I've had a couple of clients send me on-line transaction reports instead of bank statements; I hate working from them as firstly the dates are the opposite way around to the bank statements which means I'm working back to front, which also make's it difficult to find a transaction if you're searching through the statements, and secondly I am replying on the client knowing what dates they printed last time which usually results in my crossing out loads of transactions that have already been reconciled from the last transaction report they sent, which makes it messy and even more horrible to search through the documents if I'm looking for a transaction.
Apparently when they move to on-line banking the banks aren't then supplying my clients with electronic bank statements? however, when I have looked at Barclays website (as this is the latest bank to apparently stop producing bank statements) they actually say that you can download the statement on-line ?? and I know the Royal Bank of Scotland do as I bank with them.
Is anyone else having this issue, or is it just me?
Also can anyone tell me if not having actual bank statements will be a problem in respect of HM Revenue & Customs? my thinking is that it might be, as actual bank statements are given a page number so it's very easy to see if there are any missing, however you don't have this when you print a transaction report, so if HM Revenue & Customs wanted to check that they have all the information for a set period they would have to go through the transaction reports to check that the balance's c/f and b/f match etc and I'm not sure these can't be manipulated before printing if the client exported this to excel first and then to PDF, unlike an actual statement ??
Any comments will be gratefully received as I'm not sure if I'm overthinking or if I should really insist on getting actual bank statements.
Hi Elaine
You can get both from the Banks online system - PDF format and csv. Just tell the customer the dates you want - always do an overlap date so you can check they dont miss anything. I always ignore the date of the printout ie if today - ignore todays entries as the list wont show all of them and some items could be returned. You can easily cross check what you have on csv from the balances and just work from the bottom up for the Banks that do it the 'wrong way round'. I get both - work from the csv and keep the others with the year end pack of info in case anyone needs them (including HMRC). Also - with most banks you can do a data feed to save time so non pdfs are useful.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I drop electronic copies of bank statements into Excel and then sort them into the right order (where the client has only PDF's I use Wondershare PDFelement with the OCR add on to do the conversion to Excel. Works great but creates one worksheet per page which can be a real pain in the proverbial when you have large bank files (I had one of 920 pages the other day!).
I must say though that I've never come across a scenario where people do not have access to their bank statements.
People must be able to evidence their transactions. Electronic means are ok but in the event of an audit HMRC would write to the bank requesting printed statements directly from them where original printed statements are not available (much the same as an auditor does even when printed statements are available from the client).
Personally where clients use electronic statements I demand to see the closing balance on screen (same with PayPal statements) before I will trust anything that has been passed to me (It has to calculate back to the penny to the opening balance or someone somewhere is telling porkies).
Is the issue that your clients are having that they think that they get a statement sent to their inbox rather than needing to log in and print it off themselves? Sounds basic but I've learnt never to underestimate the capability of clients to surprise me.... That they are all business owners at times leaves me dumb founded and I really think that the Government should have some test that people need to complete before they can run their own business.
Thinks...
HTH,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
you snook in whilst I was off reading far side cartoons (much better than working).
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thank you Shamus and Joanne, I personally find it hard to believe that the banks aren't producing bank statements on the on-line system in the same format as the paper bank statements, I know the RBS do as I bank with them and know their system, and feel that the real problem is that they don't know how to retrieve them to be honest.
I think I'll ask my client to have another look as this as it is a pain in the bum, and I'll point out that these transaction listing don't really provide the same weight as evidence as to
what has gone through their bank account, and see if that motivates them.
Just wanted to say - sorry for the quickly worded response earlier. Was out and about and interrupted mid post! All (proper) banks will supply Bank statements, if not in paper form then certainly via their online login. Barclays certainly do - Ive seen them. You can do a couple of things - be added to their bank mandate for view only access to the Bank, so you can then extract the statements you need. OR, sit with the customer once he has opened his online banking and show him where it is. Even if you havent used Barclays before you will intuitively find it given you use online banking. Be very careful with Barclays so call ed statements printed in their branches - I spotted a MAJOR issue with them a few weeks ago - they have rounding issues. EG weekly standing order for £160.60 showing on the printout as £160.59 and the Bank balances changing by random pennies as you go along. I tried to escalate this issue initially through them but got a complete numpty on the phone whose response was (1) he didnt believe me and (2) it wasnt his job to deal with such complaints. he soon learnt his lesson when I supplied proof and explained that if he did not escalate my complaint to the appropriate area of the Bank then I would send a personal email to his CEO, dropping him right in the pooh! He has escalated it - am just waiting for an update. So watch this space.
You are ok with online prints and of course get your Bank statements as back up.
If I get overlapping days - I just rule through all of those entries diagonally across the page, check my new start balance agrees with my last end balance and off I go again. Simples.
I reckon the ONLY thing to motivate clients to get what we want are the words 'if you do your VAT bill will be lower' or 'The VAT man is doing an inspection' (Insert any department of the tax office as you see fit!)
Shaun - if only I had time to go looking at any kind of cartoons today!!!!!!! Am up against the VAT deadline of Friday with a mammoth one which has a billion and one queries. Plus you know I can type faster than you. lol on the piccie though.
-- Edited by Cheshire on Monday 3rd of October 2016 07:52:41 PM
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Thank you Shamus and Joanne, I personally find it hard to believe that the banks aren't producing bank statements on the on-line system in the same format as the paper bank statements, I know the RBS do as I bank with them and know their system, and feel that the real problem is that they don't know how to retrieve them to be honest.
Hi Elaine
I'm working on some Natwest online bank statements now (RBS will be same) and I think they'e better than the printed ones, which are smaller than A5.
From my experience Yorkshire Bank don't do online bank statements, just a very long list of transactions that you go back as far as you want.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Yeah, I have to say that one off my other clients banks with Yorkshire Bank and he ended up giving me on-line access (read only) so that I can print the statements off, and you are right, I too haven't been able to get a bank statement only a transaction reports. He does get the bank statements through the post though but I don't always get them from him , but at least now I can print the transactions in chronological order the same as the bank statements so that it's easier, but it's still a pain if you ask me.
I suppose my main worry is if these are acceptable evidence under inspection, but I think in most cases I should be able to get the bank statements if I push the client (gently.)
, but at least now I can print the transactions in chronological order the same as the bank statements so that it's easier, but it's still a pain if you ask me. 
