Articles and updates on bank statement conversion, reconciliation and automation.
Both qualify self-employed borrowers without tax returns, but one runs on a CPA-signed profit and loss statement and the other on raw deposits. Picking the wrong one means a rejected file or a rate you did not need to pay.
Read articleA conventional mortgage qualifies you on your tax return. A bank statement loan qualifies you on your deposits. For a self-employed borrower who writes off aggressively, that difference decides whether you get approved.
Read articleW-2 income and 1099 income are not measured the same way on a mortgage. One is counted gross and stable, the other net and averaged. Knowing the difference before you apply is what keeps a good earner from getting declined.
Read articleBusiness Central will import a CSV bank statement, but only after you define a file format for the bank account. Here is exactly what the assisted setup asks for, and the two settings that cause most failed imports.
Read articleLenders quote a DSCR minimum before they will look at your file. Here is how to work out yours from bank statements, which transactions count on each side of the formula, and what the number needs to be.
Read articleA small business chart of accounts organizes every account into five types: assets, liabilities, equity, income, and expenses. See the standard number ranges, a sample list, and how to build one from your bank statements.
Read articleA full list of small business expense categories mapped to the IRS Schedule C line each one belongs on, plus how to categorize them straight from a bank statement.
Read articleACH SEC codes are the three-letter codes that say how an ACH payment was authorized. See the full list (PPD, CCD, WEB, TEL, CTX, IAT and more) in one table, and how to spot them on your bank statement.
Read articleACH return codes tell you why an ACH payment failed. See the full R01 to R85 list, the two return timeframes, and how to reconcile returns against your statement.
Read articleThe QuickBooks bank feed only pulls about 90 days of history, but there is no date limit on transactions you upload from a file. Here is the workflow for getting old and historical statements in cleanly.
Read articleCancel anytime from your account settings · refund policy
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