Connect a new NAB bank account to Open Banking in QuickBooks Online

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. 

The good news? Open Banking puts you in control of which apps can access your account, and delivers real-time data through a safer, more secure connection.

This article will guide you through the process of setting up a new Open Banking feed in QuickBooks.

We’ll be guiding you through the following steps for connecting a new National Australia Bank (NAB) Open Banking feed:

• Before you start: Your checklist
• Step 1: Check if your account needs a data sharing delegate assigned
• Step 2: Connect your Open Banking feed
• Additional information (managing your feed and FAQs)

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

Before you start: Your checklist

Work through the checklist below before connecting your bank feed. This will ensure you have everything you need for a smooth setup process.

• Enable pop-ups in your web browser settings. You do this by selecting the three vertical dots (menu) in the top-right corner of your browser. Select Settings. Search for “pop-up” and follow the prompts.
• Categorise any pending transactions in QuickBooks before connecting to ensure your books are up to date. To categorise transactions, go to Accounting then Bank Transactions and post the transactions in the Pending tab. 
• Have your mobile phone nearby — your bank will send a one-time password to verify your identity.

Step 1: Check if your NAB account needs a data sharing delegate assigned

Under the Open Banking rules, 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.

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 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.
   • If the account(s) you want to connect to QuickBooks are displayed, select Yes, all of my accounts are here.
     • Proceed to Check Accounts for another bank or select I’m Done
   • If any accounts are missing or not displayed, select No, not all of my accounts are here.
     • If any accounts are missing or not displayed, select No, not all of my accounts are here.
     • If any accounts are missing or not displayed, select No, not all of my accounts are here.
8. Once the account(s) you want to connect to QuickBooks is displayed, proceed to Step 2.

Watch the CDR Ready process demo here.

Step 2: Connect your NAB Open Banking feed

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.

1. Go to All apps, select Accounting, then Bank transactions (Take me there).
2. Select Connect Account or Link account and then search for NAB.
3. Review and agree to the consent details regarding shared data.
4. Continue by entering your NAB ID to receive a one-time password via SMS or the bank's app.
5. Input the one-time password.
6. Select the specific bank accounts to share with QuickBooks.
7. Confirm the information being shared and that the connection is for 365 days.
8. Select which accounts you want to connect.
9. QuicksBooks Online will now import your NAB transactions.

Great work, your bank is now connected. Now that your transactions are flowing in, why not set up a bank rule to automate your categorisation even further? It’s the easiest way to reclaim your time and keep your finances organised without lifting a finger.

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.

Additional information

Managing your Open Banking feed

With Open Banking, you're in charge. You can revoke access or renew it whenever you need to, and QuickBooks will remind you when your annual consent is coming up for renewal.

Frequently asked questions

To review all common questions relating to Open Banking, see our primary article on connecting a new Open Banking feed to QuickBooks Online.