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Use Connected Banking in TallyPrime

Available from TallyPrime Release 6.0, Connected Banking makes banking tasks all the simpler. With Connected Banking, you can get Bank Statements and Bank Balance right from TallyPrime. This saves you a great deal of time that you can utilise for more important tasks of your business. 

Prerequisites for Connected Banking

The following are the prerequisites to get started with Connected Banking:

1. Active license
2. Valid TSS
3. Tally.NET ID or a valid e-mail address 
4. Valid 10-digit mobile number for linking with your Tally.NET ID and receiving OTP

Log in or Register for Connected Banking

When you log in for the first time using an Account Administrator Tally.NET ID, you will need to link your mobile number. Moreover, you will need to change your password, if it does not comply with the new password policy.

A Connected Banking session gets established when you:

• Complete the one-time setup by:
  • Linking your mobile number to Tally.NET ID.
  • Changing the password, if necessary.
• Log in with Tally.NET ID and password later. 

1. Press Alt+Z (Exchange) > All Banking Options > Login & Logout.
2. In the Log In to Connected Banking screen, enter your Tally.NET ID.
   
   If you are working with multiple users under a license site, then refer to Login for Non-Admin Users.
   
3. Enter your Tally.NET password.
   
4. Enter the OTP received on your mobile number.
   
   You get logged in and can use the Connected Banking services.
   However, if you are logging in for the first time, then you need to link a mobile number to your Tally.NET ID.

Link mobile number to Tally.NET ID

You need to link your mobile number by verifying it with an OTP.

1. Enter the mobile number that you want to link to your Tally.NET ID.
   
2. View T&C and Privacy Policy: Yes.
   You will get redirected to the web page where you can read the T&C and Privacy Policy and then accept it.
3. Enter the OTP received on your mobile number.
   
   If you do not receive the OTP, press Alt+R (Resend OTP).
   The mobile number gets linked to your Tally.NET ID.
   As a result, you get logged in and can use the Connected Banking services.
   You can proceed to connect your bank accounts to TallyPrime.
   
   If your password does not meet the new password policy introduced for Connected Banking, then you will need to change the password.

Link mobile number to Tally.NET ID on the portal

1. Log in to the Tally Solutions Customer Portal.
2. Click MY PROFILE.
   
3. Update the mobile number.
   1. Under Connected Banking Services, click the edit icon.
   2. Enter the mobile number and click the tick mark icon (✓).
   3. Check the box to agree with Terms and Conditions & Password Policy. 
   4. Click UPDATE.
   5. Click OK.
   6. Enter the 6-digit OTP sent on your mobile number.
   7. Click SUBMIT.
      
      The mobile number gets linked to your Tally.NET ID.

Change Password

You will need to change your password if it does not adhere to the new password policy. Your new Password should either be a 6-10 digit PIN or contain at least 8 characters with one uppercase letter, one lowercase letter, a number, and a special character.

1. Enter the Old password.
2. Enter the New password.
3. Confirm the New password.
   
4. Press Enter.
   The password gets changed.

Change password on the portal

1. Log in to the Tally Solutions Customer Portal.
2. Click MY PROFILE.
   
3. Click Change Password.
   
4. Change your Tally.NET Password.
   1. Enter the Current Password.
   2. Enter the New Password.
      Your new Password should either be a 6-10 digit PIN or contain at least 8 characters with one uppercase letter, one lowercase letter, a number, and a special character.
   3. Re-enter the New Password.
   4. Click CHANGE PASSWORD.
      
   5. Click OK.
      The password gets changed.

Log in for Connected Banking | Non-Admin Users

When there are multiple users under a license site, as an admin, you will need to enable Connected Banking for a user without the administrator rights.

Once you approve the user using your Tally.NET credentials, the user can use the Connected Banking services.

1. Press Alt+Z (Exchange) > All Banking Options > Login & Logout.
   The Log In to Connected Banking screen appears.
2. Enter your Tally.NET ID. 

   If the Tally.NET ID does not exist, is inactive, or the Connected Banking is not enabled for the user, then a message appears.
   

3. Press Y to proceed.
4. Press A to Approve as Admin.
   
   
5. Enter the Tally.NET ID and Password of the Account Administrator or owner for approval.
   

Once approved, either you or the user can link the mobile number to the Tally.NET ID and change the password, if it does not comply with the new password policy.

