Zoho Books - Standard Chartered Bank Integration 

Zoho Books has partnered with Standard Chartered Bank, to bring accounting and banking to the same platform. This integration lets you automate and simplify complex banking activities such as international vendor payments and bank reconciliation. So, you no longer have to log into your Straight2Bank (The online banking portal of Standard Chartered Bank) to initiate payments. 

Note: Currently, the integration is available only for Zoho Books users in India.

Benefits 

In this page you will learn about:

Prerequisite

Setting Up the Integration

Connecting your Zoho Books organization with Standard Chartered Bank is simple and straightforward. 

Integrate Standard Chartered Bank with Zoho Books

New User to Standard Chartered Bank: Create an Account

If you are a new user to Standard Chartered Bank, you can request for a new current account from Zoho Books. To request for a new current account:

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The bank executives will get in touch with you and help you open a new account. Once you have created a new current account, you can initiate the integration between Zoho Books and your Standard Chartered Bank current account. 

Note: The annual turnover of the organization should be greater than 2.5 crores to request for a new current account in Standard Chartered Bank from Zoho Books.

When you setup the integration with Standard Chartered Bank, the Contact Details and Organization Details mentioned above will be shared with Standard Chartered Bank.

Existing User of Standard Chartered Bank: Initiate Integration

You can easily initiate integration between Zoho Books and Standard Chartered Bank by following the steps below:

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Once done, the bank executives will get in touch with you to provide a one-time token for authentication to complete the integration.

Authenticate Integration

Once you have initiated your integration, the status of your integration will be Pending until you enter the one-time token provided by the bank executives. Once you receive the one-time token:

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After validation from the bank officials, the integration status will become Active and your Integration Administrator will be able to configure your integration settings. 

Configuring Standard Chartered Bank Integration

Once you have integrated your bank account, you can configure your settings based on your organisation’s preferences. To do so:

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Field  Description
Integration Administrator Select an admin of the organization to regulate all the actions in the integration. 
Straight2Bank Group ID Enter the Group ID with which you have registered your integration. 
Allowed Payment Accounts Select the Standard Chartered Bank account(s) from which payments can be initiated. 
Payment Initiators Select the users who can initiate a payment using Standard Chartered Bank from Zoho Books. 
Bank Statement Accounts Select the Standard Chartered Bank accounts for which you want to receive the bank statements to reconcile transactions. 

Note: All the users of your organization will be able to view the configured settings but only the Integration Administrator will be able to edit the settings. 

Making Payments to Vendors

1. Add Vendor’s Bank Account Details

Once you have completed setting up your integration, you can add your vendor’s bank account details to start making payments. To do so:

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2. Initiate Payments from Zoho Books

Once you have added your vendor’s bank account details, you can make a vendor payment. In Zoho Books, you can: 

To Make Domestic Payments:

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Fields Description
Balance Due The total sum of money due for payment for a particular bill. 
Amount Enter the Amount you would like to pay. You can choose to make complete or partial payment towards the bill.
From Account Select the From Account from the list of Standard Chartered bank accounts from which you can initiate a payment. 
To Account Select the account to which you would like to make the payment. 
Transaction Type Select the Transaction Type from the available fund transfer options. The modes of fund transfer available are IMPS/RTGS/NEFT and Book Transfer
To Make International Payments:

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Note: Users making international vendor payments need not pay Telegraphic Transfer (TT) charges during the year 2018 by using this integration.

To Make Bulk Payments:

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Note: You can select a different transaction type for each vendor.

3. Approve in Straight2Bank

Once you initiate a payment in Zoho Books, the next step is to approve it in the bank’s portal to process it. To approve a payment:

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Once your transaction has been processed, the status of your transaction in your Payments Made tab will change to Processed. 

Fetching Direct Feeds and Reconciling Bank Statements

The Standard Chartered bank integration has also brought in direct bank feeds that automatically imports transactions that have taken place in your bank account to Zoho Books. You can also reconcile transactions easily. To do this: 

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Virtual Accounts

Zoho Books lets you assign a virtual account number to each customer for easier payment identification and reconciliation. So, when you receive multiple payments from customers, you can easily track which customer has paid you and match them easily in Zoho Books. All you have to do is request for a virtual account number from the Standard Chartered Bank and set it up in Zoho Books. To do so:

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A unique auto-generated number will appear on the invoice you send to each customer. And when your customer makes an online payment, the bank feed will contain the unique account number. So, when you reconcile the transaction, Zoho Books automatcally finds the Best matches for you.

 

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