Connected Banking with Kotak Mahindra Bank
Zoho ERP has partnered with Kotak Mahindra Bank to enable you to:
- View your bank account’s balance on a real-time basis.
- Fetch feeds securely and directly from the bank.
- Reconcile bank statements with the best matches.
Note: This integration is available only for users in the India edition of Zoho ERP created under the zoho.in domain.
Connect Kotak Bank to Zoho ERP
Set up the Integration
To get started with the integration, you will need a current account with Kotak Mahindra Bank. If you do not have one, you can also request one from Zoho ERP. To set up:
- Log in to your Zoho ERP organisation.
- Go to Settings and then Online Payments.
- Under Vendor Payments, you will be able to find Kotak Mahindra Bank listed under it.
You are a new user to Kotak Mahindra Bank:
- Click Request for a New Account, and you will be redirected to Kotak’s website.
- Enter the required details.
- Approve the terms and conditions and click Apply Now.
The bank executives will get in touch with you and help you create a new account. Once created, you can follow the steps below.
You are an existing user of Kotak Mahindra Bank:
- Click the Set up Now button to begin.
- Read and agree to the terms and conditions of Kotak Mahindra Bank.
- Click Set up Now again to proceed, and you will be redirected to Kotak’s website to authenticate the integration.
- Enter your CRN, Net Banking’s Password and click Secure Login.
Insight: The CRN, or Customer Relationship Number, is a unique identification number provided to each customer of Kotak Mahindra Bank.
- Enter the One Time Password (OTP) sent to your registered mobile number and click Verify.
- Click Accept to provide your consent to link Kotak Mahindra Bank with Zoho ERP and to accept the Terms and Conditions for enabling all accounts and services.
Once you’ve successfully integrated with Kotak Mahindra Bank, the account status will be Active. The bank account will also be visible in the Banking module if you’ve not configured the bank account manually already.
Warning: The integration’s authentication will expire automatically every 30 days for security purposes. You will need to visit the KMB portal to reauthenticate the integration.
Configure Account for Bank Feeds
Once you’ve connected your bank account, you can configure it to fetch direct feeds. To do this:
- Go to Settings, Online Payments and then the Vendor Payments tab.
- Click Configure Bank Feeds under Kotak Mahindra Bank.
Note: Direct feed integration helps you to receive feeds quickly without any third-party interference.
- Select the bank account for which you would like to fetch feeds in the pop-up that appears.
- Select the Date from which you would like to fetch your feeds and click Add.
Note: You can only fetch bank statements for the 90 days preceding the date of integration setup.
The bank account will be listed in your Banking Overview page with the live feeds indication. You can click it to view the bank statements.
Check Account Balance
Once you’ve configured the account for bank feeds, you can view the live current account balance. To view:
- Go to Accountant and navigate to Banking.
- Select the bank account for which you want to view the balance.
- Click Check Live Account Balance.
The balance available in your bank account will be displayed. You can click Refresh to fetch the current balance.
Fetch Feeds and Reconcile Bank Statements
Once you configure the feeds and add bank statements, they will be readily available in your Zoho ERP account. To view and reconcile statements:
- Go Banking from the Accountant module and select the Kotak Mahindra Bank account.
- Go to the Uncategorised Transactions tab, and the bank statements will be listed below.
Insight: Bank statements will be refreshed automatically on login. To refresh them manually, click the Settings dropdown near the bank account and click Refresh Feeds.
- Click the Match button to match a transaction.
Reauthenticate Integration
The Zoho ERP – Kotak Mahindra Bank integration’s authentication is set to expire once every 30 days for security purposes. If the integration’s authentication expires, you can reauthenticate the integration at the KMB Portal to continue using the banking features within Zoho ERP.
To reauthenticate:
Go to Settings and then Online Payments.
Navigate to the Vendor Payments tab. You will see the status of Kotak Mahindra Bank as Expired.
Click the go to the KMB Portal link in the Kotak Mahindra Bank card.
Enter your CRN, Net Banking’s Password and click Secure Login.
Insight: The CRN, or Customer Relationship Number, is a unique identification number provided to each customer of Kotak Mahindra Bank.
- Enter the One Time Password (OTP) sent to your registered mobile number and click Verify.
- Click Accept to provide your consent to link Kotak Mahindra Bank with Zoho ERP and to accept the Terms and Conditions for enabling all accounts and services.
Now, your integration will be Active again, and you can continue accessing the KMB account from within Zoho ERP.
Disable the Integration
You can disable the integration if you no longer want to fetch feeds through Kotak Mahindra Bank or if your session has expired.
Note: If the integration’s authentication has expired, your integration will not be active. It is recommended that you reauthenticate the integration before disabling it. If you continue to disable the integration in the expired state, the integration will be disabled only in Zoho ERP.
To disable:
- Go to Kotak Mahindra Bank under Vendor Payments.
- Click Disable.
- Confirm the action by clicking I understand, disable my integration in the pop-up that follows.
The integration will be disabled.