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Connect a new Westpac 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 Westpac 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 Westpac 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 a Westpac 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. 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:

Nominating users within the business network

  1. Administrators need to sign in to Westpac Online Banking and navigate to the Business network profile.
  2. Select Administration > User administration.
  3. Select the name of the user that you want to be a nominated representative.
  4. Scroll down the page to the heading Open Banking data sharing. 
  5. Select Manage data sharing.
  6. Check that the User is registered for Protect SMS. This can be validated in the ‘Additional security’ section.
  7. Select Save

This user is now a Nominated Representative who's able to share Open Banking Account data for the accounts owned by the Organisation and will be presented with a Profile selection option when they start the Data Sharing option from the Accredited Data Recipient.

If you can’t see the option to complete this process online, you might need to complete a physical form and return it to a Westpac branch.

If your business Network was registered for Online Banking prior to November 1, 2021, you may have to follow the below steps if you are unable to complete step 1 to 7 above:

  1. Complete the Open Banking Data Sharing authority form
  2. Select whether to:
    • Nominate: Allow all Administrators to nominate themselves and/or users in the business network to manage Open Banking data sharing; or
    • Don't nominate: Which effectively blocks that.
  1. Have the form signed by authorised signatories
  2. Return it to a Westpac branch. Once the form has been returned to Westpac, the Open Banking feature will be activated within 1–2 days.

Step 1: Connect your new Westpac account to Open Banking

  1. Follow this link to complete the steps in your product.
  2. Head to Accounting, then select Bank transactions.
  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 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.
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