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At Xero, we’re all the time creating new options that automate information entry to make life simpler for our prospects. One in all our most cherished options — financial institution reconciliation — is a core a part of our imaginative and prescient to automate routine duties, so you possibly can give attention to what issues most.
A lot of our prospects get pleasure from financial institution feeds, which mechanically imports information into Xero so you possibly can full your financial institution reconciliation. However should you’re an advisor with easy year-end shoppers, or it is advisable to atone for older financial institution statements which are now not out there in your financial institution feeds, then chances are you’ll want one other option to get transaction information into Xero with out resorting to advanced, handbook workflows.
Our groups have been working exhausting to unravel this downside. So I’m excited to share that we’ve simply launched the beta model of a brand new financial institution assertion extraction characteristic in Hubdoc that will likely be steadily rolled out over the following few weeks within the US and Canada (preserve an eye fixed out for the brand new tab in your doc add window).
Strive the beta model of financial institution assertion extraction in US and Canada
Our new beta characteristic exports transaction information 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 out there at no cost with all Hubdoc subscriptions. Listed below are some extra causes you need to give it a strive:
- Hubdoc can extract financial institution assertion information from PDFs in seconds, lowering the time you spend on handbook information entry
- The characteristic is designed to be extremely correct, so you possibly can really feel assured concerning the information you’re importing into Xero and spend much less time reviewing and cleansing it up
- As a Xero product, you possibly can belief that Hubdoc will deal with your delicate monetary data securely, in line with our accountable information use commitments
- Financial institution assertion extraction is included at no cost in your Hubdoc subscription, so you possibly can keep away from counting on further 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 can solely work with digital PDFs downloaded immediately out of your financial institution (not photographs or scanned pictures of paper financial institution statements).
The way it works
Utilizing financial institution assertion extraction in Hubdoc is straightforward. Merely comply with these 4 steps to get your transaction information 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 out there on the cellular app
2. Extract
- Click on on the doc to open the ‘Edit Doc’ toolbar. Test that ‘Doc Kind’ is ready to ‘Assertion’ on the dropdown menu, and the financial institution assertion extraction characteristic is displayed
- Choose your monetary establishment and file format from the dropdown menus, then click on ‘Generate CSV’
3. Assessment
- Assessment the CSV and evaluate 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 further transaction information if required, as soon as the CSV is downloaded to your laptop
4. Import
We’re working exhausting to enhance your expertise
That is the beta model of our financial institution assertion extraction characteristic 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. If you happen to’d like your financial institution to help this characteristic, you possibly can choose ‘Request a brand new financial institution’ within the ‘Monetary Establishment’ dropdown menu throughout the ‘Edit Doc’ toolbar.
As you possibly can see, we’re strongly dedicated to Hubdoc and have spent the previous 12 months fixing a number of the commonest bugs that we all know have impacted your work. One specifically that precipitated slowness when loading massive contact lists has now been fastened, so you need to now discover a giant enchancment in your Hubdoc pace.
We hope you give the beta model of our financial institution assertion extraction characteristic a strive, and might’t wait to listen to what you suppose. Thanks as all the time on your persistence as we proceed to seek out options to enhance the reliability of Hubdoc and improve the product to unravel your most urgent wants.
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