At Xero, we’re at all times creating new options that automate knowledge entry to make life simpler for our prospects. Certainly one of our most liked options — financial institution reconciliation — is a core a part of our imaginative and prescient to automate routine duties, so you’ll be able to deal with what issues most.
Lots of our prospects take pleasure in financial institution feeds, which routinely imports knowledge into Xero so you’ll be able to full your financial institution reconciliation. However when you’re an advisor with easy year-end purchasers, or that you must make amends for older financial institution statements which might be not accessible in your financial institution feeds, then it’s possible you’ll want one other strategy to get transaction knowledge into Xero with out resorting to complicated, guide workflows.
Our groups have been working onerous to unravel this drawback. So I’m excited to share that we’ve simply launched the beta model of a brand new financial institution assertion extraction function in Hubdoc that shall be regularly rolled out over the subsequent few weeks within the US and Canada (hold an eye fixed out for the brand new tab in your doc add window).
Attempt the beta model of financial institution assertion extraction in US and Canada
Our new beta function exports transaction knowledge from PDF statements of supported banks right into a pre-formatted CSV file that you may manually add into Xero or QuickBooks On-line. It’s quick and accessible free of charge with all Hubdoc subscriptions. Listed here are some extra causes you need to give it a strive:
- Hubdoc can extract financial institution assertion knowledge from PDFs in seconds, decreasing the time you spend on guide knowledge entry
- The function is designed to be extremely correct, so you’ll be able to really feel assured in regards to the knowledge you’re importing into Xero and spend much less time reviewing and cleansing it up
- As a Xero product, you’ll be able to belief that Hubdoc will deal with your delicate monetary info securely, based on our accountable knowledge use commitments
- Financial institution assertion extraction is included free of charge in your Hubdoc subscription, so you’ll be able to keep away from counting on extra instruments
- Financial institution assertion extraction may have your again if the direct feeds out of your financial institution are restricted or unreliable at any time
The beta model will help debit and credit score statements from Royal Financial institution of Canada, TD Canada Belief and Chase Financial institution. It would solely work with digital PDFs downloaded instantly out of your financial institution (not pictures or scanned pictures of paper financial institution statements).
The way it works
Utilizing financial institution assertion extraction in Hubdoc is straightforward. Merely observe these 4 steps to get your transaction knowledge into Xero.
1. Add
- Add your bank-generated PDF assertion into Hubdoc, utilizing the ‘Financial institution Assertion Add’ button within the net software
- The beta model of this launch isn’t accessible on the cellular app
2. Extract
- Click on on the doc to open the ‘Edit Doc’ toolbar. Verify that ‘Doc Kind’ is about to ‘Assertion’ on the dropdown menu, and the financial institution assertion extraction function is displayed
- Choose your monetary establishment and file format from the dropdown menus, then click on ‘Generate CSV’
3. Evaluation
- Evaluation the CSV and examine together with your financial institution assertion to make sure it’s correct and able to import into Xero or QuickBooks On-line (for instance, test heading names and take away empty rows)
- You possibly can select to manually enter extra transaction knowledge if required, as soon as the CSV is downloaded to your laptop
4. Import
We’re working onerous to enhance your expertise
That is the beta model of our financial institution assertion extraction function in Hubdoc, and I’m trying ahead to seeing how we’ll enhance it with extra banks and extra performance (together with paper statements) within the months forward. In the event you’d like your financial institution to help this function, you’ll be able to choose ‘Request a brand new financial institution’ within the ‘Monetary Establishment’ dropdown menu throughout the ‘Edit Doc’ toolbar.
As you’ll be able to see, we’re strongly dedicated to Hubdoc and have spent the previous 12 months fixing among the commonest bugs that we all know have impacted your work. One specifically that induced slowness when loading massive contact lists has now been fastened, so you need to now discover an enormous enchancment in your Hubdoc pace.
We hope you give the beta model of our financial institution assertion extraction function a strive, and might’t wait to listen to what you assume. Thanks as at all times in your endurance as we proceed to search out options to enhance the reliability of Hubdoc and improve the product to unravel your most urgent wants.