BGL Bank Data Service

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Overview


The Bank Data Service is the most efficient way of obtaining bank data for Simple Fund 360. You have the ability to fully automate the flow of bank data from all major banks directly into Simple Fund 360 for a fixed annual fee.

 

The Bank Data Service provides you with the following benefits:

 

  • A reduction in manual data entry
  • Increased accuracy in transaction matching 
  • Improvements in workflow and productivity 
  • Proactive compliance and tax planning opportunities

 


 

To subscribe to and set up the Bank Data Service in under 5 minutes, you will need to complete the following steps.

 

1. Add bank accounts to the chart of accounts.

2. Setup the Bank Feeds.

3. Begin Automating your Bank Data

 

If you are an existing subscriber to the Bank Data Service, refer to the Bank Feed Management Screen page for more information on the new look Bank Feeds screen in Simple Fund 360. 

If you have not yet subscribed to the Bank Data service and would like to buy/purchase the service, contact the BGL Sales Team on 1300 654 401. 

If you are an existing subscriber and would like to increase your subscription (add more funds to the service), please check the FAQ at the end of this article.

 

Step 1: Add the Fund's Bank Account to Simple Fund
360


To add a bank account to the fund's chart of accounts, refer to the Bank Accounts page for help. 

 

Once you have added the bank account, it will appear in the Bank Feeds screen. 

 

From the Main Toolbar, navigate to Connect.
Select Feed Management from the list.

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In the Entity Summary tab, under Bank Feeds you can view the bank account details. 

 

 

Step 2: Set up Bank Feeds in Simple Fund 360 and Prepare Authority Form 


  1. From within the Entity Summary tab, select (+) Setup next to the bank account that you wish to set up the feed for.

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  2. Input the Account Name, BSB and Account number. From the Automated Data Feed section, select BGL Bank Data Service as the Feed Provider.

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  3. Select 71.png.

    Simple Fund 360 will now populate the Authority Form which you are required to send to the fund's trustee(s) for signing.

  4. Select Save. This will set up the feed in Simple Fund 360, although it will not yet be active.

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Step 3: Uploading the Authority Form 


  1. Once you receive the signed Authority Form, you can upload the authority form from within the Entity Summary tab, selecting the upload authority form icon.

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  2. Users can upload the authority form directly to BGL by uploading it directly to the Authority Form Upload box. 

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    This is the recommended approach as it is quickest turn around time, our most secure method, allows you to download copies of the form at the click of a button and allows you to easily track the status of your authority form(s). 

    Alternatively, you're welcome to send the completed form in PDF format to our team at bankfeeds@bglcorp.com.au


Step 4: Await Confirmation


BGL will keep you updated in regards to the status of the Bank Feed via the Feed Status column.

Refer to the Bank Feed Management Screen for more information on your bank account's current feed status.

Note

  • Automated Bank Data is only available from the time the authority form was approved by the financial institution. Approval may vary between 10-15 business working days.
  • When adding loan accounts for the bank service, add them under account 85500. Refer to the Supported Banks page to check which loan accounts are supported.

After Setup of the BGL Bank Data Service - what's next?


It will take up to 10-15 business days for the setup process to be completed. When activated, from the Bank Feed Management Screen, the status column will display as Feed Operating. 

FAQ


How much does this service cost and how to subscribe?

The Bank Data Service is priced at $44pa (including GST), per fund. There are no additional monthly access fees. The service is sold at a minimum of 5 funds. Afterwards, it can be upgraded in single funds.

If you have not yet subscribed to the Bank Data service and would like to buy/purchase the service, contact the BGL Sales Team on 1300 654 401.

If you are an existing subscriber and would like to increase your subscription (add more funds to the service). There are two options.

Option 1. Upgrade within the software by following instructions on How to upgrade data service subscription

 Option 2. Contact the BGL Sales Team on 1300 654 401.

 

How is payment made?

The cost of the service will be added to your Simple Fund 360 subscription.

 

What is the turnaround time for feed commencement once an authority form has been provided to BGL?  
Approval may vary between  10-15 business working days. Majority of our financial institutions only supply automated data from the time they approve the signed authority form. For a list of financial institutions that do supply historical bank feeds, refer to  Supported Banks - BGL Bank Data Service.

 

Can I cancel bank feeds for select funds? 

Refer to How to cancel Data Feeds for more details.

 

When trying to set up the bank feed for a fund, the option BGL Bank Data Service does not display as a feed provider?

The BGL Bank Data Service will only display as a feed provider if your firm has subscribed to the service. 

 

What information can BGL obtain?

BGL receive the same information as what is in the fund’s bank statement in an electronic format each night.

BGL cannot transact on or directly access the SMSF’s bank account.

BGL obtain the data through a direct arrangement with each of the banks using the security systems implemented by each bank.

BGL will never ask trustees for their internet banking user name and password and BGL do not use any screen scraping software. All data is stored securely.

For more information, refer to the Bank Data Service Security and Privacy PDF.

 

What Banks are supported by the BGL Bank Data service?

Please check out the following help page for a complete list of Supported Banks - BGL Bank Data Service.

 

 

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