Connected Banking with ICICI Bank

Zoho Books now partners with ICICI Bank - one of the largest banks in India to let you make payments directly from Zoho Books. Let’s take a scenario to explain this better:

Scenario: Peter runs a retail business. He makes and receives payments online for all his sales and purchases. Logging into his bank’s internet banking portal every time to make a payment makes it inconvenient and time consuming. He immediately integrates his Zoho Books organisation with his ICICI Bank Corporate account. He now settles bills and even makes advance payments–all without logging into the ICICI Bank CIB (Corporate Internet Banking) Portal.

Benefits of the Integration

Watch this video to learn how the integration works!


Connect to ICICI Bank

Connect your corporate bank account to Zoho Books by following these simple steps:

1. Setup

Set Up ICICI

Note: This is a user level integration and only the user who had set up the integration will be able to access/make payments using it. Deleting the user will delete the integration automatically.

If you are a new user to ICICI Bank:

New Account

Request New Account

You will be redirected to ICICI Bank to complete the set up. (Sometimes the bank executives might get in touch with you to help you open an account.) Once that’s done, you can log in using your User ID and Corporate ID.

If you are an existing user of ICICI Bank:

Insight: Your Corporate ID and User ID will be populated if your CIB Portal’s Login ID format is CorporateID.UserID.

Integration Set Up

Warning: Once you have set up the integration with these credentials, you will not be able to edit them in Zoho Books. You must disable the integration and set it up once again with the new credentials.

2. Approval

After initiating the integration, you need to approve it in the CIB Portal. Until then, your Account Status will be Pending.

To approve the integration:

Pending Activities

Insight: If you haven’t created a Login ID for your CIB Portal, enter your CorporateID.UserID in the given field.

Portal Login

Connected Banking Approval

Terms and Conditions

Confirm Integration

Check Integration Status

Once the integration is active, you will receive a notification in Zoho Books and your account status will be Active.

Check Integration Status

3. Add Bank Account

Once your integration is active, select your primary account to make payments under the Pending Activities section in the Vendor Payments tab.

Add Bank

Add Bank

Add Bank

This account will be your default account while initiating payments.

Add Vendor’s Bank Account Details

Once you have integrated your bank account, you can add your vendor’s bank account details to start making payments from Zoho Books. To do so:

Insight: By default, only the admins will be able to add vendor’s bank account details. You can edit a role (Go to Settings > Users and Roles > Roles > Edit Role) and provide permissions for other users to add, edit and delete vendor’s bank account details.

Add Vendor Account

Insight: The IFSC you enter will be validated immediately so you can verify the code and then save your vendor’s bank account details.

Set Up ICICI

Make Payments via Zoho Books

Once you have added your vendor’s bank account details, you can start making payments. In Zoho Books, you can:

Make Individual Bill Payment

Make quick payments to your vendors when a bill is received and settle dues. To start making payments:

Pay Via ICICI Button

Fields Description
Balance Due The total sum of money due for payment.
Amount The Amount you would like to pay. You can choose to make complete or partial payments towards the bill. View the fund transfer limits.
From Account The account from which you want to make the payment. Choose one from the list of bank accounts linked to Zoho Books or add a new bank account.
You can also view your account balance and make it your primary account to make payments by checking the Make this primary option.
To Account The account to which you would like to make the payment.
Transaction Type The Transaction Type from the available fund transfer options such as ICICI Bank Fund Transfer, IMPS, RTGS, and NEFT.

The transfer types are:

Payment

One Time Password

The status of your payment will be either Cleared or Uncleared in the Payments Made tab based on the transaction type and the approval workflow you’ve chosen.

image

Insight: A transaction is in the Cleared status when the payment has been processed by ICICI Bank and will be deposited in the vendor’s account soon (based on the transaction type chosen).
A transaction is in the Uncleared status when the payment has been initiated from Zoho Books but is yet to be processed at ICICI Bank. A few reasons for this include the approval workflow in the portal, the checker not approving the transaction, a bank holiday or transaction was initiated outside bank timings for NEFT/IMPS.

If you have enabled an approval workflow in your CIB portal,

Payment Approval

Insight: By default, the transactions initiated from Zoho Books will have to be approved by the approver with the privileges to approve the maximum amount.

Accept or Reject

Make Multiple Bill Payments

You will be able to make payments for multiple bills at once to a single vendor using this integration. Here’s how:

Bulk Payment

Make Advance Payments

You will be able to make advance payments for your vendors once you add their bank account details.

Note: This feature is available only for organisations that have enabled GST.

To make advance payments:

Advance Payment

Make GST Payments

When you’ve integrated Zoho Books with ICICI Bank, you will be able to make payments for your GSTR-3B.

Fetch Direct Feeds and Reconcile Bank Statements

This integration allows you to set up Direct Feeds to fetch feeds (bank account statements) directly from your bank account to your Zoho Books organisation. This allows you to reconcile your bank transactions with those in Zoho Books. Once you have finished setting up the ICICI Bank integration, you will be able to add your account to configure direct feeds. To receive direct feeds:

Add Account for Bank Statement

Select bank account

Insight: You can also add your bank account by navigating to Banking > Add Bank or Credit Card > ICICI Bank under Partner Banks.

Once you have set up direct feeds, Zoho Books will fetch your bank feeds and you will be able to reconcile bank statements. To reconcile transactions:

Note: The fetched bank feeds will not include today’s data. If you refresh your feeds today (say, 2/9/2020), you will be able to fetch the bank feeds only till yesterday (1/9/2020).

Uncategorised Transactions

Exact Match

Learn more about the Banking module.

Note: If you have not migrated to ICICI Bank Direct Feeds, you will be prompted to switch your bank feeds to the direct feed integration. Direct feed integration helps you to receive feeds quickly without any third party interference and find exact matches for your transactions.

Disable the Integration

If you ever want to stop making payments via your ICICI Bank account from Zoho Books or change your account details, you can disable the integration.

Warning: Disabling the integration in Zoho Books will disable it from other integrated Zoho Finance applications as well. Once disabled, you will not be able to track the status of any uncleared transactions. The direct feed integration will also be deactivated along with the payments integration.

To disable:

image

Note: Deleting your Zoho Books organisation or removing the user who set up the integration, will delete the integration.

Pro Tip: You can receive online payments from customers by integrating Zoho Books with ICICI Bank eazypay.

Bring banking and accounting under one roof with the ICICI Bank integration.


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