Approve user access to Connected Banking on the portal

When you create a new user in TallyPrime, you can approve the user right in TallyPrime or on the Tally Solutions Customer Portal.

1. Log in to the Tally Solutions Customer Portal.
2. Click CONTROL CENTRE > User Management > Manage User.
   
3. Under Connected Banking User Status, click 1 Pending on the required user’s row.
   
4. Click the tick mark icon (✓).
   
5. Click OK.
   
   The user gets approved to use the Connected Banking services in TallyPrime.

Create user and approve access to Connected Banking on the portal

You can create a user and approve access to Connected Banking even on the portal. As a result, the user will be able to log in to Connected Banking in TallyPrime. 

1. Log in to the Tally Solutions Customer Portal.
2. Click CONTROL CENTRE > User Management > Manage Users.
3. Click CREATE USER.
   
4. Select the Security Level, for example, Standard User.
5. Enter the e-mail address of the user. 
   This will be the Tally.NET ID of the user, and the user will receive a temporary password in the same e-mail address.
6. Check the Enable Connected Banking Services box.
7. Click CREATE.
   
8. Click OK to confirm.
   As a result, the user gets created with Connected Banking approval.

Log in when the session is expired or inactive

A Connected Banking session expires after 24 hours. In such a case, you can enter your Tally.NET password and OTP to log in.

Moreover, your Connected Banking session might become inactive in three cases:

• No activity is performed for more than 15 minutes.
• The Company is shut and opened in another instance of TallyPrime.
• TallyPrime is closed.

In case of an inactive connection, you need to enter just your Tally.NET password to log in.

Log Out from Connected Banking

When you are not using any Connected Banking facility, you can log out. 

1. Press Alt+Z (Exchange) > All Banking Options > Login & Logout.
2. Press Y to log out.
   

Reset Connected Banking Login

When you are not able to log out of Connected Banking, you can reset the Connected Banking login. 

1. Press F1 (Troubleshooting) > Reset Connected Banking Login and press Enter.
2. Press Y to confirm.
   

Connect Your Bank Accounts for Connected Banking

Connecting to Bank links your bank accounts to TallyPrime, so that you can start getting Bank Statements and Bank Balances directly from TallyPrime. The process of bank connecting varies from bank to bank.

Connect Bank Accounts

When you connect to a specific Bank, a Connection ID gets generated. This is the reference ID for the connection initiated with the Bank. 

Once the connection is successful, you get a list of account numbers with the matching Bank ledgers.

1. Press Alt+Z (Exchange) > All Banking Options > Bank Connections.
   If you have not logged in to Connected Banking already, then you will need to log in.
2. Press F6 (New Connection).
   
3. Select the relevant bank.
   If there are connections pending for approval for the bank, then you will get a message. 
   In that case, you can press Y to proceed.
   A connection ID gets generated.
4. In the Connect to Bank screen, press C (Connect).
   
   Consequently, you get redirected to the respective bank portal.
   Refer to Connection with Axis Bank to know more.
   Once you establish the connection with the bank on the portal, you can refresh the status.
5. Press R (Refresh Status).
   

The status of the connection gets displayed in the Bank Connections report as Connected.

Once you establish the connection with the bank, the bank accounts get linked. If there are ledgers matching the bank accounts, then the ledgers also get displayed.

• To view the linked bank accounts, press Shift+Enter on the relevant Bank row.
  

Manage Bank Connections | Reconnect or Disconnect Bank from TallyPrime

The facility to manage bank connections allows you to reconnect or disconnect from your bank, whenever needed.

• Select the bank connection, and press Enter or F7 (Manage Connection).
  

Reconnect Bank Accounts

You can reconnect to the bank using an existing Connection ID in the following scenarios:

• The connection is still in progress.
• The connection has expired when:
  • The connection has crossed its validity.
  • The mobile number has been changed.

1. In the Manage Connection screen, press F6 (Reconnect to Bank).
   
2. In the Reconnect to Bank screen, press C (Connect).
   
   Consequently, you get redirected to the bank portal.
   Refer to Reconnect with Axis Bank to know more.
   Once you establish the connection with the bank on the portal, you can refresh the status.
3. Press R (Refresh Status).
   

