Upcoming changes to bank connection availability

2

Comments

  • ledgerledger Member Posts: 2

    A real shame. I have liked using Wave and have been a real advocate. It would've been so simple and worthwhile to have a a UK/EU paid option with bank reconciliation and dedicated UK/EU support. In time it will of course be realised that it was a short sighted mistake not to retain a global approach (probably around the time US implement the same governance) and will of course ultimately be extremely detrimental to the Northern American revenue streams you hoped to support. By then it'll be too late - your European supporters will have new found loyalty with Xero (my choice) or Quick Books and lessons you should've learnt will be history. It was nice whilst it lasted though - so thanks for that. Shame on the individual decision makers. They will no doubt have to go as well before too long!

  • RobertSouthworthRobertSouthworth Member Posts: 1

    I don't use the bank reconciliation feature as of yet (planning to in the future) but the other major thing that we need as UK is to be using software that is suitable for "Making Tax Digital". Is WAVE supporting this do you know?

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    @Robert_S96 said:
    Thanks Wave, T> @RobertSouthworth said:
    I don't use the bank reconciliation feature as of yet (planning to in the future) but the other major thing that we need as UK is to be using software that is suitable for "Making Tax Digital". Is WAVE supporting this do you know?

    MTD for VAT is supported in so far as they have created VAT reporting facilities so that you can link to bridging software for filing your return.

    As for MTD for tax, they're not looking to support that (expected to come into effect, maybe, from 6 April 2021).

  • bernieledbernieled Member Posts: 11

    Anyone tried Quickfile - https://www.quickfile.co.uk - I guess only useful for UK users, but at free to £45 + £15 per annum, not going to break the bank, I guess. Be good to hear feedback, if anyone has.any thoughts?

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    @bernieled

    Have you looked at VitalTax? Free for first 12 months, then £1 per month, or have you discounted that product? Would love to know (if you did that is) what swayed you to not use it?

  • bernieledbernieled Member Posts: 11

    @MerlinAccounts_UK said:
    @bernieled

    Have you looked at VitalTax? Free for first 12 months, then £1 per month, or have you discounted that product? Would love to know (if you did that is) what swayed you to not use it?

    Well I'm not VAT registered for one thing!

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    @RobertSouthworth

    I strongly recommend that you reconcile your bank, how else can you be certain that your Wave entries match your bank statements? Without reconciling you are invariably going to have errors creep in - it really is a basic fundamental to good book keeping.

  • nadworksnadworks Member Posts: 31 ✭✭

    @bernieled said:
    Anyone tried Quickfile - https://www.quickfile.co.uk - I guess only useful for UK users, but at free to £45 + £15 per annum, not going to break the bank, I guess. Be good to hear feedback, if anyone has.any thoughts?

    Automated bank feeds with Barclays and Paypal only. That's sadly not going to cover me.

    I might go with the Pandle Pro account. Shame, I'd rather have given that monthly fee to WAVE and kept it all as is.

  • pilatespilates Member Posts: 1

    What does this mean????? I am new to all this and I had just got my head around wave! Can anyone recommend just a simple accounting package, I am happy to pay if it means I don't have to mess around like this again!!

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭
    @pilates

    If you're UK, go for Pandle (£6 per month)
  • KelsoJimKelsoJim Member Posts: 3

    Hi All,
    It may require investment to get all the functionality in there but have you considered crowd funding? The bank connection loss will equal the loss of all your customers that it affects. We have all ( wave users) had a great benefit from WAVE for free for some time perhaps we could all pay for the required development by subscription or another method?
    Good luck.

  • GoldensGoldens Member Posts: 3

    Can you take a .csv file?

  • markisparkimarkisparki Member Posts: 5

    @hungrymarco said:
    ...also, will this affect Amex? I'm a UK user but Amex are USA (obviously) by origin.

    Yeah, I would like to know this too...any feedback from Wave on this?

    edited August 13, 2019
  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    If you look at what Wave have been saying on this subject you'll realise that this is not on their roadmap, at least not until it becomes the standard in their main markets in the USA & Canada. For those of you that do not have horrendously large volumes of bank activity to upload every week I do think that the use of Wave Connect may well be an adequate solution for you (albeit not perfect obviously).

    If the bank connections are absolutely essential to you and the data volumes involved are high you're really going to have to look at alternative software houses to find what best suits your business. As I have mentioned numerous times in the community the next best option, in my opinion, is going to be Pandle, a UK based Cloud Accounting solution that supports bank connections and MTD for VAT. At a cost of £5+VAT per month it's also pretty inexpensive too. Of course Pandle may not have all what you seek in terms of functionality so you may find that you have to opt for something like Xero, albeit infinitely more expensive.

  • nadworksnadworks Member Posts: 31 ✭✭

    @KelsoJim said:
    The bank connection loss will equal the loss of all your customers that it affects. ...

