Our bank statement PDFs to CSV file service has traditionally been used to fill the bank feed gap in Xero following conversion where the bank can’t provide digital history.

However I’ve seen quite a few really large conversions come through this year which made me curious as to how else this is being used. I contacted a few Xero Partners to learn more.

While researching this blog post I was really, really surprised at how many businesses have gone years without submitting a return. Getting them up-to-date with the ATO is a massive job and can end up quite time intensive for you and expensive for your clients. Their financial data exists as piles of old bank statements, and it can be a daunting task to digitise, and then create a set of accounts to do the tax return.

One way accounting professionals are tackling this mountain of history is get it into Xero and leverage the time-saving benefits of cash-coding and bank rules in Xero.

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“When clients come to me with 15 years of bookkeeping & BAS lodgments to do I want to get it done as efficiently as possible.

By using Jet Convert to get the bank statements into Xero I can deal with 10 years of history in one tenth of the time it would take me to do it manually. I can quickly get into a position to provide good advice to my clients while saving them thousands to complete their outstanding returns.”

Melissa Newsome, Manager, Xceptional Business Consulting Group

Here’s the nuts and bolts of how it’s done:

1. Use Jet Convert’s bank statement to CSV/OFX service. Import the OFX file into Xero.
2. Set up bank rules, such as applying to a frequently used supplier, to quickly precode multiple transactions.
3. In cash coding you can also sort transactions to look for commonalities then select multiple lines to code in bulk.
4. Give the transactions a quick lookover and click one button to reconcile all selected transactions.

With smart use of cash coding and bank rules you can code and reconcile hundreds of bank statement lines in just seconds! Also, once the bank rules has been set up they are then available for continued use for time savings going forward with that particular client.

Using this approach you can drastically reduce the amount of work needed to be done manually in the reconcile screen.

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“We had a client who had not submitted any business returns for eight years. The only solution was implement Xero, enabling us to quickly and efficiently reconcile large volumes of transactions to get the prior year accounts up-to-date, activity statements lodged and returns completed.

Reconciliation which would previously have taken days was completed in a matter of hours by using Xero’s cash coding and bank rules functionality.

Ross Griffiths, Accountant, By The Numbers AccountingConsulting Group

You don’t have to use Xero to speed things up. Any accounting software that allows import of transactions via CSV or OFX can benefit from this service.

Another use for Jet Convert’s service is in forensic accounting. It is an unfortunate and unpleasant experience to find yourself facing insolvency, divorce or being the possible victim of fraud. At these times businesses are looking for a helping hand to see them through.

With the aid of Jet Convert’s bank statement PDF to CSV service, forensic accounting professionals can quickly get a ton of historical bank data into a spreadsheet for dissection. Businesses who find themselves in this situation often need accurate information and quickly. Dropping all the data into a excel spreadsheet can save days, if not weeks, of data entry and manual transcription.

There are other PDF tools out there however they can end up creating post-conversion work in terms of tidy up and filling gaps.

We use a semi-automated process by firstly using the best automated tools available. We then use our Jet Convert team to make sure the data is 100%. The human eye is still the best tool for ensuring that data integrity is maintained.

Unlike web based PDF tools we go beyond simply transforming the figures into a digital space. We tidy up the data, put transactions in correct sequence, detect any potential gaps, normalise data, test integrity, and send it back to you. Usual turnaround is 3 business days or less.

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“One client literally walked in with 10 years of receipts and bank statements in a box. They had outstanding returns with the ATO and it was a huge mess. Over 20 Bank Accounts, spread between 2 Xero company files, that required sorting and prep work before we could even start scanning.

Using Jet Convert’s service we received all scanned bank statements as digital files within days. The data we received was very clean and the client was able to get some immediate results through the use of an Excel spreadsheet.”

Terry Smith, Owner, Chelmer IT Solutionsoup

It doesn’t matter if there is scrawl all over the page or descriptions wrapping over more than one line, we take care of transcribing anything that is human eye readable, and perform QA checks to ensure that everything balances.

We have instructions on how to prepare the PDFs on our website.

If you would like some training and assistance with the cash coding functionality we would be happy to help. Please see our Xero Coaching page to book in some time with our Xero Certified Consultants.

If you have any other questions or would like a quote for an extra large conversion feel free to drop me a line at wendy@jetconvert.com.au or give us a buzz at 1800 77 00 35.

Wendy