Disconnect Bank Accounts

Some of your bank accounts might be dormant. So, you might not want to use the bank accounts through Connected Banking. When you do not want to use bank accounts of a specific bank, you can disconnect from the bank.

1. In the Manage Connection screen, press Alt+F6 (Disconnect).
   
2. In the Disconnect from Bank screen, press D (Disconnect).
   
3. Press Y to disconnect from the bank.
   
   In case of Axis Bank, you will need to enter the OTP received on the mobile number registered with the Bank.
   

Manage User Access to Bank Accounts

If there are multiple users in a bank and your bank follows the system of approval, then you will see the list of users in the Manage Connection screen. You will need to approve user access to bank accounts. 

However, in the list of users, a user might have the status as User does not exist when:

• The user has not linked the mobile number.
• The user does not have a Tally.NET ID.

Approve User

You can approve access for the users for whom approval is pending.

1. In the Bank Connections report, press F7 (Manage Connection).
2. Select the user, and press F8 (Approve Access).
   
3. Press Y to confirm.
   The user will be able to access the Connected Banking services.

Disable User Access

If you want to disable bank access for a few users, then you can easily do so.

1. In the Bank Connections report, press F7 (Manage Connection).
2. Select the user and press Alt+F8 (Disable Access).
   
   

Get Bank Statement

With Connected Banking, you can seamlessly get bank statements. You can then use the bank statements to reconcile the transactions in books. 

1. Press Alt+Z (Exchange) > All Banking Options > Get Statement.
2. Set the period for which you want to get the statement.
   1. Select the bank ledger and press Alt+S (Set Statement Period).
   2. Enter the From and To dates and press Enter.
3. Press S (Get Statement).
   

Import Bank Statement

Once the request for statement is processed by the bank, you can import the statement.

1. Select the request that is ready to import.
2. Press S to import the statement.
   

The statement becomes a part of your Company data. 

You can view the transactions from the imported statements in the Imported Bank Data and Bank Reconciliation reports.

If you are not using Connected Banking services, then you can import bank statements to perform auto reconciliation.

Delete Statement Request

You might want to delete a statement request when it was requested for the wrong period.

1. Bring the cursor to the request. 
2. Press Alt+R (Delete Request).
3. Press Y to confirm.
   
   The request gets deleted.

Reset Bank Statement Data

You can reset the bank statement data when:

• You have imported the statement for a wrong period.
• You have already reconciled your transactions. Therefore, you do not want the imported bank statements in your Company data anymore.

1. Press F1 (Help) > Troubleshooting.
2. Select Reset Bank Statement Data and press Enter.
3. In the Reset Bank Statement Data screen, select the Bank Ledger. 
4. Retain Reconciliation Status: Yes.
   The reconciliation status of the fully reconciled transactions gets retained. However, if there are any partially reconciled transactions, then their status becomes Unreconciled.
   If you had imported the statement for a wrong period, then set Retain Reconciliation Status as No.
5. Enter the From and To dates.
   The Bank Statement data will get cleared for the specified status.
6. Take a backup of the Company data, if needed.
   1. Backup Company Data before Reset: Yes.
   2. Backup Destination Path: Select or specify the folder path and press Enter.
      
7. Press Y to confirm.
   
   The bank statement data gets cleared.

Get Bank Balance

With Connected Banking, you get to know your Bank Balance in a matter of seconds and that too, right from TallyPrime. This helps you decide the account using which you can send payments to your suppliers. You only need to ensure that you are logged in to Connected Banking.

1. Press Alt+Z (Exchange) > Get Balance.
   Alternatively, press Alt+Z (Exchange) > All Banking Options > Get Balance.
2. Select one or more bank accounts to get the balance.
3. Press B (Get Balance).
   
   

   If the balance is fetched for multiple bank accounts and the process fails for one or more bank accounts, then an Exchange Summary appears.

You can further configure this report to view Bank Name and Ledger Balance as per Books for comparison with the balance as per bank.

1. Press F12 (Configure).
2. Show Bank Name: Yes.
3. Show Ledger Balance as per Book: Yes.
   

Furthermore, while you get to know the balance of your bank accounts, you can view other balances sent from the bank.

• Select the bank ledger, and press Enter.
  The Account Balance Info screen appears.