About financial institutions

A financial institution in Sage Intacct represents your bank. Use it to save time managing a bank feed connection when you have multiple accounts that share the same login credentials at a bank.

When connecting the first account, you can select and authorize additional accounts that are available within that bank to connect. Then, you can map the authorized accounts to Intacct bank and credit card accounts. All accounts use the same login information that you entered when you connected the first account to a bank feed.

When you update your login information for one account within the financial institution, Intacct updates login information for all other associated accounts.

Scenarios of limited or no support

Not all banks or bank connection providers support the use of a financial institution. Whether or not a bank or connection provider supports this feature is determined by the bank or connection provider. In cases where it is not supported, connect each account individually.

The following are known limitations and scenarios where support is either limited or unavailable from banks and service providers:

  • Yodlee: This service provider limits connections to 20 accounts per financial institution. This is a limitation imposed by Yodlee.

  • Some banks: Certain banks do not support financial institutions.

  • SISS in Australia and Open banking connections in the United Kingdom and European Union: These providers do not support the financial institution structure.

Intacct recommends limiting connections to 20 accounts. While you can connect more (if you're not using the service provider Yodlee), you might experience issues such as delays in receiving data, skipped days, or a complete stop of data. These issues are due to constraints from the banks and service providers and not Intacct.

If you have more than 20 accounts to connect, ensure a smooth connection and data retrieval process by breaking these accounts out with different logins. Each login should be able to access no more than 20 accounts, whether these accounts are connected to Intacct or not. You can then create financial institutions for each login that has access to the accounts you want to connect to a bank feed.

  • Acme Inc. has 35 bank accounts with Big Bank that share a single login. But at Sage Intacct, Acme Inc. only use 5 of those accounts.

    Talk to the bank and create one login so you can access these 5 accounts. Make sure the login doesn't have access to more than 20 accounts. Then, map that login to a financial institution.

  • Acme Inc. has 35 bank accounts with Big Bank that share a single login and multiple financial institutions.

    Talk to the bank and create a login for no more than 20 accounts and map them to a financial institution. Have Big Bank create a new login for the remaining accounts and map them to an additional financial institution.

  • Acme Inc. has 35 bank accounts with Big Bank and has multiple logins and multiple financial institutions.

    Your bank connection can retrieve bank data.

About using financial institutions with AccessPay

AccessPay uses one login credential across all banks and bank accounts that you connect with AccessPay. You can manage this login by creating a financial institution in Intacct.

If you have accounts at a bank that do not use AccessPay to connect to Intacct, do not include them in the AccessPay financial institution. They can be included in a separate financial institution. The financial institution for AccessPay includes all accounts in Intacct that are connected to a bank feed, even if they span across banking institutions.

Example

You have 20 bank accounts at Big Bank. 5 of them you connect to using your Big Bank login credentials, but the other 15 are connected via AccessPay. Create two financial institutions: one connecting the 5 accounts and another connecting the 15 accounts with AccessPay.