    That's just the EU customers, though. And from what I've learned over the years (I've been with WAVE since 2012), that's a minority. Otherwise, they would have generally focussed more on currency compatibility and softened some of their all too American conventions, terms and standards.

    edited August 13, 2019
  • GavinGavin Member Posts: 1

    I love wave, really sad to see this happen :neutral:

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @KelsoJim and the rest of the community members

    We of course realize what a detriment this is to our customer experience for those of you oversees. As a support worker and community member it genuinely sucks to know that this is happening on a higher level than what is in our scope. Crowd sourcing hasn't necessarily been something we've discussed as it's less about raising funds for this issue, but more about the logistics behind bringing an office oversees. We are a medium sized company and still expanding but unfortunately, this came too suddenly for our team to be able to accommodate at this time.

    If you haven't already checked out this community post by our team member Katie, there a lot of answers you all may be looking for here

    https://community.waveapps.com/discussion/5165/changes-to-bank-connections-in-the-uk-eu/p1

    As @MerlinAccounts_UK mentioned, there is always Wave connect or .CSV uploader, which I know may not be what your business needs at this point.

    Again we sincerely apologize how this has affected your businesses and still welcome further discussion.

    Have a great weekend everyone!

  • PattiOSPattiOS Member Posts: 1

    For those users in Ireland, there is a great explanation here about how to get your transactions out of our two main banks, BoI and AIB, especially since AIB don't offer export functionality, and once you have the transactions exported and saved as CSV, in Excel/Google Sheets, then Wave's csv import will work.
    https://www.accountable.ie/how-to-download-bank-statements-on-to-your-pc/

    edited August 21, 2019
  • AmandaKAmandaK Member Posts: 73 admin

    @PattiOS Really appreciate you taking the time to share this information with all our users in Ireland! I was in County Clare earlier this summer and absolutely loved it :)

  • Helen61Helen61 Member Posts: 1

    Stripe processes and pays our invoices into our UK Lloyds Bank account. Will this still be possible after 10th September?
    Thank you
    Helen Churchill
    Eller How House

  • lovelogolovelogo Member Posts: 2

    @KelsoJim said:
    Hi All,
    It may require investment to get all the functionality in there but have you considered crowd funding? The bank connection loss will equal the loss of all your customers that it affects. We have all ( wave users) had a great benefit from WAVE for free for some time perhaps we could all pay for the required development by subscription or another method?
    Good luck.

    ... what the UK is doing is unfair. We never give anyone time to pan out or to adjust and then just expect them to go with our whims. Our government is a failure. I really love wave account and I hate what is happening to them.

    funny how many loyal customers of wave are so upset to the extent of threatening to leave this FREE app to go to other paying app. If Wave can do a crowdsource funding for the UK and EU for the same cost it would take for me to use a paid version of quickbooks or xero, they would have sorted this out in a short time. Although your brand, which prides itself on being free, would have to change but only for UK and EU ... we all understand.

    lovelogo.org

    edited August 26, 2019
  • JordanDJordanD Member Posts: 515 ✭✭✭

    @Helen61 While the changes caused by open banking would effect being able to import transactions into Wave for your bookkeeping, the payment processing part of Wave would remain the same. This means that if you process payments through Wave invoices, you will still be able to collect your funds. Hope this further clarifies that for you :)

  • Kylegraham_73Kylegraham_73 Member Posts: 1

    Like most of the others I am hugely disappointed not to be able to use Wave in the way I accustom too. Sadly I will now be finding an alternative means and really annoyingly I had recently converted several of my friends from other platforms onto Wave. Now all their hard work has been in vein also.

    A real big let down in support for what has been a great little set up, I do of course understand that this is a business decision but still very frustrating.

  • matthew09matthew09 Member Posts: 2

    Tbh i have always used the csv upload its easy and painless.
    No need for anyone to leave the app download a cvs import i do it for my main account and reserve takes me 5 mins every morning with a coffee :-)
    great program look forward to the next improvements or addditional features
    Matthew
    BCJJ LTD

  • NickkpNickkp Member Posts: 2
    Open banking has a stay of execution until March now ... can the deadline be extended - from Xero “You may have heard that the UK regulator, the FCA, has provided a six month adjustment period, which means most UK banks can continue to allow customers to use Yodlee feeds from 14 September 2019 to 14 March 2020. ”
  • pempem Member Posts: 1

    Thanks for the notice! No notifications, emails or information until the day itself. This is unacceptable for a business SAAS provider!

  • David_autofile_MLDavid_autofile_ML Member Posts: 21

    As a passionate user of Wave and with the Wave support for Bank connections being depreciated 31 December 2019 outside North America, autofile.ML has a developed a module to fetch an emailed bank statement store it in your Google Drive and feed the transactions into Wave. www.autofile.ml

  • AWrecAWrec Member Posts: 1

    STATEMENT UPLOAD - my bank provides MICROSOFT MONEY but only as a (.QIF). Will this work?

  • EmmaPEmmaP Member Posts: 639 ✭✭✭

    Hi @AWrec! Our statement uploader currently accepts: .Ofx (Microsoft Money), .Qbo (QuickBooks), .Qfx (Quicken), .Aso (Simply Accounting) and .Csv (CSV file). If you are able to, I recommend copying the data from your QIF file over to a Google Sheet so you can use Wave Connect!

    edited May 1, 2020
  • Kennethpietersen35Kennethpietersen35 Member Posts: 2
    Cannot work out how to recover money paid to me
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