24 months of historical transactions.
The transactions will then be dynamically imported into QuickBooks and are ready for coding.

Step 2: Refresh and review transactions

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

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

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:

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

Additional information

How to handle Trust Structures in NetBank

If you have contacted your bank and confirmed the structure of your business is a Trust, you will need to, you will need to complete the “Add or Remove data sharing delegate” form manually. This can be done by logging onto NetBank and then:

Select Settings
Select Access and Feeds
Select Manage data sharing
Under Open Banking Data Sharing select Manage data sharing
Under Managing your data sharing preference and then under Data Sharing Delegates – Business Customers select Manage Data Sharing Delegates

You will need to select the Digital form option. Once completed, the form will flow through to the CBA for processing via Docusign. If you select Download the form, you will need to print it out and complete it. The completed form must be sent to the Business Banking Team via the email address specified on the form (businessbankingSME@cba.com.au).

Section 1 of the form should be completed in the manner shown below:

Entity Type : Trust
Business Name :

Section 2a of the form should be completed in the manner shown below:

Name of data sharing delegate (1) :

Section 4 of the form will require the signature of the following individuals depending on the type of entity mentioned in Section 1

Entity type	Person(s) to sign
Company (including a Company Trustee/Custodian)	2 Directors or Director and Secretary or Sole Director
Incorporated association/Unincorporated association	Chairperson or Chief officer
Partnership	Managing partner or Corporate partner or 2 partners For informal partnerships, all partners are required to sign
Trust	Individual trustee(s)/custodian(s) or if trustee is a company, 2 directors or director and secretary or sole director
Government/Public Authority	Mayor or President or Chairperson or Authorising Officer

Once the Delegate request has been successfully processed, the customer will be informed by a notification posted to the NetBank Inbox of the Trust. Once they receive this notification, the customer will be able create a consent to share the accounts linked to the trust. When creating the consent, the customer will be presented with a list of profiles to choose from, including the Trust. Upon selecting this profile, the customer should be presented with the accounts which are eligible to be shared.

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