Bank Feed Not Accurate

[Kevin_Mellor]

I have an active bank feed which automatically pulls down the latest transaction at approximately 02:00 each morning and this works well.

During that day I receive Faster Payments in to my business account and show in my bank account immediately. However, if I refresh the bank feed at the end of the day, those transactions do not appear in QuickFile despite being on my statement and not pending. Is this a limitation or by design?

Thanks

[QFSteve]

Hello @Kevin_Mellor

QuickFile will only import transactions which are marked as completed by the bank.

This may be done on their side by overnight checks resulting in the payments being imported on the next days feed into QuickFile.

You can read more about the open banking standards here

[Kevin_Mellor]

Thanks Steve, that makes sense.

I can see why this would be the default, certainly for larger businesses. For smaller businesses such as myself the ‘completed’ status isn’t too much of a concern so it would be great if this could be configurable by the user.

[QFMathew]

Hi @Kevin_Mellor

There are a few considerations with this, the main one is QuickFile should reflect your bank statement. The statement will only show transactions that have been completed, and anything up until this point may bw changed by the bank.

For example, something like Pay at Pump at a fuel station where you authorise a certain amount (which varies), but very often differs from the final completed value.

The other limitation is the data the banks provide. For the reason above, our feed will specifically look for completed transactions, but even though it’s showing as completed in your online banking, doesn’t necessarily mean the bank presents it to us as being completed, unfortunately.

One other thing to consider, is I believe we would be limited to the number of data requests we can make to a feed within a set time period. Starling Bank is the one that does this differently by actually sending us the data as it happens (although they limit the amount of requests we make to them), whereas every other bank is very much a “request it, and we’ll provide it” setup.

Certainly wouldn’t rule it out, and you’re welcome to start a #feature request for this. Just a few things to consider on this one!

Hope that helps, and gives you a bit of an insight to the workings