You can connect your bank account(s) via the app or in Coconut Web. Here's how to connect your bank account(s) in Coconut Web, in a few very simple steps:
1. Head to your Bank Feeds tab > click 'Add accounts' in the top right corner > A pop up window will now appear asking you to choose your bank. For a full list of banks and credit card that are supported, please head here.
2. Once you've selected your bank, you'll be asked to give us permission to read certain information (this can be revoked anytime if you'd like to disconnect your accounts). You can find more on how open banking works here.
3. You'll then be asked to fill in your account details and head over to your banking app to confirm the connection.
4. Back in Coconut Web, you'll be asked to tick the accounts you would like us to connect and tell us what you use them for. What you select here will determine how Coconut treats your transactions. Please note that this selection cannot be undone or changed at a later time.
Here's a handy guide:
When would I use this?
How Coconut treats this
If you have a dedicated business account or the majority of transactions in this account are related to your self-employed income.
Coconut will automatically apply business categorisation to your transactions, and will suggest business categories.
A mix of business and personal
If you have an account that's mostly utilised for personal use and some of your self-employed income.
You can also add an account which is solely for personal use.
Coconut will not automatically apply business categorisation to your transactions, and will set all of your transactions to 'Personal'.
5. Once you've connected, we'll start pulling in your transactions. You may need to wait a few minutes to start seeing your transactions in the bookkeeping tab.