Overview
Open banking brings balances and transactions from Australian bank accounts into EveryWealth through the Consumer Data Right (CDR). Each account you share becomes a bank feed for the entity that holds it. Your bank shares the data with Fiskil, an accredited data recipient under the CDR, which provides it to EveryWealth. You sign in and choose which accounts to share on your bank’s own screens. EveryWealth never sees your banking password. Open banking is being introduced gradually. If you don’t see it under Settings → Integrations, it isn’t available for your organisation yet.Before you start
- Create the entity that holds the accounts (for example a trust or company) in Settings → Investments → Entities. A bank feed belongs to one entity, so connect each entity’s accounts separately.
- For a trust or company account, your bank may need you set up as a nominated representative before you can share it. Being able to transact on the account isn’t always enough. Your bank’s open banking or data sharing guide explains how.
Connect a bank
- Go to Settings → Integrations and choose Open banking, then Connect a bank. Or go to Finance → Bank reconciliation, choose the entity and choose Connect account (or Connect a bank account if it has no bank feed yet).
- In Settings, choose the entity that holds the account. From Bank reconciliation, the entity you chose is already selected.
- Choose the bank. A bank reporting an outage is marked, and connecting to it may fail.
- Review what is shared:
- Data: account name, balance and transactions only.
- Duration: 12 months.
- Frequency: overnight.
- Tick I am authorised to share the entity’s accounts, then continue.
- Choose Continue on the screen that opens over EveryWealth. Your bank’s own screens open in a new window or tab. Sign in, enter the one-time code your bank sends, choose the accounts to share and confirm. Take as long as you need: if your bank takes a while, EveryWealth keeps waiting and finishes connecting when the bank confirms.
After connecting
When the bank confirms, EveryWealth shows Consent granted · feed connecting. The shared accounts appear under the entity on the Open banking page once the first import finishes, usually within a few minutes. Each connection shows its status:- Waiting for your bank: the bank’s screens were opened but the bank hasn’t confirmed yet. If you’ve approved it at your bank, it connects automatically.
- Connecting: consent was granted and the first import is running.
- Active: the feed is up to date.
- Sync error, Consent expired or Consent revoked: the feed has stopped. Connect again to restart it.
- Cancelled: nothing was connected.
If connecting doesn’t finish
EveryWealth explains what happened and what to do next:- Declined at the bank, The bank’s code didn’t work, Timed out or Bank error: nothing was connected. Choose Try again.
- Account not eligible: most likely you’re not a nominated representative for the account. Ask your bank to appoint you (often a form in business online banking, or a call to the bank), then connect again.
- Waiting for your bank: EveryWealth stopped watching the bank’s screens, but you may still be finishing at your bank. If you approve it there, the feed connects automatically. If you didn’t, nothing is connected and you can connect again later.
- Still connecting: your bank approved the request, but the consent hasn’t reached EveryWealth yet. The feed connects when it does; if it hasn’t after a few minutes, connect again.
- Couldn’t confirm the connection: consent was granted but EveryWealth couldn’t reach the open banking service. Choose Try again to confirm the same consent; you won’t be asked to consent again.
- Bank data service busy or Bank data service unavailable: the open banking service is handling a lot of requests, or it or your bank is having a temporary problem. Nothing has gone wrong on your side. Wait a minute or two, then choose Try again. If you’d already approved at your bank, Try again confirms that same consent.
When bank data is delayed
Occasionally the open banking service asks EveryWealth to slow down, or it or your bank is briefly unavailable. When that happens:- The bank list, Disconnect, Renew consent and the other open banking actions say the service is busy or temporarily unavailable, rather than showing an error. Nothing has changed; try again in a few minutes.
- A feed whose latest import didn’t finish shows Bank data delayed on its card in Settings → Integrations → Open banking and on the account in Finance → Bank reconciliation, with the time of the last complete import. Your lines and reconciliations are untouched, and EveryWealth tries again automatically. The notice goes once an import finishes.
Map each account to a cash investment
Each shared account needs a cash investment and a reconciliation start date before its lines can be reconciled. Until then it shows Needs mapping.- Go to Finance → Bank reconciliation, choose the entity and the account, and choose Map account. (From Settings → Integrations → Open banking, Map accounts and reconcile takes you there.)
- If the account looks like one Xero already feeds, choose what to do first:
- Switch to the bank feed (recommended): Xero stops updating that cash investment, its values so far are kept, and the bank feed updates it from now on.
- Keep Xero: the bank feed stays connected but isn’t used, and there’s nothing to reconcile. The account shows Kept on Xero, and you can switch later.
- They’re different accounts: only an owner or admin can choose this, with a reason. Your name, the time and the reason are recorded.
- Choose the cash investment:
- An existing cash investment held by the same entity. One fed by Xero is marked, and choosing it switches it to the bank feed.
- A new cash investment, named after the account. We recommend a Cash category; you can create one from the dialog.
