How do I set up a bank connection with Yodlee?

Yodlee, one of our third party connectors, can help you get your expenses automatically imported from your bank accounts, credit cards, and PayPal accounts (crypto, investment, loan, and line of credit accounts will not be imported). These transactions are imported into your account through a mix of data sharing methods like Open Banking and data extraction depending on the financial institution.

All accounts you set up will appear in the Bank Connections section. Any newly imported expenses up to 30-365 days of activity depending on the bank, will appear in the Expenses section for you.

The below steps are for specific users in certain supported countries. If you’re not sure which bank connection partner to use, look for your supported country here.

Bank Connections can pull up to a maximum of 365 days of activity, if you're looking to import older transactions, review How do I import expenses from a file? instead.

 

• Add a Bank
• Automatically Categorize Imported Expenses

 

Add a Bank

Add a bank connection using the below steps: 

 

If your bank connection uses Open Banking, log into your online banking and revoke third party access permissions for accounts you don't want connected to FreshBooks first. If needed, reach out to your bank for help with revoking third party access permissions.

 

1. Before beginning, ensure you’re using the correct steps by confirming which partner supports connections for your country here
2. Using a web browser, select the Bank Connections section
3. If you find your bank in the top 12 popular banks, select it
4. Otherwise, if you don’t find your bank, select the Find your bank link below the top 12
   1. Then search for your bank using the name of the bank (at least 3 letters long), or the bank’s website link
   2. If the name of the bank and the bank’s website link matches what you normally log into online, select it
5. If your bank is not listed or available, please submit a request to have your bank added here
6. Once you’ve selected your bank, enter in your bank’s login credentials and select Submit
7. If requested, answer any security or verification questions until all have been answered correctly and select Next
8. Stay on this page and wait up to 10 minutes for all your accounts to finish loading
9. Once all accounts have finished loading, uncheck any boxes next to accounts you don't want to connect and import
   
10. Then select the Save and Finish button
11. If you have unselected accounts, select Confirm and Continue
    
12. Next, a pop-up will ask you to how far back to import expenses from - choose between Today, 7 Days ago, 30 Days ago, 90 Days ago, 365 Days ago, or Custom
    
13. Select Done
14. You’ll now be taken back to the Bank Connections section, leave this page open for at least 10 minutes
15. After 10+ minutes, a confirmation will appear, and the status next to your bank account will display as Updated <1 minute ago
16. Next, you can go to the Expenses section and start organizing your newly imported expenses, which can take anywhere from 1 minute to 2 hours to appear depending on the bank connection.

To look for expenses that have not been assigned a category, select the Advanced Search button, choose Uncategorized Expenses in the Category field, and select Apply. 

 

Notes:

• Check your bank connections on a regular basis to ensure your expenses are consistently importing with no errors or actions required by you
• Credit card payments imported in as expenses can be deleted, or marked as transfer if using bank reconciliation
• For issues connecting your bank account, review How do I troubleshoot a bank connection with Yodlee?

 

Automatically Categorize Imported Expenses

If you have expenses imported that belong to the same category each time it's imported, you can mark them to automatically apply the category for future imported expenses. This requires future imported expenses to have the exact same merchant name every time for it to be automatically categorized for you.

 

Automatic categorization relies on consistent and accurate transaction data from Yodlee. As a result, imported expenses from Yodlee may not have the remembered category applied each time.

 

Use the below steps: 

1. Select the Expenses section
2. Select the expense you want to edit
3. If the expense does not have a category yet, select Add a category and pick one
4. If no merchant is listed, select Add Merchant and enter in a new merchant or choose from an existing list
5. Check the box off next to Apply to future expenses
   
6. Select the checkmark button to save.