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Set up the Envestnet Yodlee bank feeds service

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You can import electronic bank statements from your bank to quickly fill on the Payment Reconciliation Journal page so you can apply payments and reconcile the bank account. For more information, see Applying Payments Automatically and Reconciling Bank Accounts.

Important

Due to the Payment Services Directive in Europe (PSD2), after September 14, 2019, you will no longer be able to automatically import bank statements from banks in the United Kingdom into Business Central. We are looking into the possibility of offering this feature again in the future.

Note

The Envestnet Yodlee Bank Feeds service is only supported in the online version of Business Central. This functionality is not supported for on-premises versions of Business Central, or for Business Central environments hosted on Embed ISV application services. To use this functionality on-premises, you must obtain a co-brand account from Envestnet, and you must add code to integrate with the Yodlee API.

The Envestnet Yodlee Bank Feeds service is only supported in the United States and Canada. Only banks residing in these countries/regions are supported, even though banks from other countries/regions may appear in the Envestnet Yodlee Bank Feeds bank selection window in Business Central.

Important

For technical assistance with the Envestnet Yodlee functionality, contact Microsoft Support. Do not contact Envestnet Yodlee. For more information, see Configuring Technical Support for Dynamics 365 Business Central.

The Envestnet Yodlee Bank Feeds service is installed as an extension to Business Central online and is ready to be enabled in the supported countries/regions. For more information, see Customizing Business Central Using Extensions.

After you enable the bank feed service, you must link a bank account to the online bank account that the feed will come from. You link bank accounts to online bank accounts in the following different scenarios:

  • A bank account doesn't exist in Business Central for your online bank account. Therefore, you create the bank account by linking from the online bank account.
  • A bank account exists in Business Central, which you want to link to an online bank account.
  • A linked bank account must be unlinked because you want to stop using the bank feed service for the account.
  • Online bank accounts have changed and you want to update the information on bank accounts in Business Central.

When the bank feed service is enabled, you can set a bank account up to automatically import new bank statements into the Payment Reconciliation Journal page every two hours. Transactions for payments that have already been posted as applied and/or reconciled on the Payment Reconciliation Journal page won't be imported. For more information, see the “To enable automatic import of bank statements” section.

Note

If you use the Set Up Company assisted setup guide, some of the steps in the following procedures happen automatically when you get to the company bank account setup. For more information, see Getting Ready for Doing Business.

To enable the bank feed service

  1. Choose the Lightbulb that opens the Tell Me feature. icon, enter Bank Accounts, and then choose the related link.
  2. Open the bank account that you'll use for the bank feed service.
  3. On the Bank Account Card page, in the Bank Statement Import Format field, select YODLEEBANKFEED.

The bank feed service is enabled when you link a bank account to its related online bank account. See the next procedure.

Note

If you use the Company Setup assisted setup guide, then you enable the service by selecting the Use a bank feed service check box. For more information, see Creating New Companies in Business Central.

To create a new linked bank account

  1. Choose the Lightbulb that opens the Tell Me feature. icon, enter Bank Accounts, and then choose the related link.

  2. Select the relevant bank account, and then choose the Create New Linked Bank Account. The Bank Account Linking page opens after a few moments.

    Note

    This page shows the actual web page of the Envestnet Yodlee Bank Feeds service. Terminology and functionality on the page may not match instructions provided in this topic.

  3. On the Online Bank Account Linking page, in the Link Account pane, use the Search function to find the bank where you have one or more online bank accounts.

  4. Choose the bank name. The Log In pane opens.

  5. Enter the username and password that you use to sign in to the online bank, and then choose the Next button.

  6. The bank feed service prepares to link the first online bank account at the specified bank to a new bank account in Business Central.

    Note

    If you have more than one online bank account at the bank, you must create additional bank accounts in Business Central for them. See steps 8 through 10.

    After the process completes, the bank name will appear in the My Accounts pane on the Linked tab. The number in brackets indicates how many online bank accounts were linked.

  7. Choose the OK button.

    If you're only linking one online bank account, the Bank Account Card page opens and displays the name of the online bank account. In this case, the bank account linking task is completed. All that's left to do is to set up the bank account. For more information, see Set Up Bank Accounts.

    If you're linking more than one online bank accounts, the Bank Account Linking page opens and lists the online bank accounts that aren't yet linked to bank accounts in Business Central. In that case, follow the next step.

  8. On the Bank Account Linking page, select the line for an online bank account, and then choose the Link to New Bank Account action.

    The Bank Account Card page for a new bank account opens and displays the name of the online bank account.

    If a bank account already exists in Business Central that you want to link the additional online bank account to, follow the next step.

  9. On the Bank Account Linking page, select the line for an online bank account, and then choose the Link to Existing Bank Account action.

  10. On the Bank Account List page, select the bank account that you want to link to, and then choose the OK button.

  1. Choose the Lightbulb that opens the Tell Me feature. icon, enter Bank Accounts, and then choose the related link.

  2. Select the line for a bank account that isn't linked to an online bank account, and then choose the Link to Online Bank Account action. The Online Bank Account Linking page opens with the name of the bank prefilled in the Link Account pane.

  3. Choose the bank name. The Log In pane opens.

  4. Enter the username and password that you use to sign in to the online bank, and then choose the Next button.

    The bank feed service prepares to link your bank account in Business Central to the related online bank account.

    When the process has completed successfully, the bank name will appear in the My Accounts pane on the Linked tab. If the bank has more than one bank account, only the bank account that you selected in step 2 is linked.

  5. Choose the OK button.

On the Bank Account List page, the Linked check box is selected.

To edit the credentials for an online bank account

  1. Choose the Lightbulb that opens the Tell Me feature icon, enter Bank Accounts, and then choose the related link.
  2. Choose the line for a bank account that is linked to an online bank account, and then choose the Edit Online Bank Account Information action.
  3. Update the credentials.
  1. Choose the Lightbulb that opens the Tell Me feature. icon, enter Bank Accounts, and then choose the related link.
  2. Select the line for a linked bank account that you want to unlink from its related online bank account, and the choose the Unlink Online Bank Account action.

Note

If you choose Yes on the confirmation dialog, the link to the online bank account is removed, and the log-in details are cleared. To link the bank account to the online bank account again, you must log on to the bank again. For more information, see the “To link a bank account to an online bank account“ section.

To update bank account linking

  1. Choose the Lightbulb that opens the Tell Me feature. icon, enter Bank Accounts, and then choose the related link.
  2. Select the relevant bank account, and then choose the Update Bank Account Linking action.

If issues exist for any of the linked bank accounts on the Bank Account List page, the Bank Account Linking page opens specifying which bank accounts have issues. Issues can best be resolved by unlinking the online bank account and then re-creating the link. For more information, see the “To link a bank account to an online bank account“ section.

To enable automatic import of bank statements

  1. Choose the Lightbulb that opens the Tell Me feature. icon, enter Bank Accounts, and then choose the related link.

  2. Select the line for a linked bank account, and then choose the Automatic Bank Statement Import Setup action.

  3. On the Automatic Bank Statement Import Setup page, in the Number of Days Included field, specify how far back in time to get new bank transactions for.

    Note

    It is recommended that you set this value to 7 days or more.

  4. Select the Enabled check box.

Every hour, the Payment Reconciliation Journal page will display new payments that are made on the online bank account.

Note

Transactions for payments that have already been posted as applied and/or reconciled on the Payment Reconciliation Journal page will not be imported.

See also

Setting Up Banking
Reconciling Bank Accounts
Applying Payments Automatically and Reconciling Bank Accounts
Customizing Business Central Using Extensions
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