- Choose the reconciliation start date. It starts at the first of this month and can’t be in the future. Lines before it are kept for reference and don’t count as open.
- Choose Map account.
Bank reconciliation
Go to Finance → Bank reconciliation to see each entity’s bank feeds. Choose an entity at the top, then an account. Each entity shows how many lines are still to reconcile, a clock when only pending lines are left, a tick when everything is reconciled, or a dash when it has no bank feed. For each account you see three balances:- Statement balance: the balance at your bank at the last import. It includes pending transactions.
- Balance in everywealth: the statement balance less the lines that aren’t reconciled yet, from the account’s reconciliation start date.
- Difference: what’s still to explain. It’s zero when every line is accounted for, and the account then shows as balanced.
- To reconcile: open lines, newest first. Pending lines are shown but can’t be reconciled until they post at the bank. Lines before the reconciliation start date, including pending ones, are kept for reference underneath.
- Reconciled: lines that have been accounted for, with what they were matched or coded to (or why they were excluded), who did it and when.
- Needs mapping: the account isn’t linked to a cash investment yet, so its lines can’t be reconciled and the balances aren’t worked out. Choose Map account.
- Kept on Xero: you chose to keep Xero for this account, so there’s nothing to reconcile here. Choose Switch to the bank feed to change that.
- Connecting: the first import is still running, usually for a few minutes.
- We couldn’t refresh the bank: EveryWealth tries again overnight. If it keeps failing, reconnect.
- We couldn’t import accounts from the bank: the bank was connected but its accounts never arrived. EveryWealth tries again overnight. If it keeps failing, reconnect.
- Consent expires in N days: the person who gave consent needs to renew it at the bank before it ends.
- Consent revoked or Consent expired: no new lines arrive. Reconciled lines are kept; connect again to restart the feed.
Reconcile a line
In To reconcile, each open line is a card: the date, description and reference on the left, with Spent or Received and the amount, and the ways to reconcile it on the right. The likely tab is already open (Create when nothing in EveryWealth could match the line), and Suggested marks a line where EveryWealth has found the transactions that match it and ticked them for you, or has chosen the Xero account earlier lines from the same payer were coded to. Beside the tabs, a count shows how many lines have a suggestion and how many need your input. Lines on an account that still needs mapping, pending lines and lines before the start date can’t be reconciled.Match it to transactions already in EveryWealth
The Match tab lists transactions held by the same entity, dated within 14 days of the line, that still have cash to match. Choose Look further back to see 60 days. Each one shows the cash it moved through the bank:- a purchase or capital call is its total plus fees, as money out;
- a sale, redemption or return of capital is the proceeds less fees, as money in;
- income is what you received after tax withheld, as money in (reinvested income moved no cash, so it isn’t listed);
- a fee is money out;
- a transaction in another currency is converted at its own exchange rate when the bank account is in your reporting currency.
- Transactions from one document that together make up the line, such as the income, return of capital and fee on one distribution notice.
- A single transaction for the same amount, closest date first.
- A few transactions (up to four) that add up to the line, offered only when nothing above fits.
Split a line across several parts
One bank line often covers more than one thing: a distribution paid net of a fee, a capital call paid with its fee on top, a broker settlement with brokerage. Split it in the Match tab; there’s no separate Split tab.- Tick the transactions that are already in EveryWealth, if any. The footer shows what’s Remaining.
- Under the footer, choose Add the remaining … as New transaction or … as Code. A part appears holding exactly what’s left. You can change its amount, switch it between a new transaction and a code, or remove it.
- A new transaction part has the same fields as the Create tab: type, investment, description and date. Its type follows the part’s own direction, so a fee can sit beside the income it was taken out of.
- A code part takes an account from the entity’s Xero chart of accounts, as the Code tab does.
- Add more parts until Remaining is zero, then choose OK. The line moves to Reconciled as Split · N parts, listing each part. Parts that created a transaction say created here.
Create a transaction for it
When nothing in EveryWealth matches a line, use the Create tab to add the transaction and reconcile the line in one step.- Choose the Type and the Investment / account. EveryWealth fills them in from the bank description when it can.
- Check the Description and the Date (the bank date unless you change it). The Amount is the whole line.
- Choose Create beside the tabs.
Code it to a Xero account
Many lines on an operating account aren’t investment events: bank fees, rent, other income, tax payments. Use the Code tab to code the whole line to an account from the entity’s Xero chart of accounts, such as 404 - Bank Fees [EXPENSE].- Choose the Code tab beside the line.
- Choose an account. Accounts that usually fit the line come first: expense accounts for money out, income accounts for money in. Search by code or name to find any other. Bank accounts and archived accounts aren’t offered.
- Choose Code line, beside the tabs.
