Articles and updates on bank statement conversion, reconciliation and automation.
The addenda record is the line in a NACHA file that carries the remittance detail, the invoice numbers and payment info that tell the receiver what a payment is for. Here is how to read it.
Read articleA practical map from bank statement lines to IRS Schedule C expense categories, so a sole proprietor or bookkeeper can turn a year of transactions into deduction-ready totals.
Read articleMT942 and camt.052 are the two intraday transaction reports banks send during the day. One is SWIFT colon-tag text, the other is ISO 20022 XML. Here is how they differ and which to ask for.
Read articleQuickBooks cannot read an MT940 file directly. Convert the MT940 to a QBO (Web Connect) file for a one-click import, or to a mapped CSV, then bring the transactions in through Banking.
Read articleLenders calculate self-employed income by averaging your bank deposits over 12 or 24 months, then applying an expense factor. Here is the exact math, with a worked example.
Read articleA camt.053 file is an ISO 20022 XML bank statement built from named, nested elements instead of fixed-width lines. Here is how the structure works, what the balance and entry tags mean, and how to turn it into a spreadsheet.
Read articleYes, bank statements work as proof of income. Here is how many months lenders and landlords want, what makes them count, and how self-employed and 1099 earners present them cleanly.
Read articleA BAI2 file is a fixed set of numbered records that carry a bank's daily balances and transactions. Here is what each record code and type code means, with a worked example you can map to a spreadsheet.
Read articleYes. A phone photo of a bank statement is an image with no selectable text, so OCR reads it into Excel. Here is how it works and how to get an accurate result from a picture.
Read articleBank statements show what money left your account, but not why, for what category, or with what receipt attached. Here is when statements are enough and when expense tracking earns its cost.
Read articleCancel anytime from your account settings · refund policy
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