Quickbooks are changing the way bank feeds are authorised. The good news is that the 90 day re-authorisation requirement is to cease.
This is an important change for all Quickbooks users. It also affects other software, which use bank feeds, such as Xero, Sage and many more. The information below relates to Quickbooks but other software will be similar.
Currently in Quickbooks when connecting your bank feed you need to enter your online bank security details.
Then every 90 days the above process needs to be completed again. This is to re-authenticate your connection in Quickbooks.
Any business which currently uses bank feeds, will appreciate just how annoying this is. Unfortunately this was part of the open banking rules, which Quickbooks and other software companies had to follow.
The Financial Conduct Authority (FCA) announced in March 2022 that the open banking rules were to be relaxed.
The initial setup is to remain the same, so you will still need to enter your online bank security details. Then, after 90 days there will be a simple renew or withdraw consent button.
Quickbooks have announced that they will be changing their bank feeds from 30th September 2022. Users of Quickbooks will receive emails notifying them when their bank connection is to change.
We are aware that currently Natwest (from 11th October), Monzo (from 11th October) and Lloyds (from 19th October) are all in the process of changing to the new system.
Other banks are expected to follow in the next few days and weeks.
At some point your current bank feed will be disconnected. You will see the usual error message requesting that the bank feed is re-authorised.
This will be the last time that you need to complete this process.
All that will be required from this point is to re-consent the bank feed in Quickbooks every 90 days. This will be a simple Yes or No action.
Quickbooks users will be able to remove the bank feed consent at any time.
Patterson Hall Chartered Accountants and Quickbooks
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