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) also contact the BGL Sales Team on 1300 654 401. 

 

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, go to Connect.
Select Manage data feeds from the list.

Under the Banks section, select Get Started.

 

Under the Feed Description column, you can view the bank account details. 


 

Step 2: Set up Bank Feeds in Simple Fund 360 


  1. Under the Actions column, select Setup Bank Feed



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




  3. Select .

    Simple Fund 360 will now populate the Authority Form which you are required to send to the fund's trustee(s) for signing. Once you receive the signed Authority Form, send the completed form to: 



  4. Select Save.

 

Step 3: 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. Bank data will begin to flow into the ledger which can be reconciled via the Transaction Matching process. 

Questions


How much does this service cost?

The Bank Data Service is priced at $44pa (including GST), per fund. There are no additional monthly access fees. The service is sold in blocks of 5 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) also 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 bankinguser nameand password and BGLdonot 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.