How do practice bank feeds work?

SILQ gives you the option to link your banking institution account to SILQ, automatically importing account transactions into SILQ from your bank, saving you even more time.

SILQ provides a user-friendly feature that enables you to link your bank account, facilitating the automatic import of transactions from your bank. By utilizing this function, you can avoid the cumbersome task of manually entering both received and spent money transactions, thereby simplifying your financial management.
Additionally, SILQ's advanced system pre-fills much of the required information for you, further improving efficiency and allowing you to save precious time.

How do we provide this feature?

We have integrated with Basiq, an accredited supplier that complies with CDR practices.
We understand that screen scraping is a solution that multiple software providers offer. However, this involves the sharing of your confidential login credentials to that third party (thus violating the terms and conditions of your bank).
Although the route we have taken is a little more involved during the setup stage, given the alarming rates of online fraud reported by the Australian Banking Association, we have decided to partner with a CDR compliant supplier as we believe this is in the best interests of our clients.  You can read more about this compliance process here.

This feature is quite comprehensive and as such we have broken this article down into multiple parts.

Please read part 1 and action any required steps first before moving onto step 2.

1. Tips &Tricks to know before connecting or using a Bank Feed

2. Connecting a Bank Feed to SILQ

3. How often does SILQ receive data from a Bank Feed?

4. How do I know when there are new transactions to reconcile in a bank feed?

5. How do you reconcile a bank feed?

6. Add a spend money or receive money transaction while reconciling a bank feed

7. Delete an account transaction while reconciling a bank feed

8. Unlink, Delete or Rename a Bank Feed Account