Direct Bank Feeds automatically import transactions from your business bank account into your FreeAgent account. This article explains how to switch from an existing FreeAgent bank feed, or ‘Yodlee’ feed, to a Direct Bank Feed for a NatWest or RBS Business account.
Please be aware that you will need to be registered for NatWest or RBS online banking to complete this process. This process does not apply to Barclays, or any other business bank account.
1. Make sure you’re eligible for a Direct Bank Feed
At this time, only RBS and NatWest Business Bank accounts are eligible for this service. Other banks accounts, including Bankline and personal bank accounts are not eligible.
If you have a Direct Bank Feed set up for any other accounting software package, the functionality will not work successfully. In this scenario, you’d have to disable that bank feed, wait around 5 working days for the cancellation to process, and only then attempt to set up your FreeAgent feed.
2. Switch off your Yodlee bank feed
Before you switch from your existing Yodlee Bank Feed, to a ‘new’ or ‘Direct Bank Feed’, it’s important to make sure that your bank account is eligible for a direct feed.
- Go to ‘Banking’ and click on the Bank Account which has the feed you wish to disable
- Next, click on ‘More’ at the top right of the screen, and then ‘Disable Bank Feed’
- Finally, confirm that you’d like to remove this feed by clicking on ‘Disable’
3. Follow these instructions to enable your RBS or NatWest Direct Bank Feed in the usual way
4. Manually upload any missed transactions during the ‘interval’ period
It can take up to 2 working days for your bank to approve the setup of your new Direct Bank Feed. As your Yodlee feed will now be turned off, it is likely FreeAgent will miss some bank transaction in this intervening period.
To account for this, wait until your Direct Bank Feed has been successfully enabled, and then create a custom bank statement download in your bank’s online banking platform in a supported format. Then upload this to FreeAgent in the usual way.
Alternatively, you can create a spreadsheet of these transactions, save it as a CSV file, and upload that. There’s more on how to do that here.