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Easy Cashflow uses a third-party provider, Yodlee (Envestnet), to link to your bank account. This is the same partner used by many accounting software providers in Australia for this purpose, including Xero, Quickbooks and MYOB.
Overview
Linking your business bank accounts and credit cards to Easy Cashflow is the best way to guarantee that every single business transaction is correctly accounted for.
Easy Cashflow will then automatically import all your transactions ready for you to categorise them, or match them to existing documents like invoices and payslips.
How to Link Your Bank Account in Easy Cashflow
1. When you first open Easy Cashflow you will see a prompt on the Bank Transactions screen to link your first account:
2. Click Link Bank Account to begin the process. This will create a secure connection to our integration partner to begin the process.
3. Search for your bank or credit card provider (if not already showing) and then click on the logo to select.
4. Enter your banking credentials to connect to your bank.
5. Once the secure connection has been made, you will be asked to confirm which accounts you would like to link to Easy Cashflow. Select the accounts and click Save and Finish.
Congratulations! You have now linked your account. It can take a little while for your first transactions to arrive, so check back later on.
Once the initial connection has been made, you will see a popup asking you to confirm the date you wish to import transactions from, and prompting you to enter the balance of the account at that date.
Refer to the following guide to see how to accurately get the opening balance from your bank account: How to Enter the Correct Opening Balance for your Bank Account.
How to Unlink Your Bank Account in Easy Cashflow
1. To unlink your bank account or credit card, go to the Bank Transactions screen and tap/click to select the account at the top of the screen.
2. You can now click on the blue pencil icon to the right of the account name.
3. From the Account Details screen, click Unlink Account.
4. Click Unlink Account to confirm the unlinking. See more in the FAQ below on what happens when you unlink an account.
FAQs
Q: Is this secure?
A: Yes. All communications are encrypted between you, us, our partner and your bank. We do not store your banking credentials and we cannot access them at any stage. You can learn more about our approach to security (and how we hold an ISO 27001 Information Security certification) here.
Q: Do I have to link my bank accounts?
A: Nope. Not if you don't want do. You can create manual bank accounts and upload CSV files from your bank if you'd prefer to do that. Or, if you only have a very small number of transactions, you can create them manually from the Ins & Outs tab.
Q: What happens when I unlink an account?
A: When you unlink an account, Easy Cashflow can no longer access any new transactions and any unprocessed transactions will be removed too, however, any transactions that were already matched/categorised will remain. If you wish to permanently delete all transactions, once you have unmatched all of those transactions (which you can do by bulk unmatching), you will no longer see that bank account.
Q: Can I re-link an account I previously disconnected?
A: Yes. Add the account again (as if it were a new account) and Easy Cashflow will add it again.
Q: Are you using Open Banking? What about the Consumer Data Right (CDR)?
A: We're currently working on this. It's still extremely difficult to connect to many business bank accounts in Australia via Open Banking, requiring printing and signing paper forms and various other hoops to jump through. And some smaller banks still just don't support it. After a number of years of progress though, there is a light at the end of the tunnel, and we expect to be offering a more streamlined Open Banking connection option later in the year.