Has anybody else come across the problem where a client does not wish to disclose their bank id,password etc to link bank account to Quickbooks (or any other software for that matter)?
Is there a work around - apart from physically meeting the client and getting them to input the details while I look away
BTW I totally agree with the client that it is unsafe to hand out these details as I could then access the bank account and carry out any fraud I wanted by logging in through the main bank website, just surprised this has not happened before.
Yes,. you type all of the bank details in from genuine bank statements (or scan them in using good quality OCR software such as Wondershare and then load them into your accounting package. I don't use QB so not sure how easy it is with that one (v.easy with VT)).
I agree with you, seems bloody stupid to me that clients give out bank details so easily. And it has happened before, many times, that supposed financial professionals have stolen client monies. In general we're a pretty trustworthy lot but there are a few bad eggs that tarnish our profession and not always amongst the unqualifieds or under qualifieds.
In such instance the client must have real difficulty as the theft was their own fault because they gave out their bank details. Banks not going to cover them. The insurance company is likely to atttempt everything to blame them from the loss (so annulling the insurance). And the bookkeeper will no doubt have spent the money so unlikely to get it back from them via the courts.
Good luck with the gig Denise,
all the best,
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.
Other options to that Shaun has suggested and dependent on the bank...read only access via you being on the bank mandate. Or get client to download bank report in csv format (although I think you should also see PDFs).
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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
Hi,
I have used QB's online loads and the automatic bank feed is brilliant. I would suggest sitting with the client when he does it and look away when it puts in the password and his ID. This is okay and then you or he can go on the bank update button each time you are on it. If he is on Barclays theirs doesn't work as well as say Lloyds bank. Barlclays each time you hit the button to update the bank feed it asks you for the card reader and pin number, so the client would then have to do this for you each time, thats providing they are about to do it when you want it, which past experience they are often not!
See what he says if he actually puts the info in but under your guidance, tell him you will look away when he puts in the details etc.
The other option is to upload a CSV file, I have only done this once and it was messy, this was a few years ago so it might have improved since then.
