Personal finance software: Bank import vs manual entry

June 05 2017, 0 Comments

When it comes to your personal finances you want to keep a close eye on the in’s and out’s. You may want to know if you are spending a bit too much on your food shop or withdrawing too much from the ATM.

You can also use our software to tell you if you have mysterious, unauthorised payments coming out of your account which could indicate that your bank card has been cloned or stolen. Please remember it’s important to keep your details secure and not tell anyone your PIN number (this includes your bank and it’s staff).

Most software offers the ability to import your bank transactions and this is true of Home Accountz.

You can import your bank statement at the end of the month or whenever is convenient. This way can be quicker than entering each transaction manually.

Bank imports require you to export your data from your online bank account, the usual formats are CSV (Spreadsheet), QIF (which are usually labelled for MS Money or Quicken) and OFX. To see what your bank offers, see here: https://www.accountz.com/pages/bank-statement-import-formats

There is a downside to importing data from the bank, you may not be able to spot if something is amiss in your accounts unless you know every single payment coming out of the account. Spotting those unauthorised payments is more tricky.

The other option is to enter each transaction manually as and when you spend money.

This can be time consuming, but our mobile app is great for this as you can enter expenses on the go and when you next open your program all of your entries will be there. Setting up Automated Transactions for regular direct debits and standing orders also saves time.

One of the big benefits of entering on the go is that nothing is missed and you can reconcile the transactions you have entered against your bank statement.

One thing to mention is that you shouldn’t do both. The very good reason for not mixing importing bank statements and entering transactions manually, using them together creates a risk of creating duplicate entries which will be a nightmare to unpick and can leave you more confused.

If you would like further information on how Home Accountz can help you with your finances or would like to have a go, we have a 14 day free trial available so you can have a go at the bank import or manually entering your transactions.