Before setting up and using the Online Banking feature in Accounting, the user must verify with the Bank that they (the Bank) supports and the user’s account has Direct Banking. There is a difference between DIRECT Banking and ONLINE Banking.
- Online Banking – this is where the user goes to the Bank’s website, downloads a file containing the account transactions and then imports them into the Accounting Program.
- Direct Banking – Allows the Accounting program to download the transactions directly.
Most banks support Online Banking for all customers at no charge. Most all banks charge a fee for Direct Banking, because the bank itself does not provide this service – instead it is farmed out to a service provider.
Abacus Accounting will support either type of service.
- If you have Direct Banking then you do need to fill out the account information on the Chart Of Account Screen. After completing this information you need to click on the TEST CONNECTION button. If you get an error message about the sign-on being invalid – verify the User Name and Password is correct. If they are correct then verify with the bank that the account does have the Direct Banking service. Any other type of error needs to be reported to Tech Support
- If you have Online Banking you do NOT need to fill out the account information on the Chart Of Accounts. Instead when you go to the Online Banking Menu Option (GL) you manually have to import the downloaded file containing your account activity. (This is the file that is manually downloaded from the Bank’s website by the user – this file needs to be in an OFX or QFX format)