which of the following if any can import bank of scotland transactions
either as a feed or any other way
quickbooks online , kashflow , xero or any others?
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Replies (12)
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I have a client on Xero and although it lists the feeds and marks them as in Beta, we haven't managed to get it working yet.
That's not good
Just opened up a business account with BOS on the basis it sounded like it should work with Xero. If this changes be good to know as may need a rethink otherwise.
Xero and BOS
I download my BOS statement in TRN format then open from excel. All the transactions are positive so I cut and paste the transactions values column to the right hand side. Then in the space insert formula to make the transaction value positive or negative depending on the transaction type 'C' (credit) or 'D' (Debit). Copy the formula down and save as csv. Once this is done uploading to xero is brilliant and fire my way through the reconciliation. Between it picking up the invoices and using bank rules it almost completes the rest of the job itself. But hey if anyone has a quicker way for the first bit I would be very grateful!!!!!
Be careful
Online bank feeds on the face of it seem useful and quick. They are downloaded and uploaded to, say Xero automatically at a certain time, usually very early in the morning, but to get this up and running, I believe you have to input all your online banking credentials into a website. I wouldn't want to do that for obvious reasons. I would opt for the manual downloads and uploads to any cloud accounting platform so as to retain full control of the bank account and codes.
Be careful
Online bank feeds on the face of it seem useful and quick. They are downloaded and uploaded to, say Xero automatically at a certain time, usually very early in the morning, but to get this up and running, I believe you have to input all your online banking credentials into a website. I wouldn't want to do that for obvious reasons. I would opt for the manual downloads and uploads to any cloud accounting platform so as to retain full control of the bank account and codes.
I'm trailing QB online
apparently i can adapt a csv file and upload it - this is my first attempt , watch this space and hear me wail!
Bank feeds
AutoRek automatically imports banks feeds for the purposes of automated bank reconciliations (the other side being a GL auto-feed or cash book etc) OR to automatically apply remittances to the sales ledger. see www.autorek.com - I would expect that these are the primary drivers for bank feeds. Best, Jim
For Xero non partner feeds you can use Yodlee
For HSBC and Xero, you only open up transaction history not full access so you are in control!
But that's because HSBC has robust software in HSBCNet which Xero uses
Liberty Accounts
Liberty were very conscious of security and the bank login details are not stored for the feed. We use the direct feed from a number of banks across our whole client base without any problems. It is a great timesaver.
We've now got the feeds working, though you do need to enter the card machine code each time you update which is a bit of a pain!
RBS Bank Feeds
As Brucier has mentioned there is an obvious risk to putting your clients personal credentials online. Who is liable for your client’s information if it is compromised, the accountant or the bank? There are a lot of questions about the security of bank feeds that you need to consider before assuming this is a safe and protected method for you and your client.
If you do have the online statements, paper statements or download for Bank of Scotland or any of the other major banks in the UK you can create a spreadsheet using AutoRec. AutoRec is an alternative option that allows you extract the transactional information from the bank / credit card statement which can then be exported to a CSV and imported directly into Xero, CCH, VT, Sage, IRIS and many other accounts production software systems.
AutoRec has specific templates created for all the major banks in the UK; HSBC, Natwest, Bank of Scotland, Santander, ACC Bank, Barclays, First Trust, Halifax, Lloyds TSB, to name a few. The accounts preparation software automatically detects what bank statement type it is and presents all of the transactional data for you. It can also complete a payments and receipt analysis.
There are over 320 Accounting practices using AutoRec. Read our Case Studies to hear what they think or arrange a FREE online demo today. It only takes 20 minutes.