Set Up Bank Feeds

Prosaic connects securely and automatically to New Zealand banks, providing a real time feed of bank transactions (as well as retrieving bank history).

If you have been invited by your accountant

Prosaic can connect to any bank account you use for business activities (eg a business account, or a current account or credit card where you receive income and make expenses.)

It can also connect to any account associated with rental properties or AirBnB, to enable your accountant to quickly prepare income and expenses for rental income at year end or GST.

If you have signed up directly as an individual or sole trader

You can connect Prosaic to any personal bank, card or loan account to quickly and securely find common tax deductions which you can claim by sharing with your accountant, or posting directly into Xero.

What accounts should I connect?

After you've signed in for the first time, you'll be prompted to start the flow of connecting bank accounts.

• Business Accounts: Any bank, card or loan account you use mainly for business or sole trader activities
• Rental Properties: If you own rental properties or receive any income from short term rentals like AirBnB or Bachcare, you can connect accounts associated with income and expenses on those properties
• Everything Else: You can connect any data securely with Prosaic to share with your accountant to speed up tax returns at year end, some examples include:
  • Personal accounts: if you use a motor vehicle for work or have a home office, any bank or card accounts where you have deductible transactions like petrol, power, rates etc
  • Loan accounts: if you can deduct a percentage of your mortgage or other loans eg for home office use, then you can connect those too
  • Trusts: if your accountant prepares tax returns for trusts, then you can automatically share transactions with your accountant for year end.

You can edit, add or remove bank accounts to Prosaic at anytime.

Continue to Akahu bank feed set up

Prosaic provides bank feeds using Akahu a registered financial services provider in New Zealand, part owned by Westpac, and trusted by tens of thousands of Kiwis.

When you click continue you'll be redirected to complete bank connections via the Akahu website.

Follow the steps in this article to set up your bank accounts with Akahu

Confirm Bank Account Types (Optional)

After you've successfully authorised bank accounts with Akahu, we'll present a final screen to confirm the account types you've chosen. You can move items around, eg if you have a personal account you use for a rental property.

Next Steps

If you've been invited by your accountant

That's all you need to do. We'll notify them that your account is set up and they'll be in touch to prepare your returns.

If you signed up directly for Prosaic

We'll sync bank transactions and then you can review expenses, make an expense claim to post to Xero or share with your accountant

Next Article: Using Akahu with Prosaic