Articles and updates on bank statement conversion, reconciliation and automation.
An IIF file is a tab-separated text file that QuickBooks Desktop reads to import transactions. Here is what the !TRNS, !SPL, and ENDTRNS rows mean, which fields are required, and how to map an IIF file into spreadsheet columns.
Read articleA QIF file lists transactions as lines that each start with a single-letter code. Here is what D, T, P, M, L, N, and C mean, how the header and end markers work, and how to map a QIF file into spreadsheet columns.
Read articleAn OFX file wraps every bank transaction in a STMTTRN block with a handful of tags. Here is what each tag means, how SGML and XML versions differ, how QFX changes it, and how to map an OFX file into spreadsheet columns.
Read articleThe 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 articleCancel anytime from your account settings · refund policy
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