I just did a search for this on the whole forum and only came up with 1 mention of a facility to import bank statement data into accounts/bookkeeping software. Are only Xero pushing this function? I tried three different search phrases.
Is this the norm nowadays? I was doing it over twelve years ago and it would seem to make sense with Cloud computing.
If so, what software would you rate highest on this score?
Right Bill, I'm surprised - admiratio ;o) I thought VT was one of the ones that being Excel-based it would import the CSV' files which my bank provides.
It does make sense now you say it, as my bank provides formats such as Sage and QB.
I suppose acting for small businesses, the difficulty is getting them to use internet banking, download the file regularly and then send it to me. Sounds easy but it is getting them to change the habits of a lifetime. I always like to find ways of cutting my time and thus giving value for money.
I offered I think it was 15% discount a few years ago but there were only 1 or 2 takers. Probably people here have found this easy enough where they visit premises regularly but clients would place themselves at risk if the gave me the passwords.
The other problem was that my bank only goes back 12 weeks which is just to little to complete a quarterly VAT Return.
Most software that import bank statements, import them in OFX format.
OFX format is easier to handle than csv for software because OFX format is a standardised format for all banks, whereas csv files are the not the same for all banks.
If your client's bank does not provide OFX files (majority doo provide), there are cheap software that convert csv files to ofx
however all of us in software land are looking at csv files but is a pain due to variations.
Like you am suprised take up of this function has been slow but more folks are asking about it now.
Folks are waking up to the possibilities. I would say it is a must for most business with more than say 50 bank entries a month, unless those entries are very repetitive. My data does require further coding, but nevertheless it cuts the amount of time in two, and takes out the laboriousness.
