Articles and updates on bank statement conversion, reconciliation and automation.
W-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 articleExcel for Mac has no Get Data from PDF option and Numbers cannot open a PDF statement, so the reliable path on a Mac is to convert the PDF to XLSX or CSV first, then open it in either app.
Read articleDo not invoice every ticket. Record one daily sales summary that mirrors your POS Z-report, book tips as a liability, split out merchant fees, and use a clearing account so the bank deposit reconciles.
Read articleFrom the same family of tools
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