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

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 National Australia Bank (NAB) bank feed connection in QuickBooks Online for the first time. 

We’ll be guiding you through the following steps:

1. Before you start: Important things to prepare before connecting your account, including how to elect a data-sharing delegate/nominated representative
2. Step 1: Connect your new NAB account to Open Banking
3. Step 2: Refresh and review transactions
4. Next steps: Renew your bank connection every year

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

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

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.

A data-sharing delegate/nominated representative 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.

For NAB customers, CDR data sharing is available for both personal and business customers through NAB’s primary digital platform, NAB Internet Banking. 

• Existing retail and business-nominated representatives with NAB Internet Banking access will be able to share their respective accounts through Open Banking. 
• Customers currently using NAB Connect will need to register for Internet Banking to access CDR data sharing services.

Note: You can refer to how to share data using open banking on the NAB website for details on if open banking is safe, what information you can you share, and more.

Step 1: Connect your new NAB account to Open Banking

1. Follow this link to complete the steps in your product.
2. Select Connect Account or Link account and then search for NAB.
3. 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).
4. Review and agree to the consent details regarding shared data.
5. Continue by entering your NAB ID to receive a one-time password via SMS or the bank's app.
6. Input the one-time password.
7. Select the specific bank accounts to share with QuickBooks.
8. Confirm the information being shared and that the connection is for 365 days.
9. Select which accounts you want to connect.
10. QuicksBooks Online will now import your NAB transactions.

Step 2: 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.

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.