Record a transfer between your own accounts
Money moved between the organisation’s own accounts, in the same entity or another, isn’t an investment event. Use the Transfer tab: nothing is written to your ledger, and the bank lines are paired.- Choose the Transfer tab beside the line. EveryWealth lists open lines on your other bank feeds, within 3 days, that mirror this one: the same amount the other way. When there’s exactly one it’s ticked for you, and the line is marked Suggested in the list. When several accounts received the same amount (regular sweeps, say), they’re listed closest date first and none is ticked: choose the right one.
- Choose Record transfer, beside the tabs. Both lines move to Reconciled, each showing Transfer and the other account.
Exclude a line
Use the Exclude tab for a line that doesn’t need reconciling. Choose a reason (Duplicate, Not relevant, Reversed or Other), add a note if you like, and choose Exclude line beside the tabs. The line moves to Reconciled as Excluded with your reason.Undo
When undoing a categorised cash entry or an investment funding link, add a note explaining why. The note is required and is saved in the manual adjustments report. Choose Undo on a line in Reconciled to put it back in To reconcile. Undoing a match leaves the matched transactions as they are, and frees their cash to match again. Undoing a coded line removes its code. Undoing a line you created a transaction for deletes that transaction too, as long as nobody has changed it since. If it has been edited, has had a document linked to it, has been matched to another line, or is dated in a locked period, Undo stops and tells you why: change or delete the transaction in your ledger instead. If a transaction a line was matched to is deleted, the line shows a warning and Reopen instead. EveryWealth also reopens such lines overnight. Any member of your organisation can reconcile, create, code, split, record transfers, exclude and undo. EveryWealth records who made each change and when.Notes on lines
When you can’t explain a line yet, leave a note for the adviser or principal.- On Finance → Bank reconciliation, choose the Discuss tab beside the line, or Add note under its description (the line’s note count, if it already has notes).
- Write your question or explanation and choose Save note.
Bank lines in Period close
When your organisation uses bank feeds, Finance → Period close adds two checks to each period:- Bank lines: how many lines dated in the period are still to reconcile, by the date at the bank. It’s ready once every one is reconciled or excluded. Pending lines are mentioned but don’t hold the period up, since they can only be reconciled once the bank posts them.
- Bank feeds: whether any feed may be missing lines for the period, because it hasn’t imported since before the period ended or its consent ended during the period. It also mentions accounts that still need mapping (their lines aren’t counted) and consents that expire within 30 days.
The cash investment’s page
Once a bank feed account is linked to a cash investment, the investment’s page becomes a bank account page, like the page for a bank account that comes from Xero. It shows:- the balance at your bank and when the bank gave it (“As of”), with the balance recorded in EveryWealth underneath;
- the bank, the account name, and the BSB and account number as the bank shares them (masked);
- the feed’s status (for example Live, Importing, Sync error or Consent revoked) and the person who gave consent;
- how many lines are still to reconcile and the Difference, with View lines in Bank reconciliation to open that account’s lines.
Renewing, taking over and stopping a bank feed
Consent lasts 12 months, and only the person who gave it can renew it. Each connection card in Settings → Integrations → Open banking shows who that is, when the consent expires and what you can do:- Renew consent. From 30 days before the consent expires, the card shows a warning and the consent holder gets a reminder by email and in EveryWealth. Renew consent opens your bank’s screens with the shared accounts already selected; confirm them and the new expiry appears on the card. Renewal is never automatic, so a consent nobody renews stops the feed when it expires.
- Take over. If the consent holder can’t renew, or has left, another member can Take over the bank from the card. You give a consent of your own for the same accounts; their history carries across, and the earlier consent is withdrawn once your feed is running.
- Disconnect. The consent holder, or an owner or admin, can disconnect at any time. You choose whether to keep reconciled lines in your books (the usual choice) or delete everything from this feed. The consent is withdrawn at your bank first, so if the bank’s provider can’t be reached nothing changes and you can try again. You can also withdraw consent through your bank’s own open banking settings; the feed stops the same way.
- Reconnect and, for owners and admins, Delete everything on a feed that has ended, shown with why it ended: withdrawn at the bank, expired, disconnected here, the holder left, or taken over.
What happens to your bank data
EveryWealth keeps only what reconciliation needs: each transaction’s date, amount and description, the account’s name and masked number, its latest balance, and a record of who consented and when. It never holds your bank login, full account numbers or payment details, and nothing is shared outside your organisation’s workspace. When sharing stops, whether you withdrew consent, it expired after 12 months, or the person who consented left your organisation:- No new transactions arrive. The feed stops at once.
- Transactions you never reconciled are deleted straight away, including pending ones and ones before the account’s start date.
- Transactions you reconciled, excluded or recorded as transfers stay in your records, with their date, amount, description and what you reconciled them to, in the same way a filed bank statement would. Everything else about them (reference, merchant, biller, category) is removed at once.
- Your ledger is untouched. Transactions you created or matched in EveryWealth are yours and are never deleted by a feed ending.
- The record of the consent (who, which bank, when it started and ended) is kept for six years, as the Consumer Data Right requires. It holds no transactions.